The back-and-forth in traditional markets has become predictable at this point. Monday was a risk-off session due to uncertainty about a stimulus bill in the US, and yesterday was a risk-on session due to optimism about said stimulus bill.
The S&P rebounded a tad under 1%, the Nasdaq rose almost 2%, the 10-year yield inched back above 0.90%, and gold rose 0.8% (now at $1,850), while the dollar and treasuries fell.
In crypto, we’re also seeing a slight risk-on session — but, to me at least, with maybe more fundamental backing.
In a Coindesk article, we read that the multi-billion dollar investment firm Ruffer allocated about 2.5% of its multi-strategies fund to BTC (roughly $15 million). This could be blown off as not a huge amount of money or just ‘another traditional fund getting into Bitcoin,’ but I think the steady and rising trend is one of the most bullish things this year aside from intense money-printing policies by central banks… but of course, the two are correlated.
Another big piece of news was SBI, a major financial group based in Japan, acquired B2C2, a massive digital asset dealing desk based in the UK. Naturally, the move highlights the interest to support institutions into their exploration of cryptocurrencies.
Right now, BTC is up about half a percent, at $19,400. ETH seems stuck at $588 (where it was yesterday at the same time). Almost all the alts followed on, closing either flat or in the red: I’m thinking of LINK, LTC, ADA, XTZ, and XLM. There are two exceptions, though: DOT up a massive 7.5%, outperforming its peers, and BTC and BCH, up about 4% each.
As a finishing point, whether you’re enjoying the short-term moves we’re seeing in the crypto space or just enthused by the institutional interest, there’s an opportunity for you to load up even more. EQUOS is currently running a Christmas competition with a total prize of 2 BTC, 100 ETH, and 12,500 USDC to be shared among the people who trade the most on the exchange. It’s a great opportunity and you can find the details in the below link: https://help.equos.io/en/articles/4713110-crypto-for-christmas-competition
Written by: Justin d'Anethan, Sales Manager
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
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