00:00 Miles

All right, Bitcoin peaking back above $120,000 on Thursday

00:02 Miles

and there may be more gas in the tank. October is traditionally a strong month for the cryptocurrency and as Fray joins us now to discuss what has the crypto bulls back in control and s.

00:14 Ines Fray

Yeah, Miles, and we are seeing Bitcoin at around 120,000 per token.

00:20 Ines Fray

The second day of the month and for a second day, we’ve seen Bitcoin rising for October as the Bitcoin Bulls like to put it.

00:26 Ines Fray

Uh, you have a uh tailwind as far as liquidity is concerned.

00:33 Ines Fray

You had a headwind back in September with that uh and now it’s a tailwind and you’ve got another tailwind happening and that’s the stable coin issuance. That’s been accelerating over the last several months.

00:43 Ines Fray

And that bodes well for the entire ecosystem of crypto because you’ve got these stable coins that are running on blockchains like Ethereum, like Solana.

00:54 Ines Fray

You also uh have City Group that has their uh has said that the year end target for crypto is 132,000.

01:03 Ines Fray

You also they also set a 12-month target uh for Bitcoin uh of 181,000.

01:10 Ines Fray

And one other interesting note is from Sean Farrell over at Fundstrat and he mentioned the relationship between gold and Bitcoin over the last couple of years.

01:18 Ines Fray

that they kind of take turns, usually gold front runs Bitcoin.

01:23 Ines Fray

And uh gold has been overstretched, has been over in sort of overbought territory and now it may be Bitcoin’s term.

01:32 Ines Fray

So he’s seeing a that in the next couple of weeks, you could see a bit of a rotation from gold, from analog gold into digital gold as investors pour into uh Bitcoin and other cryptocurrencies.

01:43 Miles

All right, Ines Fray with the latest on the crypto trade.