Welcome back to another Trader Top 9. This week finds bitcoin making a major move up to hover around $11,000. What’s driving it? Let’s dive in.
9. First, let’s start in the macro world. On the one hand, there is a growing sense that more stimulus is necessary and coming.
8. On the other, there is a strong argument that the crash this year was an aberration in a longer term trend.
7. Still, for as strong as the recovery has been, it’s really a tale of two markets: big tech and everything else.
6. One of the biggest trends in traditional markets this year has been special purpose acquisition companies instead of traditional IPOs. Some crypto insiders think that trend will be a vehicle for crypto companies to go public this year as well.
5. Still in more recent traditional market action, the run up in gold has been a major story.
4. Importantly for all of us, the explosion seems to have been for digital gold as well, as bitcoin surged up over $11,000
3. As the strength of the core assets shown through, it had a negative impact on many of the DeFi assets we’ve been following along with.
2. The rally - and its macro underpinnings - have many thinking about how it may make the next bull rally even stronger.
1. But no matter what the future holds, the reality was that this week saw some very good days!