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At the closing bell, the S&P 500, Dow, and Nasdaq all finished lower, down 1.23%, 1.35%, and 1.40%, respectively. Following yesterday’s spike to 4.43%, the yield on the U.S. 10-year Treasury note fell 2.77% on Thursday and sits at 4.305% at the time of writing. Gold is also trending lower after tapping a new record high of $2,305.63 earlier in the trading session, currently down 0.9% from the high and trading at $2,285.
“An excellent example of that mindset is the recent annual investor letter by Multicoin Capital, where the firm revealed that their crypto hedge fund has returned over 9,000% since its inception in 2017, while the return for 2023 alone was over 500%,” he noted. “That sounds great, of course, but we can only really appreciate what it means when we consider their drawdown in 2022, which was 91.4%.”
“When you think about what could happen with the upcoming halving, it comes down to mostly supply and demand,” he said. “The mining reward is being cut in half. With lower rewards, there is less Bitcoin supply coming every day and less sell pressure from miners.”
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