First UK Public Listed Company, Mode Global Holdings, Converts 10% of Cash Reserves into Bitcoin

What started with public listed company MicroStrategy has now become a movement as more and more companies continue to join the ranks.

This month, after Square, now comes the London stock exchange-listed company Mode Global Holdings that is making an investment into Bitcoin.

In its press release, Mode announces it to be “the first publicly listed company in the UK” to make a “significant purchase of Bitcoin as part of its treasury investment strategy.”

The company allocates 10% of its cash reserves into Bitcoin and adopts the leading digital asset as a “treasury reserve asset” as part of its long-term goal to protect its investors’ assets from currency debasement.

However, the company didn’t disclose how much Bitcoin it is exactly planning to buy. While as per the company’s cash balance, by the end of June, the allocation only amounts to less than 7 BTC, the company raised £7.5 million on IPO (pre expenses), which puts it at about 75 BTC.

“As Mode Global Holdings is a PLC, the allocation should be transparent on the balance sheet, so it’s odd that specific amount is withheld at this stage,” noted Jason Deane, an analyst at Quantum Economics.

Bitcoin is the Way to Diversify

With the UK’s interest rates falling to a record low of 0.1%, the company was looking to diversify, which brought them to Bitcoin.

According to Mode, it always recognized Bitcoins’ potential as a reliable store of value and an attractive investment because of its safe-haven status and asymmetric risk/reward attributes. Jonathan Rowland, Executive Chairman at Mode said,

“This decision to allocate part of our cash reserves to Bitcoin is a further step in our mission to build a truly digital financial services business, combining the best of digital assets, payments, loyalty, and investment.”

Rowland sees Bitcoin as a vehicle for “financial empowerment,” in which his confidence only increased after facing the challenges of COVID-19. He said,

“Today’s allocation is executed through a modern, forward-looking but prudent treasury management strategy.”

The company further shared that their mission is to bring transparency and credibility to the digital asset space. It has also built a mobile app to buy, sell, and hold Bitcoin.

Also Read: BTC Price & PYPL Stocks Rejoice as PayPal Announces Support for Bitcoin, Ether, BCH & LTC

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Author: AnTy

Bitcoin in For Another Bull Cycle as BTC Supply Continues to Get Eaten Up Like Never Before

Over the weekend, the price of Bitcoin started rising and is currently trading above $11,650.

Interestingly, it has been three months, 93 days exactly, since Bitcoin was founded in 2009, that it has spent above the current price of $11.5k.

More importantly, it’s the first time that bitcoin has been above $10,000 with realized volatility extremely low, as per Skew.

While trading in the green, the ‘real’ amount of the BTC traded in the past 24 hours has fallen drastically to just over $700 million.

This lack of volume could be on one side due to the lack of price action in the market and the weekend. On the other hand, the BTC balance on exchanges is on a constant decline. An analyst noted,

“More and more Bitcoin getting out from exchanges and most probably being transferred to non-custodial wallets. This suggests slightly lower liquidity and lower selling pressure going forward.”

BTC Balance on Exchanges
Source: Glassnode

According to Chain.info, in the past 24 hours, the biggest outflow of BTC has been recorded on OKEx of 6,269.

Last week, the exchange suspended all digital currency withdrawals after one of its key holders who has been helping the authorities in an investigation was unreachable.

Additionally, as per Coin Dormancy, a measure of “old hands selling out,” which usually sold the tops have been acting differently in the current cycle. “They sold the bitcoin bottom at $3-$4k, they are selling right now,” observed on-chain analyst Willy Woo.

Coin-Dormancy
Source: Glassnode

Another Bull Cycle in the Making

While Bitcoin continues to move out of exchanges in favor of cold wallet storage, for the first time, public companies are gobbling up more and more BTC by making it part of their Treasury. Grayscale, yet again, for the third time in a row, had a record inflow in Bitcoin.

According to Grayscale’s Q3 report, they bought 77% of all the BTC mined in the quarter, up from 70% in Q2 and 27% in Q1. Dan Tapiero, co-founder of 10T Holdings said,

“SHORTAGES of Bitcoin possible. Barry’s Grayscale trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off mkt in squeeze. Shorts will be dead. Price can go to any number.”

Overall, the market is bullish on digital assets, as Pantera Capital wrote in its last week’s investor letter; besides the network fundamentals, all the money printing the Federal Reserve and other central banks are doing works in bitcoin’s favor.

