Morning‌‌ ‌‌Update—September 28th—Macro and Crypto Markets

Morning‌‌ ‌‌Update—September 28th—Macro and Crypto Markets


If one looks at markets right now, whether crypto or traditional, one can see resilience. Equities are in the green, gold is forming a bottom and wants to rise. On the other hand, yields are also rising. In and of itself it’s not a bad sign at all but it does weigh on tech stocks but if the trend continues we might see the Nasdaq pull-back and the ‘real economy’ benefit.

 

It’s interesting to see how investors' perceptions can change quickly. The Evergrande crisis which isn’t resolved -yet- seems to be forgotten already. This might result in a worse than expected correction and an opportunity for any contrarian investor and long-term holder.

 

In the crypto space, there’s resilience as well. The China ban which is stronger and widespread than the many announcements we’ve heard before hasn’t affected markets much. BTC’s attempt to regain $45,000 was rejected yesterday, and we’re now back at $42,200. One can expect some range-bound action as people aren’t betting on a breakout, up or down.

 

The BTC dominance is edging higher, as people turn maybe a tad conservative and cycle from alts to BTC. We’re still seeing some outperformance, though, from coins like LUNA, SOL or AVAX that are in the green, while the rest of the space is red. 

 

Interesting also to see XMR (Monero, the privacy coin) gain. Are Chinese people using untraceable or ‘harder to trace’ coins to transition some of their holdings or continue to transfer capital out?

 

Looking at interesting data, a great chart from CoinShares shows inflows in crypto-linked investment products continue to grow. This is so positive to see week-on-week, regardless of price action, and suggests professional investors are accumulating.

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We also heard of plans from Coinbase to allow retail users to direct some of their paychecks directly to their Coinbase to be held in crypto. The concept is interesting and could lead to a myriad of investors dollar-cost averaging monthly in the space.

 

Less positive, though, Binance is apparently restricting some of its features for Singaporean residents. So, we can see a shake up from a regulatory/compliance perspective: firms are moving, stopping operations in some places, adapting their offering in others. It’ll be interesting to monitor and see how this all evolves in the coming year.

 

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Justin d'Anethan
Justin d'Anethan

Sales Manager at Diginex and EQUOS. Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.


Daily Market Update
Daily Market Update

A quick market update (1-2min read). Every week day, morning in Asia, I go over major moves in macro and crypto markets, linking fundamentals to price action.

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