Hey everyone, Matt Monaco here, ready to celebrate another all-time high for bitcoin (BTC) — $69,000!
Let’s be honest, this is an important number for BTC to hit. $70,000 is right around the corner as the world’s biggest cryptocurrency continues to bring the rest of the market along with it.
Crypto stocks, altcoins, NFTs — the entire crypto universe is on fire. Let’s break down why all of this is happening…
Before we dive in, though…
Thank You, Veterans
Today is Veterans Day in the U.S. So I have to pause for a sec and say a quick word.
I love that I have the freedom to trade, and I know we all owe that to the veterans who serve our country. Thank you for your service! Please be sure to honor our veterans today.
Let’s dive into the latest BTC news…
It’s All About Inflation
On Wednesday, the Bureau of Labor Statistics reported that inflation is growing faster than it has in 30 years — with a larger-than-expected 6.9% increase in the October consumer price index (CPI).
Within 45 minutes, BTC erased all of its losses, surging $2,500 to a new all-time high of $69,044.
It doesn’t matter where you are on the spectrum of crypto knowledge — from Peter Schiff to Vitalik Buterin — the connection is as clear as day.
Higher inflation = higher crypto prices.
Meanwhile, the traditional inflation hedges (like precious metals), have continued to underperform crypto.
Dinosaur commodities traders might be surprised by this, but I’m certainly not. Crypto is having a major renaissance because it’s the new inflation hedge. And I’m very much here for it.
The Expanding Metaverse
Along with the ominous threat of inflation, the expansion of the metaverse brings a more upbeat bullish indicator for the crypto sector.
Think “Ready Player One,” although we’re not quite there yet…
In a recent interview, Jesse Powell (the CEO of Kraken) went into detail about why the expanding metaverse is great news for crypto bulls.
Here are a few things he pointed out that caught my attention:
- The sudden rise of NFTs is probably due to young people’s familiarity with digital stores of value, like virtual clothes and items in video games…
- The metaverse will find a need for transferring digital assets between different platforms, which cryptocurrency can do better than anything else…
- The ability to leverage blockchain capabilities — which only certain crypto projects can do — is exactly what NFTs and other metaverse businesses will be looking for in the future…
Bottom line: If the metaverse expands and becomes a worldwide mainstay of digital entertainment — crypto will likely play a major role.
The future’s bright, and I think crypto is headed to the moon.
Again, I’d like to take a moment to salute all of the veterans in our country, who’ve fought for our freedom to live free and trade! U.S. veterans — thank you for your service!
That’s all for now, but I’ll be back in your inbox on November 14 with the Sunday watchlist. I hope everyone has an amazing rest of the week of trading.
To the moon,