With the almost 2 trillion stimulus package passed over the weekend, yesterday’s session in the US saw risk assets perform beautifully.
The S&P rose more than 1.5%, to 3,900, and the Nasdaq jumped over 3%. Interestingly, commodities like oil, lumber or copper didn’t enjoy the risk-on tilt and either stayed flat or fell. Gold also underperformed, still.
BTC, on the other hand, is up -and up massively. With an open at 45K and now almost closing at 50K, prices rose 10% in just 24 hours. Alts are naturally riding the wave up but just underperforming, pushing the BTC Dominance index back above 62.
ETH, DOT, LINK, ZEC and LTC, all managed to rise between 5-10%. ADA, which had performed great in the past few days, took a breather and is closing the session flat.
If you’re wondering what’s pushing prices up, well, the stimulus which is bolstering traditional assets probably has a very similar effect on investors looking for yield and/or protection against a devaluation of the dollar.
There’s also the fact that Microstrategy bought an additional $15million more of BTC. They now hold about $2.186 billion worth of BTC at an average price of ~24,000 per coin.
We also saw a tweet from Kevin O’Leary, entrepreneur and celebrity, change his tune about BTC and saying that -should he invest- he would look at sustainable miners.
Last, but definitely not least, Goldman Sachs is restarting its cryptocurrency desk, at this point mainly to look at custody and exchange traded products.
Speaking of the latter, JP Morgan weighed in on the collapse of the Grayscale premium, suggesting that investors were looking at alternatives and the newly launched ETF.
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