“Only rarely do the media, officials, or interest groups point to historical change in institutions or in material conditions as the explanation of controversial developments...They thrive upon heroes, villains, contests for votes, legislative and judicial victories and defeats, and especially upon the evocation of leaders with whom people can identify or whom they can blame for their discontents.” – Murray Edelman
Hey everyone! I hope you’re all doing well. Outside, we have our first major storm in ages 🌩 which I should feel happier about, but I have an ill senior dog that hates thunder - this is not helping.
Below, I dive into why BTC is holding up relatively well despite signs of monetary tightening ahead.
Unless there’s a scheduling change (they happen), I’ll be on Bloomberg’s Crypto Show this afternoon at around 12:50pm ET, if you feel like tuning in.
Production note: apologies, I have to skip publication tomorrow - taking ill senior dog to the vet and it might take a while. Back on Thursday! 🐶
IN THIS NEWSLETTER
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WHAT I’M WATCHING
BTC resilience: why, how and what next?
I’ve written often (most recently yesterday) about BTC’s surprising resilience in the face of what looks like global monetary tightening – the key indicators of bond yields, the DXY dollar index, inflation, interest rates and energy prices all suggest that BTC should be lower, given its typical sensitivity to liquidity sentiment.
Today feels like a good day to probe a bit deeper as to why, how come it isn’t, and how sustainable this might be.
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