Bitcoin has rallied 2% today, but has outperformed the wider market once again. It was Bitcoin's rally at the end of July that sparked the resurgence of interest in the wider crypto market. The stall in prices since the one print above $50,000 has now seen the Bitcoin dominance indicator drop to its lowest level since May 19th, the day when Bitcoin crashed 14%.
While investors await jobs data on Thursday in the US, most American equity indexes traded flat. But, to be fair, they are all close to or at all-time highs.
Looking at American equity indexes, it’s been almost a year without a real correction.
Bitcoin has fallen 2% today, after a weekend trading session in which the market really couldn't decide if it wanted to move higher or lower. There is no impetus driving the market and we are nestled nicely at the top end of the range, with dips supported and rallies sold. Having spent 11 days around these levels, we look for a break out to set the tone for the next leg, with $46,000 and $50,000 the key areas to watch.
Equity indexes continued to rise yesterday. Investors are still bullish risk assets despite concerns about having reached an economic growth peak, geopolitical risks, or the Fed hinting at tapering. And, as it did yesterday, with capital flowing to equities, the dollar and yields fell.
Looking back on last Friday’s trading in traditional markets, one can see a clear risk-on session.