Bitcoin is now up 17% on the day in a remarkable show of strength. Some of that could be money flowing from USDC into bitcoin on worries about Circle's cash position. Those worries really should have faded after the guarantee on Silicon Valley Bank deposits but at the same time, the price action is the message. Bitcoin is working as a safe haven and at some point the price action becomes the story.

Bitcoin daily

Gold is up much less at 2% but it's also showing itself to be a solid safe haven in the past few days with a big jump after a higher low on the chart.

gold daily

The message from both ties back to the Fed and the possibility that rate hikes are done and that rate cuts could soon be on the table. The Fed funds futures market is at 4.09% for year end.