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Market research platform Bull Theory noted the cryptocurrency market’s outperformance compared to other sectors despite geopolitical tensions, macroeconomic weakness and the CLARITY Act’s failure.
The Great Crypto Rebound
Bull Theory highlighted that Bitcoin(CRYPTO: BTC) and <a href="https://xpertsstudio.com/ethereum-31979-eth-withdrawn-from-coinbase-by-whale/” title=”Ethereum: 31,979 ETH Withdrawn From Coinbase by Whale”>Ethereum(CRYPTO: ETH) have surged 40% and 66%, respectively, in the last three months, while the total cryptocurrency market capitalization increased by more than 30%.
Commodities such as gold and silver have lagged, while stock indexes like the S&P 500 have captured only a fraction of Bitcoin’s returns.
Year-to-date, though, Bitcoin’s losses have outstripped gold’s, while the S&P 500 has posted a 12% return.
“Now crypto is rising despite the U.S.-Iran war, CLARITY ACT stalling and interest rate hikes,” Bull Theory said.
What Worked for Bitcoin?
Bitcoin hit an intraday high of $87,363 on Monday, its highest since late January, as the SEC’s push to build a regulatory framework for cryptocurrency, including tokenized U.S. stocks, outweighed the CLARITY Act’s failure.
Its August rally, though, rested on a completely different narrative. The Treasury doubled its debt buybacks to support the bond market, sending yields and the dollar lower, prompting renewed interest in Bitcoin as a hedge against debasement.
However, the narrative has flipped. The yield on the 10-year Treasury note surged to its highest level since 2007 after the latest Purchasing Managers’ Index readings came in higher than expected.
The move halted Bitcoin’s advance, triggering a 2.8% decline in the asset’s price
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