Cryptocurrency Price Stability ☕
On the cryptocurrency side, prices have held on to gains and we still believe there is a supply-demand imbalance in the near term. A chart from GMI Raoul Pal shows an interesting correlation between year-on-year BTC price changes and global M2 money supply. With policy rates appearing to be approaching terminal rates, monetary growth may be in the process of bottoming out. Is this another sign that cryptocurrencies have reached a turning point? let us wait and see!
