WALL STREET NEWS NETWORK
BITCOIN RALLY – HITS NEW HIGHS – REPLACING GOLD AS HEDGE
FIRST BITCOIN FUTURES EXCHANGE TRADED – FUND LAUNCHED
Inflation Raging Says Legendary Trader Paul Tudor Jones
Biggest Threat To Markets And Society – MEME Traders Send Crypto Skyrocketing
Record all-time high for the worlds largest crypto-currency topping $66,000 as inflation fears come to light. Is the Fed wrong in reacting too late. Inflation could be worse than feared says Tudor Jones .Consumer prices over all rose 0.4% in Sept,with year over year soaring to 5.4%
Crypto has now replaced gold as inflation hedge says Jones in a recent CNBC interview.
MEME investors may panic as the market pulls back and flee into crypto causing a liquidity squeeze sending crypto prices sky- rocketing making THE Dutch Tulip fiasco of 1637 a picnic . DUTCH TULIP MANIA
|UP AND AWAY FOR CRYPTO
Bullish comments from a legendary trader boosted sentiment . Billionaire investor Paul Tudor Jones called crypto his preferred inflation hedge over gold. WATCH VIDEO
“Bitcoin would be a great hedge. Crypto would be a great hedge,” Jones told CNBC. “There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment … I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment.”
Ethereum also rose more than 6% to cross back over the $4,000 level. The world’s second-largest cryptocurrency traded at $4,080.84 approaching its all-time intraday high of $4,380 in May.
The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts speculating on the future price of the cryptocurrency, rose nearly 5% on its first day of trading Tuesday.
Not everyone in the crypto market was impressed. Several bitcoin investors want an ETF that tracks spot prices rather than futures.
Bitcoin notched a fresh all-time high recently as investors cheered the successful launch of the first U.S. bitcoin futures exchange-traded fund.
The world’s largest cryptocurrency climbed around 4% to $66,474.20 , topping a previous record of $64,899 set in mid-April.
“The key here is whether we are able to establish support above $65,000. If we can, the classic Q4 crypto rallies we’ve seen in most years could take bitcoin towards some of the loftier price predictions we’ve seen over the past several months. If sell pressure takes over, though, our next leg up could take a while to materialize,” said Jesse Proudman, CEO of crypto robo-advisor Makara.
“More products are great, but I just don’t see the point of investing in futures-based bitcoin ETFs when you can buy the asset in the spot market,” said Jodie Gunzberg, managing director of CoinDesk Indexes.
“It’s not like oil or cattle that is impossible to hold physically for most investors. It’s more like gold that can be easily held. Except the cost is more like oil.”
Still, it’s a landmark for the nascent crypto industry, which has long been pushing for greater acceptance of bitcoin and other digital currencies on Wall Street.
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