Bitcoin has recovered by 8% since late December, echoing the market forces that drove it and gold to record highs last year. JPMorgan notes that the debasement trade, where investors seek protection against fiat currency declines, remains a key strategy. This trade saw Bitcoin surpass $100,000 and gold exceed $2,600 last year, fueled by geopolitical uncertainty, inflation fears, and a shift from the U.S. dollar. The crypto market saw a record $78 billion in net inflows. However, rising bond yields and a strong dollar might limit short-term gains. The upcoming nonfarm payrolls report, expected to show 154,000 job additions, will be crucial. Meanwhile, MicroStrategy’s exposure reduction by brokers and increased margin requirements could lead to volatility. Ethereum’s price, up 10% this year, is being suppressed by DeFi protocol Ethena’s strategy. The parody token SPX6900 has surged 17% in the last 24 hours, reaching a $1.5 billion market cap, driven by a community rallying for long-term belief over short-term trading.
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