I mean if that was it, what a blessing.
Massive discount on Alts, BTC never lost $60k, immediate spot premium, Hong Kong approving spot ETFS and a GCR tweet.
Here's what I will say:
If I was Powell and I was tasked with deflating asset prices with monetary policy & Fed speak, it would look something like what the Fed has done this year.
Talk the market down, and when volatility starts to get out of hand, ease off & talk it back up.
This is the most important thing I have said about Macro — and what you need to pay attention to to profit from Macro cycles — in my entire career.
s/o to @APompliano for always asking such brilliant questions. Enjoy and take notes!
Like said before, this is the pre 🔨 (preliminary supply). In my opinion, more longs have to be trapped between 20500-21200.
Price should go up slowly until low 21ks again, while shitcoins have their last scam pumps. Then the real 🔨 comes.
#GDP comes out -0.9%. Markets initially sell, then rally as investors love the falling #Dollar and likelihood that the #FederalReserve can no longer raise rates aggressively. So risk on for now UNTIL the market realizes the Fed can't print us out of a bad recession. #Bitcoin
Powell hikes 75 basis point and yet Nasdaq & Bitcoin are going to the moon.
What the heck?
While I disagree with the unfolding market narrative here, let me try to explain why we are witnessing such a rally.
A Fed thread.
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