In the past few weeks, while traditional markets suffered some downside volatility, BTC fell as well but, also, maintained a certain strength.
Throughout the end of last week and until Friday session, risk assets were bolstered by a stimulus package moving forward and accommodating Fed policies. The S&P reached record highs, the Nasdaq walked back on some of the losses, the Dow boldly marched on as investors cycled towards value stocks.
Whether investors now see BTC as a ‘value’ type of asset is unclear but, just as boldly, BTC marched on over the weekend. The new all-time high is $61,800. The spot volumes across exchange jumped during Saturday on the breakout. BTC is now closing the Sunday session not far from there and decidedly above 60K.
As BTC rose about 7% over the weekend, alts also rose in USD terms but lost some grounds in BTC terms. This is normal. As BTC makes new highs, the focus goes where the action is, then, as things calm down, investors start to look for the next thing that will “pump”.
ETH actually rose a good 9%. Other alts showed green but tame candles. It was also nice to see BCH rise a hefty 10% over the weekend. By the way, we coincidentally launched a new pair on EQUOS, BCH/USDC, on Friday; this is the perfect opportunity to go and trade it.
Away from pure price action and besides institutions being buyers in the lower 50K’s (as mentioned in earlier briefings), there’s some news coming through.
In France, a lawmaker created and is gathering signatures for a petition that would allow their central bank to buy bitcoin. Regardless of whether they’re successful or not, the move speaks volumes.
Also, MicroStrategy has purchased yet again some more bitcoins, this time for about $15 million equivalent.
Last but definitely not least, did you hear about the CFTC examining BINANCE and whether it let US residents buy derivatives… Do we have another scandal coming? In any case it’ll be an interesting story to follow.
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