There are three ways to look at bitcoin right now, which is up $322 to $18,082 in the second day of gains:
1) CPI was soft, risk is on
Maybe it’s as simple as that. Bitcoin rallied after soft CPI and is riding the ‘risk on’ train. There was a time when the bitcoin crowd pumped its resilience to inflation as a hedge but it’s been exactly the opposite and lower CPI has been a catalyst.
2) Binance not imploding
SBF is going to jail for a very long time but that’s old news. Binance is connected to some 70% of bitcoin trading now and is the Goliath in the space. Plenty of people are screaming…