“We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.”

Major Bitcoin Price Cycles
Source: Pantera Capital

In its decade long life, Bitcoin has gone through three major prices already and seems to be primed for yet another one.

“My intuition from trading waves for 35 years is we’re in for another one,” wrote Dan Pantera, adding, “it’s still a massive hype cycle roller coaster.”

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Author: AnTy

Bitcoin Miners Generating BTC at Fast Pace & ‘Running Down Inventory’ Just as Hard

Bitcoin started this week on a bullish note, reaching above $11,700 only to drop to nearly $11,200 level on Friday after crypto exchange OKEx announced that cryptocurrency withdrawals had been suspended.

According to the local media, two of the executives, including its founder, Star Xu, arrested by the police, have been released on bail. Star Xu has been reportedly assisting in the investigations.

The exchange maintained that the investigation is “not related in any way to anti-money-laundering or to OKEx,” and that the funds are safe and all other functions are unaffected.

OKEx actually holds 1.1% of Bitcoin’s circulating supply (200,000 BTC worth $2.3 billion), and before the suspension of withdrawals, large BTC outflows were observed from the exchange.

As per Glassnode, “a total of 10,000 BTC ($113 million) were withdrawn in two large batches in the past 48h.”

Market Unchanged

Yesterday, what made matters worse for the already jittery markets was the Deribit exchange that was temporarily out of action due to maintenance that had not only BTC price falling but also the futures curve flattening yet again.

On-chain analyst Willy Woo actually expects the last CME gap around $11,200 to get filled as he sees hidden distribution at spot exchanges, with volume sell-off not yet reflected in the price.

But in the near term and overall, he remains bullish, signaled by the growing market fundamentals.

“The on-chain fundamentals which are 3-6 weeks at the minimum timeframes are still unchanged in bullish mode, if we do get a pullback, I’d take it as a chance to deploy capital into BTC if you missed it in the 10k zone,” said Woo.

Still, Some Weakness in Near Term

While the network fundamentals, the hash rate has made an all-time high, miners are “running down inventory quite hard today.” With MRI currently above 100%, it means miners are selling more Bitcoin than they are mining.

This, according to Charlie Morris of ByteTree, is an indication of a “Healthy market to sell into.”

Interestingly, with more than ever hash power used to mine bitcoin, the standard 10 minute time to generate a bitcoin has fallen to 8 minutes 8 seconds, as per Bitinfocharts. In the second half of 2020, the block time has been kept between 12 to 8 minutes.

Overall, bulls haven’t lost yet, and they could further continue higher, especially if equity markets trade up given their correlation that continues to increase, currently above 57%.

“Recent BTC breakout was legit, but more effort needs to be coming from the bulls. Price action remains in a three-wave corrective move after bearish impulsion. Break of $11,740 & $12,500 Highs needs to commence, otherwise bears might try to force more consolidation/downside,” says one analyst.

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Author: AnTy

Here’s Why Ethereum Can Further Outperform Bitcoin and Other Large Cap Coins

The price of cryptocurrencies has started to rebound. Yesterday Ether led the market upwards, going to nearly $400 level thanks to Grayscale Ethereum product ETHE becoming an SEC reporting company that reduced its investors holding period in half to six months.

This news could bring with it “a raft of arbitrage opportunities for market participants trading across retail-focused venues vs. the more institutionally focused venues,” says Denis Vinokourov of Bequant.

Additionally, given Ethereum’s use as a hedge to DeFi exposure, “the development may result in a short squeeze, further exacerbating the likely outperformance against its large-cap counterparts,” he added.

Bitcoin also made its way above $11,700, outperformed by ETH, but today, the market is inching down.

However, unlike the strong price action, the fees are returning to normal. ETH fees continue to plummet with average transaction fees currently under $2 from August’s peak of $14.58, following the unprecedented DeFi-driven growth over the summer that topped out in August.

Interestingly, Bitcoin fees are keeping to its trend of going in the opposite direction of Ether, growing by 15.2% week-over-week and averaging about $1M per day. Average Bitcoin transaction fees started going down in Q3 and bottomed at $1.3 towards Sept.’s end only to make its way upwards to above $4 in October.

