ICYMI: Celsius turmoil is part of a broader macro picture, traders say
Crypto market volatility kicked up Monday following a withdrawal freeze announcement by lending platform Celsius.
Still, the broader macro-economic backdrop is likely what is in the driver's seat of the crypto market — not Celsius. As Goldman Sachs pointed out in a recent research note:"Surprisingly strong CPI data reaffirm our view that the Fed's battle with inflation has put a ceiling on equity valuations.""Despite the 18% YTD S&P 500 decline, equity valuations remain far from depress. The median S&P 500 constituent's P/E ratio of 18x ranks in the 87th percentile since 1976."
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Celsius turmoil is part of a broader macro picture, traders saySome of the institutional crypto world's power brokers say that crypto markets would be trading lower even if Celsius hadn't paused withdrawals.
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Market Wrap: Bitcoin Tumbles Most in 1 Year as Crypto Cracks AppearMARKET WRAP: Bitcoin (BTC) slumped to about $23,000 after the Celsius withdrawal halt combined with a sell-off in traditional markets to sour trader spirits. liqquidity reports
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Nexo Wants to Buy Qualifying Assets of Celsius Network After Withdrawal FreezeNexo extends a letter of intent to buy part or all of Celsius Network's qualifying assets following the withdrawal freeze.
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