The latest price moves in bitcoin (BTC) and crypto markets in context for May 4, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin’s outperformance during the banking crisis indicates the cryptocurrency is the anti-dollar liquid play for investors, one portfolio manager said.
The U.S. dollar has been heavily shorted since early October in hopes for a so-called dovish Fed pivot and looks ripe for a short squeeze, a move higher driven by unwinding of bearish positions. Bitcoin tends to move in the opposite direction of the dollar.