Market weirdness continued overnight with risk bid seen in bitcoin and oil, while there may be profit taking and structural considerations weighing down the equity market.
At this point in the month, perhaps we see a continuation of the current momentum rather than retracements or profit squeezing going into year-end.
The moves in December have been quite significant in that the picture is developing around an inflationary environment in which fiat currency weakness begins to get well accepted and risk assets are bid relentlessly.
The U.S also. labelled Vietnam and Switzerland as currency manipulators overnight, avoiding applying the same label to China.
Bitcoin broke its all-time-highs overnight in a significant move, last trading at $21,377. The move comes with the rest of risk being bid as well as gold.
The question for markets now is – how high does the price have to go to convince HODLERS who held until this price level to give up their BTC?
24 hr high: $ 21,578
24 hr low: $ 19,314
The trade in bitcoin has been to HODL since it broke above $10k, but day-to-day trades are harder to come by. The case for being short here is essentially that institutions are unlikely to chase the market – which is true, but risk management is especially important in this environment.
Ethereum has been just as volatile as bitcoin on this move, higher by 9% and last trading at $641.
24 hr high: $ 647
24 hr low: $ 581
The rest of the markets has moved with the move in BTC, with good moves seen across the board in the top 20.
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