Crypto market staging early recovery as Goldman officially declares Bitcoin a new asset class

25 May 2021

???? BTC | $39,490 (+3,972, +11.2%)

???? ETH | $2,721 (+540, +24.8%)

???? XRP | $1.03 (+0.23, +28.4%)

???? LTC | $193 (+45, +30.5%)

Excitement is building over an upcoming Ethereum update promises to reduce energy usage by up to 99%, coming at a time where panic is spreading over regulatory crackdowns on crypto’s massive energy usage. While progress on the update has been promising however, it is likely to be years away.

Huobi and OKEx are now blocking Chinese clients as regulators adopt stronger anti-crypto language. While both companies have not operated in China since 2017, they have maintained large pools of Chinese customers.

The sell-off in recent weeks will go down as the worst in the cryptocurrency market’s history, with the entire market down by nearly -50% in a matter of days. This is sharper than both the 2018 bull market crash and the 2020 Covid-induced crash.

???? The Bitcoin Net Unrealised Profit/Loss (NUPL) indicator is now at around 0.5, meaning that around 50% of all Bitcoin being held are in a state of unrealised profit. This has tended to act as a strong support in past bull market runs, and is the first time this level has been reached in this market cycle.