Key takeaway from yesterday’s FOMC is that the Fed is clearly leaning dovish: a September cut has been fully priced in.
Unfortunately, the rally in equities was not felt in crypto. Crypto experienced a broad sell-off overnight and into this morning. The market remains on edge as traders pay close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and US government.
Longer-term, discussions among U.S. Presidential candidates and Senators regarding a sovereign Bitcoin reserve, and the potential for other nations to follow suit, could fundamentally alter the cryptocurrency landscape. The establishment of a U.S. or sovereign “put” on BTC prices may have significant implications, potentially making accumulation on dips a strategic investment approach.
Trade Idea With markets potentially range-bound until the next catalyst, deploying Accumulators allow you to systematically buy ETH below 3,000 level.
ETH ACCUMULATOR
- Expiry: 13DEC24
- Settlement Frequency: Weekly from 2AUG24
- Strike: 2,800
- Barrier: 3,700
- (spot ref: 3,180)