Bitcoin investors are hanging onto the edge of profitability, with short-term price action threatening to put them back into the red. Meanwhile, a constructive confluence of macro indicators is developing into a clearer picture of a potential bear market floor.

Last night’s shock news of the US falling into recessionary territory with a negative GDP print was a salient reminder of both the precariousness of the world’s biggest economy and the farce that is a sharemarket RALLYING on the news likely because they think it will force a reversal of the Fed’s tightening! Importantly gold rallied (despite an also stronger USD) as it called BS on the shares’ “bad news is good news” hope rally. As we reported yesterday Crescat Capital released their latest monthly research letter late last week and today we look further into it.

Crescat Capital released their latest monthly research letter late last week and as usual it provides clear and concise insight into macro markets at present backed up with ‘runs on the board’ through the outperformance of their funds.

Speaking on Bloomberg Asia, Founding Partner at Swiss Asia Capital Singapore dropped a number of bombshells in the live interview. In a case of the ‘tail wagging the dog’, outsized silver futures and options leverage outnumber the physical metal more than 100:1. Base metal inventories are quickly running out despite increasing global demand. Finally, of all the metals markets, gold at present spot prices is the bargain of the century, as $5-figure gold will be needed to stabilise global markets in a new currency realignment.

The Yen may be one of the first dominoes to fall as the Japanese fiat currency has nose-dived in terms of gold purchasing power, even since the August 2020 highs. Sri Lanka has defaulted on US$35.5bn of foreign debt as sharp commodity price rises lead to massive social unrest. In Europe, the Netherlands Chief CPI statistician blames high energy prices on ‘Putin’.

Over the last couple of days both the IMF and World Bank have heavily downgraded global economic growth forecasts whilst both acknowledging and, ironically proposing to fuel more inflation with more stimulation. Hello stagflation…

The Bitcoin market traded lower this week, coming off an opening high of $47,102, and slipping to a low of $42,183. This market weakness follows a relatively modest price break-out from the multi-month consolidation range that has been established since mid-January.

The AUS and AGS tokens have come a long way since their inception as an ERC-20 token. The natural evolution of the project was to create a series of gold and silver-backed NFTs. Much like how large bullion minters will produce limited runs of special coins, Gold and Silver Standard NFTs give the underlying precious metals artistic value even rarer than the metal itself – with enhanced visuals and a professional tone.

No doubt over the last few months we have all heard the acronym NFT. It became the buzzword of the crypto-space, with some believing it was just the flavour of the season in a hype-driven market. But, there's more to it… let's explore.

The Bitcoin market pulled back this week after a break-out from the multi-month consolidation range. Prices have thus far struggled to find sustained upside momentum, and there are indications of a modest volume of profit taken by market participants. Let’s dive into the BTC market’s onchain dynamics…