With the prospects of a stalemate in the US election increasing, markets have soured towards a deflationary scenario where political gridlock could further delay fiscal stimulus. Oil and gold were down with equities doing very little.
Nobody knows what is going to happen in this election with polls showing a strong Biden lead – an unbeatable Biden lead and other signals showing an obvious Trump win with high new voter registration and highly motivated Trump voters. The recent developments around Hunter Biden cannot be good for Joe Bidens tenure, either as presidential candidate or as president.
Bitcoin is one to watch for traders at the moment after making its move.
BTC last traded at $13,042
24 hr high: $ 13,363
24 hr low: $ 12,903
Although some sensible commentators are talking about taking profit in Bitcoin we see a scenario where it takes out the $14k level before turning around. The profit-taking scenario sees bitcoin in a trend-channel higher, although other technical and fundamental information is towards the move higher.
Eth has traded higher with BTC, but to compare the ETHBTC chart we see that the trend is actually lower. Eth may need Ethereum 2.0
24 hr high: $ 418
24 hr low: $ 403
Of note at the moment is that the paypal decision to provide access to bitcoin and their associations with ReserveRights, Reserve Rights has been on a tear.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||7.82||-4.73543||15,646,502.00||$432,866,355.00|
Australian trade balance is out today, which could give some indications around what China is doing with debt, stimulus and what that means for the rest for the world. Especially in the inflation/deflation scenario which is one of the upcoming big stories.
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