With the market expecting a Biden presidency (although the result is still disputed) there is an interest in keeping an eye on their coronavirus response. Some of the latest information includes talk of a nationwide 4-6 week shutdown in the US, which is a real wildcard in the market, especially because of the January handover date.
The US equity market stabilised overnight, daring itself to trade higher, which would be remarkable but is possible.
Gold is weak again and oil strong, supporting the idea that equities will trade higher. We might have seen the best of gold if this equity rally gets going.
Bitcoin is on the move and looks like an asset that wants to go for the all-time highs around $20k. BTC last traded at $15,722.
24 hr high: $ 15,991
24 hr low: $ 15,290
Bitcoin USD Chart
There could be a strong momentum trade in Bitcoin, where a break of the high here could see the asset trade relatively quickly to all-time highs. Traders should keep the markets previous price action in mind in which volatility selling and short positions kept the market down.
Eth has outperformed Bitcoin the last 24 hours and is capable of making its own strong move.
24 hr high: $ 477
24 hr low: $ 450
Ethereum USD Chart
Mixed results in alt-coins overnight, with the froth taken off of some assets in a time period that tech equity assets rallied in the US
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||8.81||15.28859||32,978,924.00||$488,417,768.00|
The data is still probably overshadowed by events – with whatever is happening in this market at present (new market structure still to be resolved), event risk (coronavirus lockdowns), the U.S. presidential race and the prospects of fiscal stimulus.
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