Over the weekend, primarily because there was nothing else to talk about in the lead up to Christmas Day, the Western financial news media focused on Bitcoin and its apparent inability to recoup last week’s losses.
Although the crypto standard-bearer did manage to stage a meaningful rally off the Friday crash lows below $11,000, some commentators were surprised that it subsequently languished in a range that represented losses of between 20% and 30% from the record highs hit just prior to the launch of CME futures last Sunday.
Meanwhile, Bloomberg’s Stephen Gandel (he writes for Gadfly) was out with a piece on Friday documenting an interview Bloomberg TV did with Fundstrat’s Tom Lee.
Basically, Gandel decides to look at Lee's argument about the extent to which transactions volume does indeed suggest that Bitcoin's meteoric rise is justified.
Well, the answer is "yes." Or actually, "yes," but maybe now we have a problem.
I decided to go find the source of that data and then plot it myself and this is what came out for anyone who wants to look at more crypto visuals...