A fresh run coming?
Sometimes the best tell is when an asset doesn’t fall.
Bitcoin climbed to $46,000 this week in a one-way run from $30,000 in late July. What’s been most impressive is how the drawdowns have been so minor, despite some headwinds from US Congress.
The good news is that the block on bitcoin legislation was more about political tomfoolery rather than the meat of the bill, so it will pass before long. The even-better news is that bitcoin is at the highest since May as it shakes off environmental concerns. Even a huge defi hack today couldn’t derail broader crypto. If anything, many bitcoin believers are (rightfully) pointing out how its network can’t be exploited.
Interestingly, today’s 2% rally in bitcoin comes with gold also up 1.2%.