Bullish Sentiment Springs Forward as Relief Rally Continues

Welcome to the spring edition of the Weiss Cryptobuzz!

“It's not spring yet,” you might say. Well, maybe not technically. But this week, we were able to confirm the end of the cold crypto winter that lasted three long months. The move up started on Friday, as we tweeted …

It’s still too early to say how high the recovery will take us, or how long it will last. But that doesn’t mean the Weiss Crypto analysts have nothing to say about this relief rally.

Our brilliant Marija Matić — editor of Undiscovered Cryptos — acknowledged the possibility of the bullish trajectory in one of her pieces earlier this week, adding that things could still go either way:

Weiss Crypto Portfolio editor Juan Villaverde channeled his inner Warren Buffett in this tweet ...

Indeed, the famous quote has proven right yet again. While the paper hands folded as price plummeted, big players kept filling up their bags, waiting for the right moment.

And this could be it — we’re seeing adoption. Big adoption.

And not just by global leaders, but also leaders of the financial industry. By that, I mean none other than BlackRock:

Let’s also not forget global accounting giant KPMG.

To realize just how big this is, you need to understand that KPMG is one of the “Big Four” — the largest accounting firms as measured by revenue. The other three are Deloitte, Ernst & Young and PricewaterhouseCoopers. Aside from auditing services, the Big Four offer tax, strategy and management consulting, valuation, market research, assurance and legal advisory services.

Once companies like BlackRock and KPMG enter the fray, they pull the rest — competitors, partners, affiliates, etc. — in the same direction. By force.

With this kind of adoption, the fear of missing out and being left behind is simply too big to be ignored. It’s highly likely we’ll also see accelerated adoption by the smaller companies within their sphere of influence.

Needless to say, this is exactly what we need in terms of crypto adoption.

Meanwhile, the U.S. government still seems to be oblivious to the direction the market is going. The Federal Reserve is shilling its central bank digital currency (CBDC), which (of course) is fast … at least as fast as any other centralized application:

And as the Russian central bank leans toward recognizing Bitcoin as a currency, the U.S. can’t seem to agree on basics. Alex Benfield sums it up the best in his article:

U.S. government has yet to take any real steps toward helping its own crypto economy … nor has it added Bitcoin to any federal reserves. In fact, U.S. regulators and politicians seem to be behind the curve on crypto adoption, crypto regulation and even more basic questions like: What is Bitcoin, and what is crypto?

The U.S. seems to still see Bitcoin as a hostile threat, a weapon, rather than a tool that can be used for good.

Still, the fundamentals look as good as ever: Adoption is at an all-time high and prices seem to finally be recovering.

So, relax. Breathe a sigh of relief. Enjoy this well-deserved respite and until we meet next week ...

Stay safe and trade well.

Best,

Jurica Dujmovic