Chart of the Day
Global markets rallied after Senate leaders struck a deal to raise the debt ceiling, while BTC took a breather from the epic run to a new local high near $55k — just 15% away from retesting its all-time high. While on the chart it looks like a clean breakout from the multi-month descending trendline, we can’t overlook the possibility of a fake-out with BTC falling back to retest the former support levels. BTC’s Coin Days Destroyed gravitates towards the former, with old hands and smart money continue to accumulate, suggesting growing HODLer conviction of revisiting ATH and beyond.
Talk of the Town
Just as the market eagerly awaits the deliberation on a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), the agency nudged in that direction by approving a fund named “Volt Bitcoin Revolution ETF”. Managed by Volt Equity, the fund will give investors exposure to a range of “Bitcoin Revolution Companies”, including Tesla and Twitter, that hold a significant amount of Bitcoin on their balance sheets. Does this imply a crack in the agency’s hardline against cryptocurrencies? We’ll see.