In the last week of August before Labor Day, which falls on the first Monday of September, the wonderful Burning Man festival takes place in the United States. This is an eight-day event dedicated to a person who relies only on himself – in fact, the person who created America. It seems that it is Burning Man who collapsed the market.
Jeff Dorman, CIO (chief investment officer, director of investment) at Arca, believes that this is so.
– It’s the week before Labor Day. Half of crypto is at Burning Man and the other half is sitting on their hands doing nothing. Volumes are low and it takes very little to move markets right now, and you have big futures/options expirations coming up at the end of the week.
Arca is a full-service investment management firm offering institutional-caliber digital assets products.
Hot Burning Man festival is held in the Black Rock Desert in Nevada with the participation of a huge number of artists of all stripes, musicians, artists, dreamers, futurologists. In 2018, over 70 thousand participants gathered for the festival. The theme was “I, Robot”. This year there are no less, and the topic is as specifically about crypto: “Metamorphoses”.
Labor Day, an official holiday in the United States on the first Monday of September, is a day off for most organizations.
Let’s survive until Monday! And better – until Tuesday.