Is Low In? Macro guru Raoul Pal updates Crypto Outlook when Bitcoin exceeds $ 22,000
Real Vision CEO Raoul Pal believes the crypto markets have probably been through the worst, and that a turnaround in macro conditions may be around the corner.
Macro gurus says his 966,300 Twitter followers who “probably” are low on crypto, citing big gains since the Three Arrows Capital saga began.
“Crypto – is it low inside? My view is probably on balance.
I also think the macro swing is very close as well. Have bond yields peaked? Probably.
Return since the panic-3AC liquidation:
BTC +24%
ETH +71%
SOL +64%
AVAX +77%
DOT +26%
AAVE +116%
UNISWAP +131%
XRP +29% “
When we take a closer look at Ethereum, Pal also points out that non-fungible tokens (NFT) are on their way up again on the leading smart contract platform.
“NFTs are increasing in ETH volumes and floor prices are also rising for good, reliable projects.
The bottom of the crypto is usually not a straight line higher, and there is often a large bowel check at some point or sideways for a few months after an initial recovery.
Let us see…”
However, the RealVision chief says that a rising USD has the potential to act as a wild card for much of the financial landscape. He notes that the ADXY index, which picks Asian currencies against the US dollar, is close to collapsing, suggesting a further sky-high USD and more pressure on risk assets such as crypto. He says the Japanese yen is showing similar weakness.
«Dollar Wrecking Ball
This chart worries me … $ / KRW [South Korean won] With the yen in free fall, the yuan will follow over time, and the gain is not yet priced for it and is a hugely leveraged economy …
“And ADXY (Asian currency DXY) is VERY close to collapse. This has a global dollar crisis over it.
If there is a wildcard in all this economic mess, the dollar is there… on the plus side, it is HUGEly deflationary if that happens. “
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