... which naturally means even more QE (assuming the Fed refuses to cut rates to negative), before eventually the Fed launches a digital dollar sparking an inflationary conflagration.

And sure enough, this morning the realization that the end of the "reflation trade" means the start of the QE trade has sparked a massive bid across all risk assets, which has pushed the S&P 2% higher, with the Nasdaq even higher, but it's the dollar collapse trades that are really exploding.

With the dollar plunging as traders start anticipating even more monetary easing, the fiat-alternatives are surging, with gold spiking more than 2%...

... once again tracking the stock of global negative yielding debt tick for tick...

... but it's really crypto where the action is, with bitcoin soaring...

... and rising above $15,000 for the first time since January 2018...

... and lifting the entire crypto space higher.

Looking ahead, Cointalagraph sees more upside, for three reasons: First, the post-halving cycle is coming into effect. Second, the relative strength index (RSI) shows room for a bigger rally. Third, the rally is not overheated, at least in the derivatives market.