EQUOS — Morning Update — November 12th

Traditional markets ironically rebounded yesterday due to reports stating that the economic recovery would be slow. That means investors’ favorite tech stocks — benefitting from the troubled economic situation — rose.

The S&P rose almost 1% and the Nasdaq is up 2%. Away from equities, treasuries stayed flat and the 10-year yield remains inches away from 1%. The dollar rose slightly, leaving gold under pressure, currently at $1,865.

Just like equities, cryptocurrencies are up. Personally, I suspect the move isn’t dictated by the global risk-on sentiment. BTC had an intraday high of $15,965 and retraced some of the gain to close the session at $15,720.

The thing is: there really isn’t any bad news to trigger sellers. These past months and definitely these past weeks have seen a flood of positive headlines from big investors opening up to BTC and allocating more capital to large companies waking up to the opportunity. The macroeconomic picture is supportive, of course, as equities are addicted to stimulus and when the economy improves, it actually threatens the support they get from central banks. Either way, BTC wins as a value safe-haven.

Altcoins seem to be uplifted (literally) by the enthusiasm seen in BTC. I suspect that, as long as BTC doesn’t fly away, investors are evaluating and trading alts in the crypto space. This means ETH, of course, which rose over 5% intraday, and also more speculative coins like LINK, ADA or DOT.

Away from price action, great news still — and always. Biden confirmed crypto-savvy Gary Gensler as the lead for the financial policy transition team. The news alone might have been the catalysis for yesterday’s move up.

We also heard KuCoin, the exchange that was hacked back in September, was able to recover over 80% of affected funds. Users had already been made whole, but the story’s conclusion is definitely supportive.

Last but not least, Grayscale’s BTC holding has grown to such extent that they now own ~2.7% of the current BTC supply, or about half a million Bitcoins. Wow.

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Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

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Justin d’Anethan

Justin d’Anethan

Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

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