Now That Q1 Is Over, Is the Bull Market Back?

Now That Q1 Is Over, Is the Bull Market Back?

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Calendar year quarters provide an artificial breakpoint to reflect on what happened. The first quarter of 2022 didn’t really provide much by way of crypto market movement until it was basically over. Since February until this past weekend the price of bitcoin had been range-bound between $37,500 and $42,500. Given the macro landscape, this was surprising. Russia invaded Ukraine, the Fed announced at least six rate hikes and there were lots of things happening in U.S. and EU regulation.

It was even more surprising if we compared bitcoin’s price in that period to, well, everything else. Between Feb. 1 and March 14 the S&P 500 shed 8% and long-term (20-year) Treasurys dipped 7%; meanwhile, bond markets were ravaged, and we saw the price of commodities, like oil and nickel, spike aggressively. (Side note: The story about the London Metal Exchange and the nickel short squeeze is a must read.)