Tl;dr - Crude & Crypto Clubbed like a Baby Seal as Chaotic Week Looms both in the US and in Australia.
Not much happened overnight with just two moves of interest.
First - for no obvious reason, other than more sellers and buyers, Crude prices took a tumble to near 2-month lows to USD$75.88 and second Crypto was clobbered as the Biden admin decided to transfer $2BN of BTC (about 30,000 BTC) from its Silk Road stockpile. For context, that knocked BTC from USD$70k to a low of $66,500 (now back to $67.25k)
Spiteful: Less than 48 hours after Trump spoke at a major Bitcoin conference in Nashville about his ambitious goals for bitcoin in America, the Biden administration has decided that this is an opportune moment to transfer around $2 billion worth of its bitcoin stockpile.
And this is all the more odd considering the pleading letter written by various Democratic lawmakers urging the administration to back off their crypto war.
We give the last word to well-known crypto billionaire (and major Dem donor), Mike Novogratz:
"Tone deaf anyone??? Moving Silk Road BTC two days after Trumps pledge to not move them is just dumb!!!!"
Read the room, indeed! Presumably, once again, ideology trumps all common sense.
Happy Tuesday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