“Transaction fees currently account for 9.5% of the miner revenue, and have become a far more significant contributor to the miner revenue following the BTC halving in May,” noted Arcane Research. “The miner revenue has not been this influenced by transaction fees since the 2017 bull run.”

image1
Source: Bitinfocharts

Meanwhile, the hash rate of both the top networks is heading north, making new highs. Bitcoin’s hash rate reached a new all-time high this week with the 7-day average hash rate surpassing 140 EH/S, 36% higher since the beginning of this year.

Just like Bitcoin’s strong fundamentals, the Ethereum hash rate also hit a new peak at 254.36 TH/s last week, following the constant growth since mid-July thanks to the rise of DeFi.

“The large increase in fees meant more revenue for miners, which incentivized more miners to join the network and caused hash rate to grow,” noted Coin Metrics.

After rallying hard, September has been a challenging month for DeFi tokens, which crashed hard, potentially finding the bottom. However, the total value locked (TVL) in the ecosystem has jumped past $11 billion.

However, the alpha seeking capital exploiting the DeFi ecosystem could also make a temporary return to join the Ethereum rally. Even Bitcoin could help Ether run higher with Wrapped Bitcoin (WBTC), which continues to accelerate.

Meanwhile, Ethereum has successfully launched yet another dress-rehearsal testnet dubbed Zinken for the upcoming Ethereum 2.0 Phase 0. Unlike the previous failed attempt of Spadina, this was a smooth launch on Monday.

The good news for Ethereum kept on coming at the start of this week, another one in the form of Aztec announcing the launch of Aztec 2.0 — the Layer 2 scaling solution with privacy at its core. The zkRollup based network, live on Ropsten, has private sends by default for ERC-20 tokens on top of scalable private access to DeFi with 200x gas reduction compared to the previous version.

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What the Painful DeFi Correction Did, Actually Good For the Market?

The DeFi ecosystem started to recover this week thanks to Bitcoin’s positive momentum that drove the crypto market upwards.

While the likes of YFI, SUSHI, UNI, CRV, RUNE, BAL, and KNC are experiencing mild losses today, less than -5%, considerable gains are recorded by UMA (+32%), AST (-28%), MFT (+27%), and AKRO (+24%) with less than 10% gains seen by YFII, LRC, KAVA, LEND, MKR, COMP, SNX, ZRX, and others.

As a result, the total value locked (TVL) in the sector also saw an uptick, approaching $11 billion yet again.

With this, the DeFi tokens look to be finding the bottom, after all, following the deep correction that went on for a few weeks, that came after a wild rally, resulting in many popular tokens to lose 80% to 90% of their value.

Still, some are glad the pullback happened because “as painful as it was, it accomplished a few things: 1. Washed out the weak hands 2. Gave us a sense of where value for DeFi assets are in a big drawdown 3. Hopefully killed off random food coins offering 10000% APY farming,” noted a former partner at Goldman Sachs who is now part of the crypto fund, The Spartan Group.

According to him, even some of the family offices and high net worth individuals (HNWI) are now “starting to get curious, and they will get into the action via funds as it is too hard for them to do it themselves.”

The Macro Trend

The overall crypto market is currently experiencing the greens, with Bitcoin and altcoins seemingly belonging to the same asset class and being correlated to each other.

However, according to the quant trader and entrepreneur Qiao Wang, “Reality is BTC is increasingly behaving like a macro asset whereas alts are still very much venture bets.”

In the macro world, the markets are eagerly waiting for the US presidential election, coming in November, to end the uncertainty prevalent in the market currently. Moreover, the stimulus package isn’t expected to be approved until then, either.

According to Bloomberg’s latest crypto newsletter, while Joe Biden’s win as the president would be good for Bitcoin, in contrast with Donald Trump’s “hands-off policy,” it would hamper DeFi’s growth.

“The world has morphed into one big macro trade. Asset prices are increasingly driven by global policy expectations rather than underlying fundamentals. Deflation + insolvency risk is rising,” noted Kevin Kelly, co-founder Delphi Digital.

The current environment outlines the bull case for Bitcoin and crypto, “the backdrop has never been more conducive for this industry to thrive,” with historical Q4 performance suggesting we could push to new highs.

But the “risk of deflation, insolvencies, and upside dollar risk are of paramount concern for markets,” including bitcoin and crypto alike, added Kelly.

