Cryptocurrency Market Overview
📍 The market has dropped even lower than Friday's levels for $BTC. During the US session, we saw another wave of decline.
Notice how the market behaves when the CME (Chicago Mercantile Exchange) is closed—it often returns back, and gaps are more frequently filled than left open.
I expected a repeat of yesterday's decline today, but it didn't happen, so the situation remains quite unclear to me.
Looking for market direction clues in BTC order clusters, we see extensive liquidity grids starting from $69,800 up to $71,000. This is the zone from which the drop occurred.
Funding rates look concerning. In futures, there's a shift towards shorts in most major coins.
In TradFi, nothing significant happened today. Fed members used aggressive rhetoric to neutralize the slowdown in US real estate price growth.
✔️ News
The EU declares MEV illegal. Briefly, MEV (Miner Extractable Value) is a situation where someone pays a much higher fee than you and intercepts your transaction.
It's unclear how successful this fight will be. I'd highlight two points:
- In the US, there's already a lawsuit regarding an MEV bot.
- The government is already trying to regulate the order of transactions within a block 🫢 You can feel regulation gently enveloping the entire sphere.
Solana validators have voted to receive the full amount of priority fees (fees for expedited transactions), which were previously partially burned.
Mt. Gox is moving some of its huge BTC reserves but officially states that nothing is being sold yet.
✔️ Base Scenario
I remain bullish on the market until ETH reaches $4000.
I believe the pullback is temporary, but since we didn't see a strong rally during today's US session, the clouds are gathering.
