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Bitcoin Explodes Higher, Surging Above Key Technical Level
• https://www.zerohedge.comUpdate: Cryptos have legged higher once again...
With Bitcoin breaking above its 200DMA for the first time in a year...
As Nomura's Charlie McElligott observed: "things that make you go hmm", pointing out that the return of vol suppression by central banks (recall that in 2017 bitcoin was used by even conventional trading desks due to its massive volatility), and the resumption of speculative assets bubbles, has benefit cryptos which blasted off higher, with most rising above their 200DMA for the first time in a year.
As the Nomura strategist puts it "Funny what some excess liquidity and "wealth effect" (likely / particularly in Asia) can do for a completely spec "asset" like Crypto" and recaps the recent action:
The BGCI Bloomberg Galaxy Crypto Index is now +58.6% off the Dec lows
Bitcoin is +51.7% off Dec lows
Bitcoin Cash is +139.2% off Dec lows
Dash is +111.1% off Dec lows
EOS is +165.6% off Dec lows
Ethereum is +86.4% off Dec lows
Litecoin is +201.0% off Dec lows
Monero is +69.1% off Dec lows