The S&P 500 is now down over 10% from its high in late July, the largest drawdown thus far in 2023
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Meanwhile, the 3-month T-Bill (orange line) is up 6.3% over the same period. Source: Bianco Research
Despite an unprecedented number of setbacks (Collapse of FTX, a $2 trillion bear market, over 500 lawsuits and regulation cases, multiple crypto lender bankruptcies, Binance fined a record $4.3 billion by US regulators, increased calls for regulation around the globe, etc.), Bitcoin prices hit $43,000 for the first time since April 2022, up 180% since November 2022. Bitcoin is now up ~45% in 6 weeks since speculation of Bitcoin ETF approvals began. Over the last year Bitcoin has added a massive $470 BILLION of market cap. The entire crypto market has added $750 billion of market cap since November 2022. Source: The Kobeissi Letter
In addition to nearing its prior highs, the pattern of the S&P 500 looks a lot like a cup and handle which technicians consider to be a bullish formation. Source: J-C Gand