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[Markets] Cryptos Are Suddenly Exploding Higher Cryptos Are Suddenly Exploding Higher

While we do not see any obvious catalyst, cryptocurrencies are exploding higher this morning as the squeezes spread from energy to stocks to bonds to bitcoin. The last few days have seen positive comments from Powell (no China-style ban), Gensler (no China-style ban), and optimism about a Bitcoin ETF.

There is a very good chance that the Securities and Exchange Commission will finally approve a Bitcoin exchange-traded fund in two weeks, on Oct. 18.

But many investors shouldn’t get too excited because it will just be a future-based Bitcoin ETF, according to Nate Geraci, ETF Store president, and Eric Balchunas, Bloomberg Intelligence senior ETF analyst.

“It would still open the floodgates for institutional adoption and hopefully result in a spot-backed ETF being approved in the not-so-distant future, which would allow ordinary people to include the asset easily” in their brokerage accounts, Marcus Sotiriou, sales trader at the U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk.

Oh the irony that on the day the US defaults, we get a Bictoin ETF.

USA Sovereign Risk is spiking...

And alternate currencies are suddenly soaring as Bitcoin just surged to $55,500...

Source: Bloomberg

Was this a big short-stop run above the early September highs?

Source: Bloomberg

While Bitcoin is at its highest since May, Ethereum is also surging...

Source: Bloomberg

Bitcoin's outperformance has pushed it to its strongest relative to Ethereum since July...

Source: Bloomberg

As one veteran trader mocked - is Europe about to announce the use of Bitcoin mining rigs to heat its citizens' homes given the cost of NatGas?

Tyler Durden Wed, 10/06/2021 - 09:18
Published:10/6/2021 8:34:24 AM
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