Bitcoin, and Bitcoin Cash, are both higher this morning as the former surges above $3400 for the first time. Ethereum is also running higher as analysts predict a double for ether and $5000 Bitcoin price in 2018.
This morning's surge follows news over the weekend of a mysterious trader 'Spoofy' manipulating Bitcoin prices.
It is clear that post-Fork fears have now been erased:
There’s a strange thing about Central Bankers…
When they are working at a Central Bank, they never see financial problems, even if said problems are both MASSIVE and obvious.
As Fed Chair in 1999, Alan Greenspan claimed it was impossible to know if stocks were in a bubble … when stocks were in their single largest bubble in 100 years.
The next year, the market crashed.
As Fed Chair in 2007, Ben Bernanke claimed the subprime mortgage meltdown was “contained” and the effects would not “spillover” into the economy.
Authored by John Rubino via DollarCollapse.com,
Someday, stock, bond and real estate valuations will matter again.
And the mechanism by which this return to sanity is achieved will probably be the torrent of money now flowing in from people who, for various reasons, don’t care about (or understand) the prices they’re paying.
So bitcoin forked. You did not know this.
Well, if you’re saving in gold perhaps not. If you’re betting in the crypto coin casino, you knew it, bet on it, and now we assume happily diving into your greater quantity of dollars after the fork. You don’t have a greater quantity of bitcoins; bitcoin has no yield. Bitcoin simply sells for a greater quantity of dollars now than it did before. But who wants to sell? Bitcoin’s going to a million bucks—at least.
With the traditional post-payrolls market lull setting in, and most trading desks taking a week or two off, it will be a relatively quiet week with attention turning to inflation data with releases in the US, China, Norway & Switzerland, a key factor as central banks consider if/when to tighten in the near future. The US print will gain most attention: a strong number will validate the Fed's balance sheet unwind intentions and a potential December rate hike.