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CoinDesk Podcast Network
MARKETS DAILY: Crypto Update | Crypto-Friendly Rep. Tom Emmer Throws Hat in Ring for U.S. House Speaker Role
Oct 23, 2023
Tom Emmer, a crypto-friendly representative running for the US House Speaker role, discusses the potential impact of the election on crypto-related bills. The podcast also explores the Argentine presidential elections and the role of digital assets in combating high inflation and political stagnation in Argentina.
12:56
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Quick takeaways
- Cryptocurrencies like Bitcoin and Ether are defying expectations, climbing despite rising bond yields.
- The recent climb in US 10-year treasury yields contradicts the notion of bonds being a safe haven asset during times of geopolitical tension.
Deep dives
Crypto Market Resilience and Potential Run-Up
The recent performance of cryptocurrencies like Bitcoin and Ether is defying expectations. Despite rising bond yields, Bitcoin has been steadily climbing. This may be due to factors such as expectations of an approved spot ETF and increasing confidence in Bitcoin as a safe haven asset. The correlation between Bitcoin and other cryptocurrencies remains high, meaning positive sentiment towards Bitcoin can impact the market as a whole. It is unclear whether this signals the start of a significant upward trend or a temporary market adjustment.
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