This comedy of errors continued throughout the session, for on the final day, SHIB’s long positions were fleeced to the tune of $408,210, while shorts merely shrugged off a trifling $23,990. And in the 12-hour window, the imbalance grew more grotesque: $218,940 from the longs, and a mere $7,380 from the shorts! 😱
For the banking industry, the markup of the crypto bill (CLARITY Act) is a golden opportunity to ban stablecoin yields, thereby protecting their turf like a grumpy terrier guarding a bone 🐾. Otherwise, they’d have to seek an amendment of the stablecoin law, the GENIUS Act-though one wonders if “GENIUS” stands for “Getting Everyone Nowhere, Unquestionably.”
So, what happened? Apparently, Thursday, January 8th, was the day the crypto party bus hit a pothole. $88.23 million in longs got liquidated at 7:00 a.m. UTC, followed by $57.02 million at 8:00 a.m. That’s more drama than a Mean Girls cafeteria scene. 🚌💨
In a move that’s less “logical next step” and more “let’s see what happens if we press this big red button,” Zcash (ZEC) has confirmed its bearish setup by breaking down below a descending broadening wedge. 🧐 Yes, that’s a fancy way of saying it’s gone full-on “oh no” mode. The price is down 15% in the past day, which is about as cheerful as a surprise tax audit. 📉
This chart, so eccentric in its design, often heralds strong upward breakouts. Ah yes, the sellers, those weary warriors of finance, appear to have exhausted their motives, leaving the buyers with the tempting prospect of taking control-like children left unsupervised in a candy store. Should this scenario resolve favorably, we might witness a breakout that could send prices soaring like a kite in a brisk wind.
Commissioner Hester Peirce – who, let’s be honest, always seemed slightly bewildered by the whole Gensler era – has confirmed this. Apparently, the SEC’s Crypto Task Force, which sounds suspiciously like a group assembled for a particularly complex escape room, wants to hear from actual builders. You know, the people actually creating things. Instead of just, well, suing them. The focus is on the little guys, the ‘early-stage projects’ – those poor, innocent startups just trying to disrupt the financial system. Adorable, really. 😇
The Income Tax Department is ringing alarm bells louder than a fire truck on a Saturday night, with serious concerns about cryptocurrencies and their sneaky friends, virtual digital assets (VDAs). It’s like they just found out about a wild party happening in the financial system without an invitation! 🎊
This unexpected move was not merely a tick on Wall Street’s giant toe-you know, the wirehouse dipping its toes into the shallow crypto pool-but a startling branding and timing maneuver. Bloomberg Intelligence’s own James Seyffart, with a perplexed toss of his hair, admitted, “I didn’t see this coming!” Echoing the sentiment with an exuberant “SHOCKER,” Eric Balchunas joined the chorus. Matt Hougan, the connoisseur of financial oddities, remarked on the rarity: Morgan Stanley, usually cloaked under the playful disguises of Calvert, Parametric, and Eaton Vance, now dares to bare its own brand twice! What’s more, isn’t it remarkable? Yes, it is!
And why not? The USD1 stablecoin, that plucky little digital dollar pretender, has ballooned to a staggering $3.38 billion in circulation in just one year-a feat so impressive, one might suspect it was inflated by sheer enthusiasm alone. Now, the firm seeks the full embrace of federal regulation, as if bureaucracy were a warm blanket on a cold night. ❄️
The bulls, those eternally optimistic creatures, are doing their best to defend recent gains, but the broader market is about as stable as a three-legged chair on a unicycle. 🎢 Several risk factors are lurking in the shadows, ready to pounce and limit any upside conviction. The price action? Oh, it’s a masterpiece of indecision-caught between relief-driven buying and sell-side pressure that’s as persistent as a telemarketer on a Monday morning. ☎️