After months of hype and several highly entertaining false starts, the SEC finally approved 11 spot bitcoin ETFs on Wednesday of this week – exactly 15 years after Hal Finney’s iconic “running bitcoin” tweet – with trading commencing the following day.
The bitcoin network saw its sixth consecutive upward difficulty adjustment this week to another all-time high, as total network hashrate has now jumped by ~100 EH/s in just under three months.
The US economic picture continues to look precarious, as leading indicators extended their record-long streak of sequential declines and existing home sales cratered to new 13-year lows – but as the Wall Street Journal suggests, you can always consider selling your kidney if times get tight.
Markets decisively reversed course from mid-October woes this week, as the latest CPI reading ignited a short squeeze that sent stock indices back near YTD highs.
We fully expect the excesses and fragilities of late-stage fiat to compound further over the coming decade.
Tether is making a lot of money by speculative attacking the US government.
After some temporary relief, yields on sovereign debt spiked again this week, with the 10-year US Treasury rising nearly 40bps W/W to break 5% for the first time since 2007 before retracing slightly on Friday afternoon.
