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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.
Gold is prestigious. Bitcoin is exciting. Gold is well understood worldwide. Bitcoin is still emerging as an investable asset for many people. Both have significant advantages - and some disadvantages - but what are they and which should you invest in? For professional investors and individuals alike, this debate has become louder as traders assess which asset represents a better hedge.
A somewhat tumultuous day, markets ended up trading muted yesterday. Clarity on the presidential election, thanks to the official nomination by the electoral college, and development in regards to vaccine production were positives; however, the alarming number of cases and contagion rate along with uncertainty regarding a stimulus bill were clearly negatives.
Last Monday, Bitcoin started the day at $19,375 and over the course of the week, we drifted lower, reaching $17,580 on Friday. This weekend, Bitcoin rallied, printing a Sunday high of $19,421. In recent weeks we have seen price appreciation during the more institutional Monday to Friday trading session, with weekends being largely uneventful.
For traders, the primary motivation when trading is undoubtedly to earn a return on investment. Unnecessarily high transaction fees can, however, deplete trading account balances and erode returns, and so, serious investors will always look to minimize extra costs.
Some markets move up, blind to bad news and unstoppable in their ascension. We have seen that throughout the last few years, but it has become more pronounced in the past couple of months. Something has changed and the momentum that characterised BTC throughout October and November seems to have cooled down.
Yesterday was a very interesting session for the crypto space. No, we did not breach new highs, test support levels or move dramatically one way or the other. We did have a scare and a bounce up. While traditional markets turned risk-off (S&P down 1%, Nasdaq down 2%, gold down 1.7%), one could’ve assumed some contagion to affect cryptocurrencies.
Hear from our COO of Financial Services Neil Sheppard at the AIMA APAC Webinar, discussing the future evolution of the DigitalAsset Industry.
This year, Christmas day is on a Friday, which also happens to be the day a large amount of Bitcoin futures and options will expire. As we know, Bitcoin never sleeps and doesn't do public holidays. The December 25th expiry will likely be met with an unusually thin day of liquidity, which in turn could bring some Bitcoin sized volatility to Santa's stocking filler.
Diginex has acknowledged the importance of key partnerships from inception and has sought to integrate its industry-leading solutions with conventional trading tools and platforms, in order to make digital assets and cryptocurrencies more accessible to a growing institutional investor base.
Bitcoin is beginning to form a new trading range at these elevated levels. As much as a rip-roaring rally is fun, a little time to acclimatize is a good thing. There would be no harm done if Bitcoin decided to track between $17,000 and $19,000 for a week or two — in fact, it would build a nice base for the next bout of price appreciation to blast off from.
Chi-Won Yoon, Diginex Chairman, Michael Schwartz, Partner at Skadden, Arps, Slate, Meagher & Flom LLP, David Gibson-Moore, Gulf Analytica President and CEO, spoke at the "SPAC to the Future - Wall Street's Hottest Product?" AIM Summit Webinar.
This is the third article of our Digital Assets Decoded series which aims to give you a fundamental understanding of the cryptocurrency space.