Good morning, investors. Just a few days ago investors were panicked about Fed rate hikes, but on Monday the S&P 500 added an eye-watering $1 trillion in market value in a single session.

Tech led the way, but bitcoin and its crypto associates more than held their own.

No need for CLARITY

Bitcoin just hit its highest level since January. 

Days after US lawmakers failed to advance the Clarity Act, bitcoin surged 7% to trade above $87,000 and erase any of the negative sentiment it took in Washington. 

The stock market picked up on that momentum, and crypto-linked companies have shown similar strength to start the week. 

Coinbase, which has lagged all year, has gained 10% over the last five days and Robinhood is up 11% in the same stretch. Meanwhile, Michael Saylor’s company Strategy has rallied 28% and Silvia Inc., formerly ProCap Financial, the AI company that holds more than 5,200 bitcoin and where I serve as chief market strategist, has gained 28%. 

Over the last week, balance sheet names are outrunning the exchanges that capitalize on trading fees by more than three to one.