This is leaving traders with a feeling of uncertainty, split between economic optimism and inflation fears.
In the crypto space, things aren’t moving much either. BTC fell 1.4% on the session, currently trading at $36,600.
The BTC dominance is edging lower, now at 42.6, but you don’t see altcoins truly outperforming. DOT is holding up on yesterday’s gains and ADA is closing in the green, but practically flat. The outperformer today, for some reason, was THETA.
On a much broader scale, if you look at the BTC monthly chart, the picture looks very scary. Indeed, this performance was the worst May performance for BTC, down 35%. As mentioned in earlier briefings, I think the fall could be actually healthy, as it reset a lot of the indicators and definitely sobered up a lot of the risk-hungry investors.
Away from price action and onto the news, it was great to hear that the ETC group is getting ready to list a Bitcoin ETP in London on the Aquis Exchange. It’s always supportive to have more capital pouring into the space for people who don’t want to hold actual digital coins, but still want a direct and physically-back exposure.
An interesting development: Coinbase now allows users to use the Coinbase credit card via Apple Pay and Google Pay and earn crypto rewards. Undeniably, this will get more people looking at crypto and make it more approachable which, in the long run, grows worldwide adoption.
As a last information nugget, I came across a chart from Ecoinnometrics showing the proportion of Bitcoin’s market size relative to Apple, gold, and bonds… As you might expect, there’s plenty of room to grow, and the chart is rightly entitled “Why you are still early.” And we are.
Written by: Justin d'Anethan, Sales Manager
With investors looking at the next Fed monetary policy meeting, equity indexes rose yesterday. The S&P reached new records while the Nasdaq closed within 20bps of the all-time high.
Welcome to the Weekender: Your weekly round up of the most viewed stories of the week, as voted by you, our readers. This week has seen the negative news flow replaced with tales of adoption, it appears the central bankers, country leaders, and the financial institutions have all agreed: Digital finance is here to stay.
Yesterday, the US reported CPI data—an index calculating the price increase or decrease of a basket of goods. The number is higher than expected and indicates inflation is picking up.