Daily Market Update - May 22, 2020

$BTC 24 Hour High $9,565.45 $BTC 24 Hour Low $8,869.93 $BTC -4.3%

Total Market Cap was down to $252.1 billion(-3.74%) with 24-Hour Volume up to $129.3 billion(+10.23%) and BTC Dominance at 66.2%(-0.6%).

CME BTC Futures Recovered during the day and were back above $9000 solidly at the time of writing.

Reddit Co-Founder and early Coinbase investor Alexis Ohanian said today: 'we are entering a crypto spring'. “I try not to track prices, I can’t predict any of that stuff,” Ohanian told Yahoo Finance Live on Friday. “What I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that to me is the most interesting part... We’re seeing really top-tier talent building on the infrastructure.”

Despite saying he doesn’t watch the price closely, Ohanian has not failed to notice, he says, that “We’re kissing up toward $10,000.” So, does bitcoin’s price ride during the pandemic prove out its value as a safe haven investment? Billionaire hedge fund pioneer Paul Tudor Jones thinks so. In a note to clients this month, Jones said he’s investing in bitcoin as a hedge against inflation. “The best profit-maximizing strategy is to own the fastest horse,” Jones wrote. “My bet is it will be bitcoin.”

US China Tensions continue to mount as it was reported in multiple sources today that China is increasing it's military budget by over 6%. Their was also an ominous extremely well produced video posted today, promoted by the Chinese military which translated in part: 'peace is behind me, war is in front of me.'

Senator Josh Hawley of Missouri made an impassioned speech suggesting the US totally decouple from all Chinese relations. Chinese policy in Hong Kong could mean that Hong Kong loses favored status. Stocks had a mixed reaction at close.

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