Tesla sold $5 billion of equity and still hit a new high along with the equity market hitting new all-time highs overnight. Oil stayed high on the move but cryptocurrencies sold off.
We should remember that cryptocurrency led moves in risk in many significant scenario’s in the later half of the year and there is space for that to happen again in this instance.
We haven’t seen a lot of movement so far in December but as we have mentioned some interesting moves can occur once they begin.
The move lower may lock in a swing high in Bitcoin overnight and we will look for continuation in that momentum in the response in risk assets.
24 hr high: $ 19,299
24 hr low: $ 18,160
Bitcoin USD Chart
At this point we think that we trade with the market (short) along the obvious technical lines while watching risk assets to see if cryptocurrencies do lead the rest of capital markets.
Eth also looks a bearish asset, in similar circumstances to Bitcoin although more volatile.
24 hr high: $ 595
24 hr low: $ 548
Ethereum USD Chart
Digital assets were routed overnight with most assets lower by almost 10%.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||7.29||-7.11576||12,107,076.00||$403,051,421.00|
The Chinese inflation data could be interesting today, although the Japanese data this morning has been strong, trading significantly higher.
Japan had been talking about bringing manufacturing back and these significant surprises are quite material.
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