Bitcoin (^BTCUSD) today edged to a new 2-month high, reaching levels not seen since June. Bitcoin is now up by +38% from June’s 1-1/2 month low. However, bitcoin is still down by -65% from last November’s record high of 68,992 and is down by -47% on the year.
Bitcoin and other crypto currencies have been able to recover somewhat in the past two months after the crypto-winter that began last November. The crypto recovery has been driven in part by the recovery in the stock market seen in the past two months, which reflects the idea that the markets might have overdone their fears of the Fed and a recession, and that the worst of the bad news might have already been discounted.
Crypto is also benefiting from improved risk-on sentiment and retail participation in the markets, which has also been manifested in the revival of meme trading. For example, Bed, Bath and Beyond (BBBY) has more than doubled in the past two weeks.
Yet, until the markets are sure that the Fed is done raising...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...