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A few of you may have heard of a website called Cointracker. It has a single purpose: to calculate profits and losses (well, losses, mostly) of cryptocurrency traders for the sake of tax reporting. Sounds useful and straightforward, right? I agree. And yet in my email this morning:
So they got another HUNDRED MILLION DOLLARS in funding for a website which already does what it needs to do? There’s going to be some SERIOUS slick calculations going on now, buddy.
You’d think I’d be tired of charting by Friday night, but nope, chart fatigue never really sets in. I was looking at crypto charts, even though I haven’t touched crypto in three months, and I saw something very excited that I wanted to share.
My first point is that I believe the entire space has shifted from a broad bull market to – – starting in early November 2021 – – a broad bear market. This is exemplified by one of y favorite crypto charts, Solana. Look below at what a smooth, consistent, and reliable bull market was in place before, with a steady series of ascending scallops.
You know the old saying – if it looks like a duck, walks like a duck, and quacks like a duck, it’s a donkey. Okay, maybe I got that one mixed up – but that’s the sort of rational thinking we’ve come to expect from the equities market for well over a year now. More specifically as equities crawl their way higher month over month implied volatility continues to range in ‘problem space’ territory.
Some folks have mentioned that crypto seems to lead the way when it comes to equities. Looking at $BTC and the SPY, it seemed to me that, nah, the correlation really isn’t that strong.
