Not your grandfather’s crypto?

“Crypto prices soar on support for depositors” (FT)

Bitcoin and ether jump 20% in the last three days after US authorities intervene

I’ve said it before and I’ll say it again.  Crypto is a “luxury,” long-term financial intermediation project which may or may not succeed.  It comoves with the market, stability, low interest rates, and long time horizons.  It is not a potential substitute for fiat currency.