Chart of the Day
Selling pressure off. The price of Bitcoin is trending up and has managed to stay above $53k at the time of writing amid tech shares’ recent plummets. Bitcoin’s recent rally put a stop to its historically negative correlation with Treasury yields and the U.S. dollar index as its price begins to move in tandem with the rates markets. The selling pressure from Bitcoin miners appears to be exhausted as MPI approaches zero, signaling that the next bull run is perhaps around the corner.
Talk of the Town
Crude realities for energy, as Bitcoin takes the crown in Goldman Sachs’ weekly ranking of global asset-class returns; Bitcoin’s year-to-date return of 67% almost doubles that of the energy sector. Goldman Sachs, whose money-management division called Bitcoin worse than the Dutch Tulip Mania back in May 2020, has only added Bitcoin to its weekly kickstart report in late January this year. Interestingly, its recent client survey reveals that 40% of Goldman clients have some degree of crypto exposure