What next for Bitcoin?
Crypto investors are likely used to the volatility of the crypto market. Unlike the stock market, it isn't unusual to see huge price swings in a matter of days. Indeed, Bitcoin dropped around 10% immediately after hitting its new high before climbing slightly and finishing the day around $67,000.
Crypto enthusiasts such as Galaxy Digital's Mike Novogratz say that this is just the start. But given that Novogratz was so excited about Terraform's Luna, he got a Luna tattoo before the whole enterprise caved in, it's hard to take his optimism seriously.
That said, Novogratz is not alone. A lot of insiders are confident this rally is different. That's partly because the spot Bitcoin ETFs have attracted more institutional money, which tends to be stickier. Plus, there's growing optimism that the Fed will soon start cutting rates and the U.S. might skirt a recession.
Bear in mind that neither the improved economic outlook nor the influx of institutional money say anything about Bitcoin's fundamentals. That's what matters, particularly if you are a long-term investor.
