00:00
Speaker A
Bitcoin dips below 84K amid pressure from rising oil prices yield. Now, I try not to talk about the daily price of Bitcoin on this show. I haven't even checked it in the past hour or two.
00:14
Speaker A
But the fact is that we have a situation where Bitcoin has made a massive move off the lows around 60,000, hit a high near 88,000 and now is trading back, you know, in the in the mid 80s and ranging. To me,
00:26
Speaker A
when you look at that price action, you think it was in a range from the 60s to the 70s and a range from the 70s to the 80s and it moved up to a range in the 80s. That is very constructive price action, even if it moves on a day-to-day basis for an hour here and there with other markets.
00:45
Speaker A
But the big story obviously here is that 30-year treasury yields are at a multi-decade high. Uh we have Brent above $100. We have the 10-year treasury above 5.3% and a strengthening dollar. All of those things traditionally should be
01:00
Speaker A
sending Bitcoin into a massive bear market, but instead, it affects it on a day-to-day basis by 1 or 2% in any odd direction. Now,
01:08
Speaker A
we also, as usual, have leverage amplifying it. $5, $600 million worth of longs liquidated, which seems to happen every single time that Bitcoin is ranging. But what we really have right now
01:21
Speaker A
is the strange contradiction with markets, right? People want to see the Fed cut because a Fed cut means that risk assets will go up, because it means there's more liquidity, but the Fed only cuts when something's broken. Right? So you're effectively cheering for something to break in the economy so that the Fed can cut so that your asset can go up and it's like living in the upside down in stranger things. None of it makes much sense once again.
01:42
Speaker A
Yes, Bitcoin went down today because of things that were happening in the macro. Sort of, but it has risen if you zoom out and it is on a epic rally. It's best third quarter uh in many years and probably entering into a new bull market.
01:57
Speaker A
So we're going to see what the Fed does, we'll see what oil does, but I can tell you that no matter what the Fed does and oil does, the bond market is not believing any of them.
