Cryptos Join The Precious Metals Party: Ethereum Surges To 5-Month Highs

Mimicking their non-fiat currency peers in precious metals land, cryptos are surging higher tonight as Asian markets open.

Bitcoin jumped back above $9600, its highest in a month…

But it is Ethereum that is stealing the show for now, ripping higher to $170 – its highest since February…

With yields crashing to near record lows around the world, negative-yielding debt is once again on the rise making the zero-yielding precious metals and crypto even more attractive as a lower cost place to store wealth…

And it seems crypto has some catching up to do as gold and negative-yielding debt values trade tick for tick higher.

As Tyler Winklevoss recently noted“The Fed continues to set the stage for bitcoin’s next bull run,” in a July 22 tweet, which included an article link on the government agency’s discussions of further stimulus spending.  

As a decentralized borderless digital asset away from government control, Bitcoin holds as a potential hedge to mainstream markets and national dollars — a point often stressed by a number of crypto industry participants.

Bitcoin holds a 21 million coin maximum supply, protecting the asset against value dilution. “When money printer go brrrr and inflate the stonks market, it’s time to Bitcoin,” Winkelvoss said in a July 18 tweet, referring to U.S. money printing resulting in a rising stock market, while giving the nod to Bitcoin as an alternative.

Authored By Tyler Durden Via https://www.zerohedge.com/crypto/cryptos-join-precious-metals-party-ethereum-surges-5-month-highs