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Bitcoin is up 9%+ over the past week in a relatively choppy market, in both crypto and equities. The bounce back seems to be driven by continued traction and adoption with large institutions and governments, offset by a downward pressure by macro news. However, this morning we saw Bitcoin surge above $40K on a stronger than expected jobs report that led to $50M in short liquidations that led to the spike and has been able to hold for most of today.
We remain cautious over the next month and will continue to monitor how the market reacts when the expected rate hikes go into effect in March.
Harsharn Singh
Investment Associate | Ember Fund
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