This weekend’s trading session saw Bitcoin head back above $19,000, with muted trading volumes. Today, we have made little headway as the market takes a breath before its next advance to break the $20,000 barrier.

Over the Weekend… Guggenheim Partners filed an SEC amendment to allocate $500 million of their Macro Opportunities fund to Grayscale’s GBTC. This would provide the company an indirect means of exposure to crypto.

The US jobless claims might have fallen for the first time in months, but investor enthusiasm only fell somewhat. Pfizer’s supply chain problems mean that the initial distribution of vaccines might be halved.

While traditional markets are digesting the Pfizer supply chain news (slowed and potentially affecting the time and quantities of the vaccine distribution), crypto shows some independence.

Traditional markets turned risk-on throughout yesterday, that’s typically supportive of higher prices in crypto. It’s also worth noting that with the dollar down and gold up (+2% on the session) Bitcoin should have been an obvious beneficiary.

Today, everybody in the crypto space is thinking: we’ve broken all-time highs.

Last week, traditional markets ended on a risk-on note. Equities and treasuries up, dollar and gold down. Crypto may have benefited from the tilt -or simply the dollar depreciation- over the weekend. I like to think bigger factors came in play, though.