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Author: AnTy

Bitcoin in Re-Accumulation Phase, Volatility Hits Two-Year Low

Over the weekend, the price of Bitcoin started moving north, making its way from around $10,400 to above $10,700. Trading in the green currently, but the ‘real’ volume at just $824 million is not providing confidence.

While volume on spot exchanges is low, institutional interest in Bitcoin has been “flashing strong since the 27th of July, the day it went through $10k.”

Also, just a small percentage of greens have been enough to carry the rest of the crypto market up with it. In a rare bout of gains, XRP spiked over 8%.

This positive performance across the markets is the result of President Donald Trump’s recovery after contracting coronavirus.

BitMEX Narrative

The market is trying to recover from the BitMEX incident last week. As a result of criminal charges on the popular derivatives platform, more than 45,000 BTC have been pulled from the exchange.

Bitcoin balance on BitMEX has fallen to 120,000, a decline of 27%.

The day the news of criminal charges from CFTC came, the exchange saw the largest negative net flow to date, as 44,000 BTC were withdrawn. Almost 30% of them were transferred to Binance and Gemini in equal amounts.

Open interest, meanwhile on the exchange that crashed 24% remains at 43k BTC, around $456 million — levels not seen since May 2020.

image1

Besides BitMEX, another narrative at the top of the market’s agenda is the volatility the market participants will be subjected to in the coming weeks ahead of the US elections.

Getting Too Comfortable?

Bitcoin’s 180-day volatility has dropped to its lowest since November 2018, reaching a 23-month low, indicating the market has been mostly unfazed by the unsettling news of BitMEX. Denis Vinokourov of Bequant noted,

“Implied vol remains well contained and even the skew profile, for both Bitcoin and Ethereum, shows signs of stabilization. The market is very crowded, and it is difficult to see how this will change, especially as the entire liquidity provision is dependent on cheap liquidity (Bitcoin) and yield offerings by DeFi platforms (with Ethereum as the backbone).”

During these last couple of weeks, Bitcoin weathered the several negative news that otherwise would have crashed the digital asset’s price — first KuCoin hack losing $281 million customer funds then BitMEX, and the next day the news of Trump testing coronavirus positive. Trader and economist Alex Kruger said,

“It’s been impressive how little bitcoin has moved during this whole Trump ordeal, as well as during the Bitmex-CFTC news. Vol sellers getting too comfortable.”

This could also mean that bitcoin is in re-accumulation mode. Analyst Cole Garner notes,

“Binance with a 2800 BTC sellwall at $11k. Unstoppable force meets the immovable object. Welcome to re-accumulation.”

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Author: AnTy

Altcoins Get A Beatdown While Bitcoin Remains Stable Just Under $11,000

The crypto king, bitcoin, is holding strong around $10,900 after it started uptrending over the weekend.

From $10,200 on Sunday, the digital asset has been making its move up, climbing to $10,950 today. At the current price of just above $10,900, 83.68% of the addresses holding BTC, which are 26.38 million, are in profits.

Trader SalsaTekila noted that “yesterday night gold pumped from this exact hour, BTC then followed.”

The precious metal jumped to $1,970 level, keeping to its range, which is getting smaller, formed after hitting the new all-time high at $2,070 in early August. Meanwhile, the USD index is struggling around the 93 level.

“At a certain point when Bitcoin gets big enough (I’d say above $1T), it will shed its risk-on factor, then its fundamental gold-like properties moves front and center,” noted on-chain analyst Willy Woo on bitcoin’s short-term correlation with the equity market.

And then, “even our 4-year cycles will get locked into the gravitational pull of the ~10 year cycles that macro markets exhibit,” he said.

For now, besides the altcoins and DeFi’s losses supporting flow into bitcoin, MicroStrategy’s acquisition of 16,796 additional bitcoins helped the digital asset maintain its resilience.

Altcoins’ Experience a Hangover after the Bull Party

Trading in the green with $1.8 billion in ‘real’ volume, the dominance of BTC has also taken to trend up. BTC dominance has been on a constant decline since early May when it was at 69% to the 15-month low of 59% on Sept. 13. But the weakness in alts has bitcoin’s dominance riding up over 61%.

While Bitcoin is looking stronger, the altcoin party has died down.

Among the top cryptos, Ether is down 4% at $363 with other notable mentions, including LINK and BNB; both are down 9% while TRX dropped 8%.

