Crypto Twitter was attributing the sell-off to crypto trading firm Jump when some folks noticed that wallets previously identified as belonging to that shop were in selling mode.
Zoom in: Wintermute trader Jake Ostrovskis said not to drink the Kool-Aid.
He attributed the crypto rout to macro expectations, and in the wee hours this morning, made a call: "The US ISM Services PMI will be in focus today, with expectations of a 51.4 reading. Any sharp decline into contraction territory (below 50) would be significant, whilst a stronger-than-expected print may result in a relief rally."
State of play: The data aligned with estimates, and now, bitcoin prices appear to be bouncing.
Our thought bubble: ☝️ BTW, Friday's miss was 114,000 vs 175,000.
