With disappointed earnings from major tech companies and obvious concerns about valuations, investors, it seems, are starting to doubt the incessant bull run we experienced across assets —and the advertised economic recovery.
In the big world of investments, BTC is sometimes the weird kid doing its own thing, away from the older/more traditional markets. Yesterday, that was not the case. Most investors turned risk-off, amid disappointing earnings and doubts about a global recovery. Equities were sold. BTC followed, falling as much as 6.5%.
Whether it is because we’ve just passed 100 million coronavirus cases globally or because of the hurdles the current US administration is facing in regards to a stimulus plan, markets felt slightly bearish across the board.
US-China relations seem to be hitting a low point as President Biden confirms his administration will hold a tough line on Beijing. On another negative note, we are approaching 100 million Coronavirus cases globally and many countries are still in full lockdown.
Last Friday, traditional markets ended the week on a mixed note, with the S&P down, the Nasdaq up, Treasuries and yield more or less flat, the dollar timidly moving up, and gold retracing sharply.
Welcome to the Weekender! Every week, we review the top news stories from the digital asset world, as chosen by our readers' clicks. This week we start with the opinion piece by Joel Valenzuela, where he asks if the US crypto regulations will return Bitcoin to its digital cash origins?
Traditional markets today took a breather after yesterday’s highs following US economic optimism surrounding Biden’s inauguration and proposed stimulus plan. Most markets remained flat, or slightly in the green, whilst the Nasdaq and 10-year treasury yield rose 0.5% and 1.1%, respectively.
We are on the 21st in Asia but, in the US, they are finishing off an important day: President Biden’s inauguration. Markets felt undeniably risk-on.
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