Mooners and Shakers: Bitcoin hits $30k as Jerome Powell says crypto has ‘staying power’
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If you can’t beat ’em, join ’em… and then try to control ’em? Is that what’s happening right now? There appears to be a strong TradFi push in the direction of crypto, as Bitcoin cracks the US$30k mark again.
The big news of the morning so far appears to be this: US Fed Chair Jerome Powell LOVES CRYPTO.
Okay, that’s definitely untrue, but he did at least say the following, according to reports: crypto “appears to have staying power as an asset class”.
JUST IN: 🇺🇸 FED Chair Jerome Powell says "#crypto appears to have staying power as an asset class."
— Watcher.Guru (@WatcherGuru) June 21, 2023
— Bitcoin Archive (@BTC_Archive) June 21, 2023
Powell was speaking in Washington at a hearing on monetary policy primarily discussing inflation and whatnot – which, by the way, was a little hawkish with the indication that the Fed is not yet done with its interest rate hiking this year. Still “work to be done” on hitting its 2% inflation target, yada yada.
Hmm, promising. Although, he did caveat: “It would be appropriate to have a robust Federal role in what happens in stablecoins going forward… Leaving us with a weak role in allowing a lot of private money creation would be a mistake.”
"We do see payments stablecoins as a form of money," @federalreserve Chair Jerome Powell tells the U.S. House Financial Services Committee.
— CoinDesk (@CoinDesk) June 21, 2023
Now, another notable financial services firm, Valkyrie Digital, has rejoined the Bitcoin ETF queue, with, somewhat amusingly, a filing for an exchange traded fund that has the ticker “BRRR”. (‘Tis a reference to the Fed’s money printing, which went into overdrive in the early days of the pandemic).
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2023
BlackRock, Citadel Securities, Fidelity, Charles Schwab, WisdomTree… all this sudden interest in Bitcoin again from huge financial players, is, to some observers, signalling “absolutely the start of the bull run”.
Valkyrie applies for #Bitcoin ETF.
After Blackrock, Invesco, WisdomTree & the exchange of Citadel, Fidelity and Schwab and the Digital Asset License of Deutsche Bank.
Absolutely the start of the bull run.
— Michaël van de Poppe (@CryptoMichNL) June 21, 2023
Are they front running the halving .. ? pic.twitter.com/dFP77yZUER
— PlanB (@100trillionUSD) June 21, 2023
What’s perhaps most curious about this crypto surge today is the fact that Wall Street had something of an overnight selloff, with tech stocks largely affected. Historically, Bitcoin and the crypto market has been pretty tightly correlated to the movement, up and down, of US stonks.
As Eddy “Market Highlights” Sunarto noted this morning:
Overnight, tech stocks led the dip in New York as Fed Chairman Jerome Powell testified before Congress. The S&P 500 closed -0.52% lower, and the Nasdaq fell by -1.21%.
In his semi annual report, Powell told the House Financial Services Committee hearing that nearly all FOMC participants expect that it will be appropriate to raise interest rates further by the end of the year.
Meanwhile, we like this quote from Oanda analyst Edward Moya, regarding the crypto regulations turmoil in the US: “Who needs regulatory clarity if you see BlackRock making a move?”
It's #BTC Season right now
— Rekt Capital (@rektcapital) June 21, 2023
Just a friendly reminder: none of the information presented and replicated here represents anything remotely resembling financial advice.
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Pepe (PEPE), (market cap: US$576 million) +30%
• Bitcoin Cash (BCH), (market cap: US$2.64 billion) +23%
• Flow (FLOW), (market cap: US$577 million) +16%
• Conflux (CFX), (market cap: US$512 million) +12%
• NEO (NEO), (market cap: US$634 million) +12%
Again, there’s not much slumping today in the top 100 cryptos by market cap, so here are some…
• BEPRO Network (BEPRO), (market cap: US$9 million) +31%
• Gods Unchained (GODS), (market cap: US$36 million) +30%
• Wojak (WOJAK), (market cap: US$10 million) +14%
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
We’ve been calling the green shoots in crypto since Jan. Interesting backdrop of this investor sentiment graph. https://t.co/pBkTi8PPtZ
— Caroline Bowler (@CaroBowler) June 22, 2023
— PlanB (@100trillionUSD) June 21, 2023
— naiive (@naiivememe) June 21, 2023