Bitcoin Roars To Record Highs As Inflation Soars, Bond ‘Rout’ StallsZeroHedge News

Bitcoin Roars To Record Highs As Inflation Soars, Bond ‘Rout’ Stalls

Crypto stole the headlines today as Bitcoin roared above $52,000…

Source: Bloomberg

Record-er and record-er!

Source: Bloomberg

…bang, zoom, to the moon, Alice!

Stocks were ugly early on amid surging retail sales and inflation data, rebounded into the FOMC Minutes but rolled over after that as the minutes showed “The staff assessed asset valuation pressures as elevated.”

The Dow (orange) managed gains on the day to a new record high (and is the only major index higher from Friday). Small Caps (red) and Nasdaq (blue) are the laggards with the S&P (green) scrambling back to unch on the week…

Energy stocks outperformed (again) as Tech lagged today…

Source: Bloomberg

The $800 pin on TSLA remains (with a big rebound today after an early puke)…

The bounce in TSLA was perfectly off its 50DMA…

VIX chopped around and despite some ugliness in stocks ended almost unch…

After three ugly days in bond land (and despite really ugly 20Y auction – with a 2.3bps tail!), the ‘rout’ ended (for now) today…

Source: Bloomberg

Real yields continue to surge (dragging down gold)…

“This means the economy is on the mend; so it’s not unhealthy that real yields are rising,” said Mark Holman, chief executive officer at TwentyFour Asset Management.

“But I caution that if real yields rise too quickly, then that’s a problem for all asset classes. It’s the speed of the change that could be a worry.”

The dollar extended yesterday’s gains, back to one week highs…

Source: Bloomberg

While Bitcoin was stealing the headlines, Ethereum push back up near record highs once again…

Source: Bloomberg

US crude production has crashed by 4 mm b/d, almost 40% of total production as Permian freezes but headlines that Saudi would increase production took the shine off a big day for oil prices, but that didn’t last long as the machines wanted to close WTI above $61 ahead of tonight’s delayed API inventory data…

Gold was clubbed like a baby seal as the dollar and bitcoin ripped, with spot breaking back below $1800 to its lowest since Nov 2020…

Source: Bloomberg

And while gold sank, silver managed gains – a very different picture to the gold chart over the same period…

Source: Bloomberg

Sending the Gold/Silver ratio back towards recent lows (lowest since 2014)…

Source: Bloomberg

Finally, as stocks and bitcoin soar, the greatest news is that marginal COVID cases, hospitalizations, and deaths are all tumbling…

Source: Bloomberg

Tyler Durden
Wed, 02/17/2021 – 16:00Read More

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