Digital assets whipsawed significantly over the weekend, rebounding from lows until Saturday before selling off overnight Sunday.
The broader environment in markets and especially risk assets is likely to be one of confusion as the zombification of markets sets in after unprecedented intervention in markets – as well as the longer-term affect of creating feedback loops between the markets price-seeking mechanism and the interventionist actions of policy-makers.
We had suggested selling volatility in assets last week after it had spiked before assets sold-off and continue to suggest that volatility in assets is not likely to emerge – we are in favour of movement in USD/Gold/Silver/Commodities and Bitcoin. USD is expected to appreciate in a deflationary environment – but as we have seen the US Fed has promised an inflationary environment (probably to escape enormous piles of debt) and purchase assets, devalue the dollar and give a haircut of sorts to debt holders rather than creating rolling defaults.
Bitcoin remains an asset lacking in volatility, trading higher over the weekend but fading afterwards. BTC last traded at $10,309
24 hr high: $ 10,575
24 hr low: $ 10,215
Bitcoin USD Chart
Ethereum had staged a more courageous return to buying than BTC but has also fallen harder lately. ETH last traded at $362
24 hr high: $ 390
24 hr low: $ 353
Ethereum USD Chart
There had been an encouraging bid in digital assets earlier in the weekend before being hammered overnight. It does paint a picture that resists analysis, having swung hard both ways. So we have volatility here, while expecting less volatility in risk assets.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||17||-10.46709||29,364,703.00||$933,417,529.00|
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