Bitcoin Price Surges Over $81,000 Despite Clarity Act Fail and Interest Rate Hike
Bitcoin Magazine Bitcoin Price Surges Over $81,000 Despite Clarity Act Fail and Interest Rate Hike Bitcoin’s price on Friday shot above $81,000 — despite a week of setbacks for the crypto industry. The biggest coin was recently trading for $80,982, after jumping as high as $81,055 at one point Fri
Source: Bitcoin Magazine
―
DW NOTE
The Clarity Act was regulatory theatre and rates are still 125 basis points below 2019 levels — neither event warranted a drawdown. Bitcoin rose 6% because the Strait of Hormuz has been effectively closed since February, the Fed is hiking into a supply shock it cannot fix, and Treasury yields just crossed 5%. When monetary policy loses credibility, hard assets don't need legislative permission to reprice.