Welcome back to another jam-packed Trader Top 9. It was a crazy week that saw an insane new All Time High, followed by a quick dip back, and then a quick recovery approaching recent highs.
9. Over the weekend, bitcoin raced to a new all time high of almost $42,000. This is being driven by some combination of institutional investors and powerful macro tailwinds.
8. After that insane new high, the price crashed back down some 28% over Sunday and Monday. Interestingly, there were 6 LARGER corrections like this in 2017 on the way up.
7. While most in the market weren't overly freaked out, there WAS some pain among the traders.
6. Indeed, there are many indicators of strength even as the market was crashing. For example, whales were accumulating.
5. Volume in general was up HUGE.
4. News came out that a former CFTC chair who teaches about blockchain at MIT was the likely next SEC chair.
3. And of course there is that big lurking event in the Coinbase IPO that has so many excited.
2. Every time Bitcoin hits a new high, people wish they would have bought lower. This week provided an excellent dip opportunity. Did you pull the trigger?
1. Now, when all is said and done, crypto seems incredibly well positioned heading into the year. Perhaps this is why the latest trend is the clear indication that the consumer class is coming back?