Chart of the Day
Bitcoin Breakout. The price of BTC muscled on after clearing the $50k psychological barrier and is now back above $55k for the first time since May. The surge is believed to be fueled by the expectation that the SEC will soon approve a Bitcoin ETF. Meanwhile, a 12.8% jump in annualized premium to spot price is observed on CME, indicating significant front-running activities among futures traders. The market cap dominance of BTC inches up despite a general downward trend since the beginning of 2021, reflecting its recent strong performance vis-à-vis altcoins. On the other hand, DeFi assets have been slipping after a promising rally earlier this year, especially when priced against ETH. Will BTC’s strong rally cascade into DeFi and breathe life into the space?
Talk of the Town
Bullish on Bitcoin? Billionaire investor George Soros is, apparently. The man famous for his single-day gain of $1 billion back in September 1992 (short selling the British Pound) is now dabbling in crypto. CEO of the Soros Fund Management, Dawn Fitzpatrick, has confirmed that the fund is trading Bitcoin, and expressed interests in crypto beyond the “inflation hedge” narrative. “I think it’s crossed the chasm to mainstream,” she said. Talk about a major endorsement.