Welcome back to the Trader Top 9 - a narrative look at the most important tweets and discussions from the crypto trading community.
Trading Trouble of The Week
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Honorable Mention - This is what WE’VE been saying
Okay, now on with the countdown!
9. First, let’s catch up on where we’ve been. Over the past few weeks, markets have been on an absolute ride as they try to price in the impact of COVID-19. Interestingly, at more than any other point in its life, the price of BTC seems to be mirroring the wider markets.
8. Some have noted that this correlation might actually be a narrative opportunity for opportunistic whales
7. But back to this week. The week started as it has for the past several with a major announcement from the Fed. This week it was that their program to prop up the markets had an “unlimited” checkbook.
6. There is no doubt the Fed is facing a new an unprecedented challenge, but as some point out, the decision of when to stop printing can become perilous quickly.
5. Some put the importance of the moment in terms even more stark
4. Certainly the unlimited QE announcement has driven investors into the arms of traditional safe havens like gold.
Some have even pointed out issues with the physical supply of gold!
3. As some pointed out as well, in the wake of the Fed’s remarks, bitcoin’s correlation has moved away from stocks and towards gold.
2. What’s more, volume seems to be picking up, as well
1. In the last 24 hours, a massive stimulus has passed, but jobless claims are at an all time high and the economy is still unsure in the looming shadow of COVID-19 shutdowns. It’s a good time to have gratitude.
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