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November saw a broad crypto market pullback in the last week, but shows resilience on the downside after leveraged positions faced liquidation. Bitcoin opened the month at $60.7K and closed at $58.3K – highlighting a continued flat, choppy market. Ethereum opened at $4.2K and closed at $4.4K and has been gaining on the Bitcoin ratio.
The broader market finally accepted that inflation was not transitory but here to stay with inflation hitting a 39 year high of 6.8%. If the bitcoin thesis plays out as it should, we should see decoupling between crypto and equity markets, and price appreciation in the asset as many institutions see it as an inflation hedge.
Harsharn Singh
Investment Associate | Ember Fund
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