Bitcoin Forcefully Retakes $71,000, New All-Time Highs Next, ETH ETF Is Here
5 weeks' worth of developments have happened overnight. Let's analyze.
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Good morning readers,
There are weeks when nothing happens, and there are days when weeks happen. On Monday, 4 to 5 weeks’ worth of developments in the bitcoin ecosystem were jammed into one day:
Ethereum ETF moved from ~25% approval odds to 75% odds after Washington decided to fast-track it for political reasons
Overnight, being anti-crypto was made a losing political position in D.C.
ETH/BTC is up above our 0.05 death watch threshold, still weak
Grayscale’s CEO of 10 years is stepping down, replaced with a former leader of institutional asset managers like Goldman Sachs and BlackRock
The same day, its parent company DCG settled with New York for $2 billion after defrauding investors with the Gemini Earn program
Bitcoin is soaring, has broken out of its bull flag (which I called last week), and has forcefully reclaimed $71,000. New all-time highs next? Most definitely.
Folks: sit down and grab a cup of coffee. It’s going to be a juicy one today.
Ethereum ETF is fast-tracked in D.C., still weak against BTC
Our favorite pair for gauging bitcoin dominance relative to the crypto basket of assets is ETH/BTC. Ethereum has the largest market cap of all non-bitcoin cryptocurrency, thus gives us the most accurate barometer about how all of the rest are stacking up to the king.
Take a look at how bad this chart has gotten over the last 7 years.