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O Happy Day! Bitcoin, the market driver, the juggernaut, the oldest coin in the crypto space, which usually determines whether the entire market rises or falls, has been rising appreciably this past week. Stocks have been successful as well, and while I know we are all tired of crypto only rising when stocks do, but perhaps for now, we can relish in the first, if not a small, bull market in over a year. Bitcoin is only as powerful as market forces and the ascension of a new British Prime minister who wants to turn Britain into a crypto hub, the Feds resolution to adjust interest rates based on the first sign of major growth in the economy in months and the trend that late fall has been a boom or bust season for crypto, all colludes to create a good situation going forward.
I think what cannot be overstated is the Republican campaigns that have been occurring as we approach the NoV. 8 elections. It is not a lie that republicans have been friendly to crypto than democrats, but recently, many democrats, fleeing from the Biden agenda, have changed from their hawkish and dubious tone towards the technology in a fight to stave off rising republicans such as J.D Vance in Ohio and Dr. Oz in Penn. Republicans have been decrying the monetary policies of Bidens administration which have led to, in their opinion, a dollar that is crushing all other global currencies(in the early 2000s, this was a republican goal ironically) and a high inflation rate that is an anathema to investment, meaning people have less extra money to invest in crypto as well.
The 5.6% gain since Sunday may also be a sign since many crypto investors are obsessive about the tea leaves and hints from Jerome Powell, who runs the Fed, that monetary policy will loosen a bit and people will be able to invest again since growth in the economy, whether by supply chain salvation, the approach of the holiday season and cheaper savings days are driven by holidays such as Black Friday and Christmas, and the relative forgetfulness the media has about the War in Ukraine. My hope going forward is we see several bull runs because there has been so much pent-up investment energy since last year’s historic bull market that investors have emerged from the pandemic’s wrath wiser, richer, and more skeptical about ridiculous meme coins with no applicability or adoption. Hint: Shiba Inu has graduated from that distinction-stay tuned for more on that!
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