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Bitcoin (BTC-USD) prices are having their best week in years.
Trustless.media founder Zack Guzman sits down with Morning Brief host Julie Hyman to explain what’s driving the momentum.
Bitcoin’s up about 20% this week. It’s the best week since, how long is it?
It’s been the best week since I think a while.
Yeah. Years. a long time. Yeah. a long time. Um, and um, it seems to be linked to what was going on with the bond market, right? So like, so to so talk talk me through that from your perspective.
You know, and there’s also like some talk on on from Trump about clarity, maybe Yes, well there’s a lot of things going on. What are all the what are what are the how what do you see the inputs into this the rebound?
Obviously, yes, kicked off by kind of the idea of what’s happening in terms of the treasury, uh and their moves in the bond market, kind of signaling to the market that more could be coming. Bitcoin itself, I think the firm thing that I’ll die on is that it has now kind of established itself as a bit of a debasement trade. And so when you’re talking about uh the government getting involved here to kind of control things, eventually that money flows to assets like Bitcoin.
Um and we’ve seen that play out time and time again. And historically looking at kind of the cycles here as well, is Bitcoin has drawn down quite a bit. It hasn’t been as bad as maybe some of the other bear markets we’ve seen, but down 50% since the highs, and below the 200 day moving average. Historically, this is always what happens Julian. So there’s a weird debate happening within the Bitcoin camp that, here we are again, timing up almost perfectly. The havings in April next year, basically the same time. People are saying that we finally bottomed down. And so if that’s the case,
not too far before you reach the prior high, which would have been 120k.
Does clarity have to happen? Do you think clarity’s going to happen?
I think there’s other Ethereum also charged 20% when we saw the big move. And there are two stories right now. Clarity is all about tokenizing assets and putting them on the blockchain. Mostly we’ve seen that activity happen on Ethereum. So, if clarity happens, I think there’s a a large story for Ethereum. But on the Bitcoin side, it’s already cruising as an established commodity and all the rules are there. It’s already been an asset that Wall Street’s been warming to. And so, I think we may get into a stage when this vote comes up in mid- September where we could start to see a little bit of a decoupling depending on what happens with clarity, but I would say it does not need to happen.
We just had the White House executive director for for Trump’s policy on coinage, and he was talking about regardless of what Congress chooses to do, the SEC and the CFTC are very pro crypto.
Uh Chair Atkins with his project crypto has been cranking on it. And so rules are being put in place, the market kind of starting to get ahead of of the trade a little bit here.
And Michael’s like Michael Saylor’s strategy did actually start to sell, and that was another piece that was why we saw Bitcoin continue to move lower because everyone’s like, the largest public holder of Bitcoin’s dumping, it’s going to keep going. They corrected that narrative and I think the market started to trade sideways for a while. And now this explosion is not driven by leverage. It’s the interesting thing too, is it’s mostly spot driven. And to your point on who’s buying, more inflows on the ETFs, which we really haven’t seen in a long time either.
Source: finance.yahoo.com