While the month was quiet in terms of news and fundamentals, price volatility and trading volume returned to the cryptocurrency markets with bitcoin $btc breaking higher to briefly reach over $12,000 on August 1 and again as of today (August 10) in the early morning hours New York time. Yesterday signaled the highest weekly close in two and a half years. If this price level can be maintained and turned to structural support, momentum should be sustainable for bitcoin $BTCto test its all-time price high near $20,000.
Cryptocurrencies have performed well alongside strong moves in precious metals, both benefiting from dollar printing and flight to safety. Positive correlation with equities is cause for caution going into the fall as a disruption in the flow of credit around the world remains a serious overall risk to paper asset prices. I continue to believe one more and last excellent buying opportunity for bitcoin and cryptocurrencies is ahead and today’s exuberant crypto sentiment will be tested along the rocky road to November when the determination of future U.S. leadership and pandemic progression should settle a number of issues weighing on the overall macro outlook.
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