Yesterday saw a dramatic shift in cryptocurrencies. Bitcoin finally reclaimed the six-figure mark for the first time since January, pushing all the way to $104k by Thursday evening. At the same time, Bitcoin dominance fell around 1%, indicating an even greater flow of capital into alts. While no singular event can claim responsibility for the change in sentiment, a number of recent developments certainly played their part. The first is the acquisition of options platform Deribit by Coinbase for the princely sum of $2.9 billion. The purchase shows the growing appetite for derivative products within the crypto industry; Coinbase, Kraken and many other US-based companies are engaged in somewhat of an arms race in this regard, all trying to capture as much of the market as possible. The Trump administration’s stance on crypto has certainly allowed the industry to be more bold in recent months, pushing along many developments that had been left in limbo during the Gensler era.
The second story is the gradual progress on the trade front, which has lifted not only cryptocurrencies but markets in general. The announcement of a trade deal between the US and the UK in particular buoyed the major US indices yesterday, although funnily enough the bullishness did not extend to the FTSE 100.
The latest Fed decision was nothing out of the ordinary, with Jerome Powell repeating many of the same talking points as in previous meetings. Uncertainty surrounding tariffs is the main cause for concern according to the Fed Chair, who once again promoted the need for patience while ruling out the idea of pre-emptive rate cuts. The decision did not go down well with president Trump, who not for the first time took the opportunity to berate “Mr. Too Late” on social media for failing to lower rates quickly enough. Traders will have to wait until the 18th of June for the next chapter of the tale.
Advertencia de riesgos : Productos derivados del trading y productos potenciados poseen un nivel más alto de riesgo.
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