In the DeFi world, the top loser is CREAM, which fell by 40%. Interestingly, today Binance announced trading for the DeFi token against BNB and BUSD.

Other notable mentions include bZx Network (28%), SUSHI (-21%), CRV (-20%), SWRV (-15%), SNX (-14%), LEND (-12%), YFI (-11%), and UMA (-10%).

Unlike the price of these DeFi tokens, the total value locked in the sector increased to $8.9 billion, as per DeFi Pulse.

Users continue to deposit in these new projects, especially in Swerve, whose TVL has jumped to $953.8 million, and KIMCHI, whose deposits are currently at $1.8 million. Other projects that see an increase in their TVL today are Mooniswap, YFII, ForTube, DODO, CREAM, Yearn, and Maker.

Some of the cryptocurrencies are still moving north in the current red environment, including Pickle (50%) and LUNA (7%).

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Author: AnTy

SushiSwap Creator Pulls a Charlie Lee, Sells 2.55M SUSHI Tokens Because He ‘Deserves’ The ETH

SushiSwap got Sushi dumped.

Today, the token was trading at $4.91 when it started slumping and didn’t stop until it lost about 60% of its value.

At the time of writing, SUSHI was trading at $2.27, as per CoinGecko.

The losses came after Chef Nomi, anonymous creator of SushiSwap, the clone of DEX Uniswap, sold part of the SUSHI tokens allocated for the development of the ecosystem.

Approximately 2.56 million SUSHI, for 17,970 Ether (worth over $6 million), has been sold by him within ten days of the launch of the project. The new dev shares are now under the SushiSwap multisig contract for which the signers are being chosen.

The reason for this, “I stop caring about price and I will focus on the technicality of the migration,” shared Chef Nomi on Twitter while clarifying about his recent move for which he has received “blaming and FUDing” when he is “taking IL for you.”

The anonymous creator says he did not exit scam as he will “continue to participate in the discussion. I will help with the technical part.”

Does this remind you of someone, maybe Litecoin creator Charlie Lee? This is because Chef Nomi did pull a Charlie Lee. “I am still here…@SatoshiLite did that and Litecoin had no problem surviving,” he said.

Lee is infamous for selling all his LTC at the top of the market. And if the community thinks he didn’t deserve the ETH, you better think again and think hard because

“I think my contributions justified that. I wrote the migration code. I did all the audits. I coordinated the largest LP pools ever. I created a large community. I sprung up 100s of LP scam projects. All in 1 week.”

That’s right, he created the idea and the community when the price wasn’t under pressure. And given that it’s an open experiment if you don’t believe in the idea or community, “you are free to leave,” there are “no strings attached.”

“All I can say is if this experimentation goes on to success, you guys know the upside. But if people don’t believe in the project, it will fail and we return everything back to the original creator @UniswapProtocol. I am happy with either result,” concludes Chef Nomi.

The project has been going strong, it even surpassed lending platform Aave in terms of TVL, which has now dropped from $1.6 million to $1.1 million.

The community is divided on whether it is a good move or bad. “Sushi exit scam. Incredible. And trying to pretend to be nice. When dealing with magic internet money, the good projects have strong founders or strong early adopters. May sell some at the top, never cash out,” said trader and economist Alex Kruger.

Some even called out exchanges for listing these tokens while others argue that Binance-like exchanges actually give the opportunity to long or short.

Amidst this DeFi mania, from FTX, Binance, Gate.io, to Coinbase, Huobi, and OKEx, everyone has been listing the latest hot DeFi token within days of their launch.

“I don’t know what is worse…An ICO company taking 20,000 Ether and not making anything for 3 years and watching their token go down -99%…Or SUSHI founder selling all his holdings for 20,000 Ether to crash the price -99% only two weeks after it was created,” said trader Jacon Canfield.

Also Read: FTX CEO Proposes Deploying SushiSwap to Solana, Votes in Favor

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Author: AnTy

Historically, Bitcoin Really Hates September; What Should Traders Expect?

Bitcoin has started September on a bad note.

The digital currency failed to keep above $12,000 and went down to almost $10,000 level on Wednesday.

This resulted in the market sentiments getting overturned fast, from “extreme greed” to “fear.”

Up 38% YTD, bitcoin is down about 50% from its all-time high of $20,000.

Yesterday, the market had relief as BTC stepped up to $10,645, which led investors to expect the weekend to bring good news for the market.

