Reply To: Traders Market Weekly: Fed, Inflation and Profit Warnings

#43560
MoneyNeverSleeps
Participant

Bitcoin up 4% today

Tempting to say it’s a catch-up trade after weeks of Ethereum outperformance on the merge hype. The Sept 15 event is a big risk for crypto and there’s a clear pattern of ‘sell the fact’ trades following mainstream crypto events.

Gary Gensler gave last week which corresponded with the bottom in bitcoin. He said that the vast majority of tokens are securities but did appear to single out bitcoin:

Bitcoin, the first crypto token, is referred to by some as “digital gold”: trading like a precious metal, a speculative, scarce — yet digital — store of value.
Finally, I would say that sentiment did appear to wash out with the bitcoin ‘gurus’ as Pomp removed his laser eyes and Raoul Pal pivoted back to global macro.