Trader Top 9: Institutions Drive a New BTC All Time High as the Regulatory Drum Beats


What an absolutely wild week, with Bitcoin continuing to poke its head above all time highs while the next phase of regulatory battles rears its head.

9. Last week, as everyone was getting excited for Thanksgiving and encroaching BTC all time highs, Coinbase’s Brian Armstrong set the sphere aflame with concerns that outgoing Treasury Secretary Mnuchin was preparing last minute rules against crypto self custody 

8. Yet even this alarming development could only stop progress for so long. By the beginning of this week, bitcoin had punched above its previous all time high, driven by a crescendo of institutional buyers.

7. Ethereum was no slouch either, not only getting up over $600/ETH but initiating the Phase 0 beacon chain to begin the conversion to Ethereum 2.0

6. Folks like Travis Woo could hardly contain their excitement 

5. And big announcements from the likes of Visa around stablecoin integrations with USDC seemed to confirm the tailwinds driving the entire industry forward

4. At the same time, some preached caution - saying that even in a macro bullish phase we were likely to have road bumps on the way. 

3. One of those road bumps appears to be a significant regulatory concern with Stablecoins, with the newly proposed STABLE Act drawing huge consternation

2. Still, the onslaught of positive indicators its hard not to be bullish

1. At the end of the day, bitcoin keeps growing and settling, day in and day out


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