Crypto enthusiast since 2017. I like to write about finance, macroeconomics, technology and politics.
The S&P 500 is trading near its all-time high after the US Federal Reserve paused interest rate hikes and suggested cuts were on the cards. Economist Peter St Onge says the Fed’s move doesn't make a lot of sense.
We're just one month before the final deadline for Ark Invest's Bitcoin ETF application. It’s the expected trigger for approval of up to a dozen spot Bitcoin ETFs, a mere 125 months after the Winklevoss twins submitted the first application. To celebrate, the Bitcoin price reversed an entire week's worth of gains by falling 6.5% in 20 minutes yesterday. But sentiment is so high the reversal was seen by many as bullish — the expected correction after two months of climbing prices. "Corrections shake out ‘weak hands’ and leverage, allowing for a stronger foundation for eventual moves higher," tweeted analyst Will Clemente. Bitcoin finishes the week down 1% (at the time of writing) to trade around A$63,770 (US$41,517), while Ethereum was flat at A$3,425 (US$2,228). XRP was also flat, but Cardano surged 37%, Avalanche leapt 76.5%, and Dogecoin was up 5.9%. The Crypto Fear and Greed Index is at 67 or Greed.
Bitcoin sailed through the US$40K (A$60.4K) mark yesterday and then broke the US$42K (A$63.45K) mark today thanks to ever-growing confidence about an early January approval of a Bitcoin ETF. There is the risk of a big fall of course, if those expectations are not met. Bitcoin finished the week up 12% to trade around A$63,420 (US$41,816), while Ethereum gained 10% to trade around A$3,395 (US$2,238) at the time of writing. Bitcoin is now at levels last seen in April 2022, before the Terra collapse, and the BTC market cap has overtaken Berkshire Hathaway’s (value investing icon Charlie Munger who passed away this week). Apart from anticipation over the ETF, the apparent peak of interest rates in the US has reportedly been met with a "dash for trash", with gold, small caps and speculative tech stocks benefiting along with crypto. US crypto stocks surged on Monday, and Coinbase, Marathon Digital Holdings and Riot Platforms are closing in on astonishing 300% gains for the year. Elsewhere, XRP was up 3%, Solana gained 11%, Cardano 7% and Dogecoin 14%. The Crypto Fear and Greed Index is at 74, or Greed.