But the market is moving back down today.

At the time of writing, BTC/USD has been hovering around the key psychological level $10,000.

For a brief moment, the digital asset dropped under $10k to $9,975 on Bitstamp.

This isn’t a surprise for two reasons, one – dring the last bull market, bitcoin saw several, as much as nine, pullbacks of 30% to 40% on its way to the peak.

Second – this month isn’t good for bitcoin.

After March and January, September is the worst month for the leading cryptocurrency in terms of average log returns. Five out of seven times, this month has been a red one for Bitcoin and the other two times, it was barely in the green.

So, expectations for greens should be low in September while being prepared to grab the buy the dip opportunities.

The quarter fourth could bring the much-needed reprieve, filled with more green than red.

Historically, September isn’t bad just for bitcoin but also for the stock market.

As a matter of fact, the three leading indexes of the stock market have performed the poorest during the month of September, which got it dubbed as the “September Effect.”

It first happened in the late 1800s when the Dow Jones Industrial Average fell an average of 0.8%. And the S&P 500 has been dropping about 1% on average this month since 1950.

There is no plausible theory for this other than that these corrections are caused by tax-loss selling from mutual funds or pent-up suffering from investors who just returned from their summer vacations.

This time, however, lockdown due to coronavirus has people working and vacationing right at their home.

For stock markets, the fear doubles because of the election-related uncertainty. Reportedly, S&P 500 sheds 0.2% on average in the election year.

So, with bitcoin still being a risk-on asset, the stock market expecting more losses, and the month not being bullish for the digital assets either, pains could be ahead for the digital asset.

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Author: AnTy

Bitcoin Rules the Macro & Poised to Attract More Traditional Equity Investors

August is coming to an end, and hopefully, it will end Bitcoin’s ranging.

This month started on a good note as July saw the largest digital asset breaking above the key levels, moving from $9,000 to $12,000.

But August remains within $11,000 – $12,000, for the most part, and is now looking to end the month right around where it started it.

Trading under $11,500, bitcoin is managing just over $1.3 billion in ‘real’ trading volume. BTC ranging meanwhile is good for altcoins.

LINK is back on the move and up 5.58% while Cardano, Monero, and EOS are recording greens of over 3%.

Other gainers include NEM (25%), Siacoin (17%), Waves (10.71%), BTT (9.68%), and NEO (7%).

DeFi meanwhile is on their own trajectory of explosive gains.

For starters, YFI has broken above Bitcoin’s ATH to well nearly $25,000. Tendies is trading above $1 with 33% gains and Ampleforth 26.8%.

Against BTC, almost every DeFi token has surged in the past year, last 90 days, and in the past month.

2020 is all about DeFi.

The Macro of it

In the macro world, the stock market is also enjoying an uptrend.

All the market trends this year have been affected by the central bank policies in its attempt to prop up the economy battered by the pandemic. In response, the Federal Reserve dropped the interest rates to virtually zero and started printing money by adopting quantitative easing.

However, in expanding its balance sheet as a percentage of GDP, the Fed is nowhere near the Swiss National Bank and Bank of Japan, though it has surpassed the Bank of England and is making efforts to catch up to European Central bank.

This has US stocks making new highs, with S&P 500 surging over 3,500, up 3.6% from the February high. The equity market still recorded just 7.7% returns YTD.

In comparison to SPY, although bitcoin is still down 42.5% from its ATH, it is up 56.46% in 2020 so far.

Tech dominant Nasdaq had an amazing year, which is up 28.6% but Dow Jones industrial average remains in the red by 0.74% YTD.

Coming onto the precious metals, gold broke the 2011 peak to surpass $2,000, with over 29% returns in 2020. But it was silver that rallied the hardest, 52.7%, and left everything behind.

The US Dollar index meanwhile has been losing its strength since mid-March and is down by 4.65% YTD.

This week, Fed Chairman Jerome Powell also shared that they will let the inflation run above its 2% target and plans to keep interest rates low.

“Crypto discourse has been objectively dominated by the likely bullish nature of this decision for BTC and the rest of the asset class. Traditional equity investors are speculated to continue to want to look elsewhere to invest their capital, and alternative means of currency like Bitcoin, Ethereum, and precious metals should (at least in theory) benefit,” noted Santiment.

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Author: AnTy