Morning Update — January 13th — Macro and Crypto Markets
Yesterday was a somewhat uneventful day in the markets. Equities in the US swung up and down to end the session perfectly flat. The 10-year yields pared earlier gains after a government auction was met with solid demand. The dollar fell sharply, retracing the previous sessions’ gains. Gold took a pause from the massive downward moves and timidly bounced up, currently at $1,855.
BTC has been going down these days, with interesting intraday swings that suggest undecidedness, uncertainty, and speculation.
After the strong pullback at the beginning of the week, traders pushed prices back up to $36,600; many took the opportunity to sell though, and pushed prices back down to $32,500. We’re now closing at $33,375, down 5.5% on the day.
Are alts now outperforming? It looks like it but really just by a marginal amount, and, still to the downside. ETH fell just 4.5% with the lowest intraday point staying above the significant $1,000 line. LINK was down 6%. LTC down 5.3%. DASH ended the day flat. ADA actually rose almost 3%. ZEC cash pumped almost 10%.
So what now? Looking at BTC, while fundamentals really haven’t changed, the dynamics of fear and greed are in full play. As we remain above but close to 30K, I can’t help but wonder whether we will test even lower levels -which could trigger even more panic. For now, it seems that miners are selling in the mid and upper 30K’s. With little stablecoin inflows and about 15’000 BTC transferred to exchanges, we could see further selling pressure.
On the more bullish side of things, we saw an option trade which profited about $45 million on a 36K call move his profits to calls with strikes in the 50K’s, 60K’s and 70K’s for a 29-Jan expiry.
In any case, the rest of the month will be fascinating to watch.
As a quick reminder, if you have done so yet, if you’re signing up to EQUOS this month, trading fees are waived for the rest of the month. Just something else to be aware of.
Sign up to EQUOS: https://tinyurl.com/ybdvmu3z