Back in 2019, an estimated 99% of crypto-asset transfers took place on centralized exchanges (CEXs), according to the number that was used by main crypto critic Nouriel Roubini. CEXs are likely to remain a central fixture of the crypto trading landscape for the foreseeable future. CEXs are fast and convenient, but typically require traders to deposit funds in an account controlled by the exchange. Unfortunately, history illustrates that this loss of sovereignty over a user’s digital assets can be an extreme and costly compromise.
Decentralized exchanges (DEXs) offer an intriguing alternative and are gaining momentum, but are still not yet ready for prime time. Therefore, there must be a way to bridge the gap between user sovereignty and exchange performance.
The short term trend bias is down with the pattern still hinting for a drop along 32261, testing previous swing lows. Sustained action under 32261 could fuel selloffs