Bitcoin Soared 10%, Outperforming Stocks

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Owen Lau, an analyst at Oppenheimer, said crypto’s surge this week was an extension of the rally in risk assets that took place over the first two weeks of the year.

“Bitcoin and digital asset stocks were oversold last year,” he said. “These assets have more than priced in the negative news from the FTX collapse, BlockFi bankruptcy and the fallout of Genesis.”

However, Jablonski of Defiance warned that if there is more mayhem in crypto, digital assets might begin trading like an “unwanted asset that causes investors panic.”

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