Pacific

Bitcoin

MN Coin

Bitcoin has now recovered its recent losses and stands at $7610, 5% up on the day so far - with BCH down a precipitous 18% at $1012, sicker than the supposedly doomed BTG, up over 5% at $168.53. There is nothing interesting in this except that volatility is good for price discovery and so lessens the risk of a bubble bursting. Meanwhile, volatility in the stock-markets is at an all-time low … The big fact is that the total market cap of the crypto-currency universe recently zoomed above $170 billion. Its robust health annoyed “analogue” money men such as Jamie Dimon, but frankly the longer they reject the emerging evidence, the better for Bitcoin investors. Liquidity is pouring into crypto-currencies and leaking away from the over-leveraged equities world. In a sense, Bitcoin has become a tail hedge against the money markets, especially because it is not correlated with other assets - and the possibility exists that it will actually prove to be inversely correlated once a major correction occurs in the NYSE and elsewhere. The decision by the CMI (Chicago Mercantile Exchange) to open a futures market in Bitcoin is notable, but the entire crypto capitalisation is effectively a big short against conventional finance, and seems to be enjoying its price gyrations. The CME restricts daily fluctuations to kindergarten levels compared to what the cryptos are used to, so it will be an interesting experiment. Money now flooding in is adding to earlier tiers - the Bitcoin mavens, mostly in the US, UK, Switzerland and Sweden; the occasional poker-players (Iran, Japan - where Bitcoin has just been pronounced legal tender); and now the gold-rush, with massive inputs in 2016 from Pacific Rim countries, and this year China in a big way, along with Denmark and Hungary (one report claims a 10x increase in June). India was also up 400% and Africa - Tanzania, Nigeria - just came online from zero to big. It’s going global.

Where is crypto capital coming from?

Crypto Daily™

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