Why is Bitcoin rallying you ask?
It mirrors the NASDAQ for the most part except in crisis situations like FTX/3AC/Celsius Bankruptcies and Terra-Luna implosion which coincided with Jerome Powell’s rate hike cycle. Powell’s soft stance in 2023 has allayed the nerves of investors of risk on/growth assets. Inflation ultimately is going to be final arbiter of Fed’s next move.
Unlike Bitcoin though, Altcoins (except Ethereum) have been declared as Stocks by SEC, and won’t have a easy year. A lot will hinge on Ripple vs SEC outcome.
Regulatory action on Major Exchanges/ Stablecoins remains a key risk. Tether is under DOJ investigation and Binance is being (sort off) cut off by its banking partner.
Also there’s reports of Russia evading sanctions and North Korea funding it’s nuclear programme using crypto does not paint the industry in good light.
And there’s this
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