We didn’t have an update on the 24th December, 25th December and the weekend. It is now the 28th December and a lot has happened. In traditional markets? Not really, things are essentially flat. Towards all-time highs for equities but stagnating. Gold just traded up this morning, hinting at a potential risk-on session.
Welcome to your Christmas edition of the Weekender: your weekly recap of the top news stories across the digital asset space, and what a week it has been! It’s certainly a very merry Christmas for the Bitcoin hodlers as prices advanced to a new all-time high of $27,922 over the holiday trading session.
Yesterday, we saw the return of the dollar and treasuries against equities and gold. While markets welcomed the resolution in the US stimulus bill, the new coronavirus strain reported in the UK (and the ensuing lockdowns) dampened some of the enthusiasm.
World markets are at a difficult juncture. As we approach the end of the year, it’s trickier to position oneself regarding positive covid vaccine news while also hearing of new waves of cases around the world. Add to that some uncertainty about a stimulus bill in the US, and it makes for a murky picture.
Another strong weekend trading session has led us to new all-time highs of $24,300. Unfortunately, Bitcoin is suffering from the Monday blues today and has failed to build upon momentum. As 90,000 tweets trumpeted the arrival of another all-time high, and one tweet in particular caught the most attention. Michael Saylor, the Bitcoin CEO of MicroStrategy, who just took out a $650M loan to buy some more digital gold, hijacked an Elon Musk tweet and suggested Tesla should put their balance sheet into Bitcoin.
Welcome to the Weekender: your weekly recap of the top news stories across the digital asset space. Every Sunday, I take a look at the most-clicked links of the week to bring your focus to the news that matters. Today, we start with the story that American Express, one of the biggest financial firms in the US, has entered the cryptocurrency market with the latest investment in an institutional crypto trading platform, FalconX. The American Express Ventures did not disclose the actual size of the investment.
Regardless of long-term outlook, nobody could criticised some investors for being dubious about further upside in the short run. After a rise of about 100% in less than three months (and a year-to-date performance of close to 190%), it was already looking good. BTC could have stabilised at or even retraced from $20,000 and remain one of the best performing assets of 2020.
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