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Tell me you’re watching this!

When we called the bottom a two months ago, we received countless inbound emails that this thing was going to $1,000 before it would ever reach $4,000 again. I’m glad it didn’t. The price of Bitcoin exploded by more than 16% in a single day and reached $4,800 – even touching $5,000 at one point – with other major cryptocurrencies following Bitcoin’s lead with their own breakout moments.

It’s my kind of day, that’s for sure.

We’ve been suffering for such a long time. Man, it’s been over a year since the sun last shined on us like this. The media declared us dead. Heck, even crypto millionaires thought this was the end of it. Billionaires were cautioning that the crypto revolution was a social disease.

I don’t know if you saw it, but much of the day’s price breakout occurred within a matter of minutes, with Bitcoin exploding as much as 23%, briefly breaching the $5,000 level for a quick $1,000 gain. This intraday pinnacle was the highest that BTC/USD has been since November of 2018 – and it also represents a strong uptick in trading volume, with the 24-hour BTC volume breaching the $10 billion threshold:

Courtesy: coinmarketcap.com

It is Bitcoin’s greatest one-day price increase since BTC/USD’s December 2017 peak. Bitcoin isn’t flying solo, either: Ethereum is rocketing from around $142 to nearly $160; Ripple is rallying from slightly more than $0.30 to $0.34; and Litecoin is shooting up from slightly over $60 to the $70 level.

Several cryptocurrency and blockchain-focused stocks are following Bitcoin’s lead with gains of their own.

What’s beautiful and just great to see is that there is no clear catalyst behind this. That’s the best sort of price action, since the next time a catalyst is indeed announced, the price will spike even more violently.

What I know for sure is that an algorithmic order worth around $100 million that was spread across the Coinbase, Kraken, and Bitstamp cryptocurrency exchanges was definitely triggered at the same time as this breakout.

Courtesy: Thomson Reuters

This sort of buying could spread like wildfire. While Bitcoin was surging, there were 6 million trades taking place in a single hour – 3-4 times the usual BTC trading volume – with colossal amounts of orders concentrated on Asian-based exchanges. I’ll say it again: I’m loving this.

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Algorithmic trading causes self-perpetuation to occur – one computer generates interest in others and it’s like a snowball from there on. That’s one phenomenon that extenuated the surge and made it even bigger still.

If anything, people were expecting a drop in prices because of the recent setbacks in the crypto ETF front. For instance, in March, the CBOE – the first company to launch Bitcoin futures – pulled the plug on them with the announcement that the exchange does not intend to list additional Bitcoin futures contracts for trading.

Not only that, but the cryptocurrency community was stalling with another roadblock: the U.S. Securities and Exchange Commission announced that it’s holding off its decision regarding the approval of the Bitcoin ETFs proposed by VanEck and Bitwise.

Ever since the SEC rejected the Winklevoss twins’ application for a Bitcoin ETF in March 2017, the cryptocurrency community has been waiting for the SEC to change its mind and approve a Bitcoin ETF. This could send BTC into a new and massive bull market.

Courtesy: digitalbitcoin.net

Even traditional regulators are puzzled by the SEC’s refusal to change its mind: Commodities and Futures Trading Commission (CFTC) Commissioner Brian Quintenz has strongly criticized the SEC for rejecting previous Bitcoin ETFs, and SEC Commissioner Robert J. Jackson Jr. publicly stated that he expects the SEC to approve a Bitcoin ETF sooner or later.

These government agencies represent everything that is wrong with this system. Their monopoly on regulating products is laughable. Bitcoin is beyond their reach, and they should view this sort of revolution as a chance to get out of its way.

Since our call to buy below $3,500, gains are over 33%; consider taking some profits if you’re trading in and out. In traditional markets, gains like these are considered enormous and we should not be indifferent to them.

Best Regards,

Thomas Hugh
President, GlobalCannabisWealth.com

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