Bitcoin, Crypto Market Defy Iran Tensions, CLARITY Act Stalemate and Rate Hikes, Says Analyst — But Will the Rally Last?

Market research platform Bull Theory noted the cryptocurrency market’s outperformance compared to other sectors despite geopolitical tensions, macroeconomic weakness and the CLARITY Act’s failure.The Great Crypto ReboundBull Theory highlighted that Bitcoin and Ethereum have surged 40% and 66%, respectively, in the last three months, while the total cryptocurrency market capitalization increased by more than 30%.THIS IS SURPRISING.Over the last 3 months:Bitcoin: +40%Ethereum: +66%Altcoins: +44%Total crypto market cap: +31%Silver: +9%Gold: +6%Copper: +13%Russell 2000: +8%S&P 500: +3.26%Nasdaq: +2.2%KOSPI: -14%Just 8 months earlier, every asset was giving positive returns… Commodities such as gold and silver have lagged, while stock indexes like the S&P 500 have captured only a fraction of Bitcoin’s returns.Year-to-date, though, Bitcoin’s losses have outstripped gold’s, while the S&P 500 has posted a 12% return.“Now crypto is rising despite the U.S.-Iran war, CLARITY ACT stalling and interest rate hikes,” Bull Theory said.Sector3-Month Gains +/-YTD Gains +/-Bitcoin +40%-4.40%Gold +6.71%-1.39%Silver +10.89%-12.29%S&P 500 +4.72%+12.57% Read Also: What Worked for Bitcoin?Bitcoin , its highest since late January, as the SEC’s push for cryptocurrency, including tokenized U.S. stocks, outweighed the .Its August rally, though, rested on a completely different narrative. The Treasury doubled its debt buybacks to support the bond market, sending yields and the dollar lower, prompting .However, the narrative has flipped. The yield on the 10-year Treasury note surged to its highest level since 2007 after the latest Purchasing Managers’ Index readings came in higher than expected.The move halted Bitcoin’s advance, triggering a 2.8% decline in the asset’s price, according to Benzinga Pro. Read Also: Bitcoin Falls Below $85,000 as 10-Year Yield Hits 19-Year High Photo courtesy: Shutterstock