We saw an enormous move higher in equities and risk overnight on news of a highly successful coronavirus vaccine coming from Pfizer.
Gold was hit very hard in the move and bitcoin maintained its price well. A vaccine of this quality is a game-changer.
The combination of a Biden presidency with its perceptual effect of delivering stability together with the vaccine will be invigorating to markets and the economy.
It takes the pressure off of monetary policy at a very important time – which was suffering from extremely diminished returns. Fiscal policy is likely to take over from here which could build on the positive momentum from stability and the vaccine.
Bitcoin held up very well in the move that dumped gold, seeing some volatility but actually looking a very strong and bullish asset afterwards.
BTC last traded at $15,293
24 hr high: $ 15,857
24 hr low: $ 14,822
Bitcoin looks super bullish in how it performed, given the opportunity to sell off harder if it wanted to and holding up. Bullish technical patterns can be bid, as well as fading all stop-outs to the downside.
Eth has spent the last couple of weeks tempting us with volatility to the upside and the downside, and now looks to be consolidating in a pennant that should be considered bullish and is also quite technical.
24 hr high: $ 459
24 hr low: $ 434
After a strong couple of days, most other assets took a breather.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||6.93||-2.6046||12,635,139.00||$386,928,992.00|
Market moves are still broad and rough enough not to be too swayed by a lot of the economic data. A stabilising market structure will be the first thing traders should look for after last nights move.
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