Crypto Soars Higher In Early Asia Trading, Bitcoin Nears $40k

Crypto Soars Higher In Early Asia Trading, Bitcoin Nears $40k As Asian investors woke this morning, crypto markets have roared higher... Source: Bloomberg That is jump of over 30% from the below-$30k lows ahead of last week's much anticipated "B-Word" conference with Elon Musk and Jack Dorsey... Source: Bloomberg This is the biggest jump since early May and second biggest since February. The catalyst for the move remains uncertain but we note that Bitcoin broke above its 50DMA and is testing up towards its 100DMA... Source: Bloomberg Others suggested it is pre-emptive buying ahead of TSLA's earnings this week, anticipating a pro-crypto message. Still more pointed out the headlines around Amazon ramping up its crypto team and hopes for more widespread adoption could be a driver (and the fact that Japanese markets were closed Thursday/Friday for the Olympics). Bitcoin was not alone with Ethereum spiking above $2300... Source: Bloomberg Is The Fed's recent rebound in its balance sheet signaling time to rotate back into bubble markets? Source: Bloomberg Get back to work Mr.Powell. Tyler Durden Sun, 07/25/2021 - 22:29
http://dlvr.it/S4QJzx