Crypto trades calm amid global uncertainties
BTC traded rangebound over the weekend…
Bitcoin traded rangebound over the weekend before staging a gentle rally as the European session began, again nudging $69,000.
Crypto came onto the agenda for Microsoft last week after a US think tank tabled a motion to the tech giant’s shareholders, calling on the company to invest in Bitcoin as an inflation hedge. Despite Microsoft claiming shareholders should reject the proposal, the fact that the third-largest company on the Nasdaq is giving Bitcoin this level of attention could bode well for BTC’s broader visibility.
Some crypto sceptics remain stubborn and late last week analysts at the European Central Bank issued a paper arguing that Bitcoin profits have accrued overwhelmingly to early adopters and are likely to remain concentrated. Critics pointed out that earlier investors in any asset naturally earn more from price appreciation than latecomers and that, far from being speculative, Bitcoin was being adopted as a genuine store of value and hedging tool.
Tether continues to trade at a discount, one factor in the narrow trading may have been a report in The Wall Street Journal over the weekend stating that the US Department of Justice is investigating Tether for possible breaches of sanctions and money laundering rules – Tether dismissed the story.
Japan’s ruling Liberal Democratic Party failed to win a majority, sending the USD/JPY to three-month highs amid potential uncertainty surrounding the Bank of Japan’s rate hike policy.
A fresh bout of election shocks and global tensions
Tensions in the Middle East rose still further after Israel launched air attacks on Iran over the weekend, targeting military infrastructure and raising concerns the attacks could pave the way for a larger conflict between the two nations.
Meanwhile, unease also continues to mount in the South Caucasus. An election in Georgia saw a victory for the Russia-aligned Dream Party, amid claims of election interference by the Putin regime. With Russia currently building a naval base in the separatist region of Abkhazia and China building a deep seaport, Georgia may well become the next flash point for geopolitical tensions.
Rogan-Trump podcast sparks buzzwords bingo
Polymarket users have extended their betting on the latest endeavours of Donald Trump. This time, not focussed on election outcomes, but instead the likelihood of him dropping specific words in his three-hour chat with Joe Rogan. Traders favoured the words ‘McDonalds’ and ‘transgender’ among others, reaping the rewards when they were indeed mentioned by the ex-POTUS.
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