This week the price of Bitcoin slipped below $60,000 and made new lows for the cycle. From its peak of $125,000 in October, Bitcoin is now down more than 50%. In our view, the latest drawdown represents another cyclical pullback around Bitcoin’s rising longer-term trend. {chart} Several factors have weighed on the price of Bitcoin in recent months. Most importantly, a shift in expectations for Fed policy dented the debasement trade. Late last year, prediction markets expected President Trump to nominate the relatively dovish Kevin Hasset for Fed Chair. Instead, he nominated the relatively hawkish Kevin Warsh, who ... (full story)