This editorial is from last week’s edition of the newsletter Week in Review. Subscribe to the newsletter to get this weekly editorial the second it’s finished. The newsletter also includes the biggest stories of the week with a comment on each story.
Bitcoin’s display of might continued this week, nearly touching $83,000 before finding resistance and settling in at the psychological $80,000 mark. Ethereum and solana followed suit with modest moves up, while select altcoins, particularly zcash (ZEC), drew some long-awaited attention to themselves.
The stock market resumed its cartoonishly parabolic ascent, with the S&P 500 hitting new all-time highs on Tuesday, Wednesday, and Thursday. The Nasdaq and Russell did the same, while the Dow also inched toward another all-time high. Precious metals resumed their rebound, with gold and silver both finishing off the week in the green. Copper also had its highest weekly close near the $6.30 mark.
Crypto markets aren’t exactly having a broad-based rally. It’s more like a sorting machine, with capital and belief rising again but in narrower, sector-specific flows.
Stablecoins, as one of the strongest use cases for digital assets so far, are becoming so large and so prominent that they are arguably not “ crypto” anymore, but simply just a new part of the global financial system itself. Basically, the more useful stablecoins become, the less exotic they look. They stop feeling like tokens and start feeling like rails.
