Impressive performance
Highlights
- Bitcoin is now up 17% on the day in a remarkable show of strength.
- Some of that could be money flowing from USDC into bitcoin on worries about Circle’s cash position.
- Bitcoin is working as a safe haven and at some point the price action becomes the story.
- Gold is up much less at 2% but it’s also showing itself to be a solid safe haven in the past few days.
- The message from both ties back to the Fed and the possibility that rate hikes are done and that rate cuts could soon be on the table.
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Coinbase, Celsius and Paxos disclose funds in Signature Bank