We've seen a strong bounce across the board from risk assets this week, including equities, Bitcoin and high-yield fixed-income securities, but also Treasury notes.
This rally is likely being aided by the declining US Dollar index which signifies a falling value for the world's unit of account.
Rising asset prices could incentivize the Fed to raise the market interest rate even higher next week, as rising investor wealth does not provide the demand destruction they've set out to accomplish.
Crypto-exposed equities have seen their best week in months, and with Silvergate Capital reporting strong earnings, we could see the market pricing in an over-reaction.
According to the hash ribbon metric, Bitcoin is now 45 days into a miner capitulation. The end of a miner capitulation historically marks a bear market bottom.
Mining difficulty just adjusted down 5.1% enabling remaining miners to earn more BTC.