Bitcoin chart above 86,000 dollars and dollar in great shape, at the highest levels since June against the euro. And if that’s not enough, Tesla, Elon Musk‘s electric car, with a capitalization of more than one thousand billion euros. The ‘Trump trade’ is in the air, investors reset on the big winners of the revolution coming to the White House and global balancei.
And the most surprising case concerns the most famous of crypto-assets. After defeating central banks and global regulations towards ’empty’ investment, without a foundation or guarantee of a central bank (and the state budget) as is the case for currencies, over the years from the Fed to the ECB it was. all warning that there are no ‘crypto-currencies’. They are ‘tokens’, signs, at most ‘crypto-assets’ because they do not work as a unit of account, or as a method of payment or as a store of value.
In addition, they are very dangerous because they are speculative and hyper-volatile. With Trump it’s the opposite: during the summer campaign he promised a “strategic reserve” of bitcoin, either to put the US at the center of digital financial innovation, or as a push against the old order money, frustrated by trust towards liturgies. of the Fed whose chairman Jay Powell would be among the first to be torpedoed. Now the president-elect is planning to take action, while his tech man and next member of the Trump Administration, Elon Musk, on the X platform, supports calls to eliminate the Federal Reserve.
Information that at other times would have stabilized the markets. Today, however, for investors it is an opportunity to escapean an opportunity for new records above 86,000 dollars above 86,000 dollars in new all-time highs for bitcoin. The derivatives market is expected to reach 100,000 by the end of the year. With today’s jump, the cryptocurrency market is back to being worth over $3 trillion for the first time in three years. A race strengthened by Trump’s conquest of the Senate, and possibly the entire Congress, which drags other operators forward, causes Coinbase to increase by more than 17%. And that does not escape from the sharp eye of the League, which, with changes to the movement, aims to eliminate the rate on crypto assets at 42%, bringing it back to 26%, and to to establish a permanent record among the most representative associations of cryptocurrency service providers.
Thanks to the recent opening of the SEC ETF, a fund that replicates the performance of crypto-assets, bitcoin has registered +95% since the beginning of the year, driven by strong demand that is now also ‘institutional’ ‘, and with the cuts of the Fed. , with a yield that exceeds gold and the stock market. Efforts to more carefully regulate often opaque trading platforms were dismantled in a matter of hours, dozens of G7 meetings on how to protect impatient savers against violent fluctuations, with Europe ahead of global ‘regulators’ with their Micar rule that is in danger of coming under Trump’s arrows. such as the Digital Services Act in relation to social platforms. With the ‘Trump trade’ Tesla also goes up, +8.5%, and the dollar reaches 1.0661 against the euro: there are those who bet on achieving parity in the coming months. But it is the ‘crypto’ file that is disturbing the sleep of more than one central banker on both sides of the Atlantic. The Fed and ECB already have enough problems to worry about on rates: the former has just cut for the second time, with Powell proceeding cautiously but seeing pressure mounting grow in the distance. The ECB would follow suit with a new cut that would bring rates to 3% in December: no one has too much faith in the rebound in growth in the euro area to 0.4% in June-September and the economy must be prepared for the blow coming from the taxes that Trump put at the top of his program. But there is also the risk that a too weak euro will introduce inflation. Restricting Frankfurt’s room for maneuver.
2024-11-11 22:31:00
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