As Dust Settles

Chart of the Day

Silver Lining. What could go wrong during a bull market that is not even close to its peak? The answer doesn’t begin to summarize the upheaval that has sent the price of BTC dipping below $50k. The U.S. Department of Justice (DOJ) and Internal Revenue Service (IRS) are probing into cryptocurrency exchanges’ money laundering and tax offenses. The revolutionary Elon Musk backpedaled on accepting Bitcoin as a payment alternative, citing none other than “insane” energy demands as the primary concern. The market has since been enshrouded in fear. However, with negative sentiments, comes opportunity. Bitcoin’s MVRV Z-Score has retreated to a territory that historically offered attractive risk/return profiles. Whales and hodlers are accumulating despite dust swirling and uncertainty clouding the vision. So, what say you?