There was an unusual phenomenon today worth noting: U.S. stocks rose, but $BTC didn’t follow.
The S&P 500 rose 0.72%, the Nasdaq gained 0.96%, and the VIX fell 5.7% to 18.35. The reason was that Trump changed his tune over the weekend, saying the U.S. would hold off on striking Iran for now. Brent crude plunged from $117 to below $110.
But Bitcoin spent the whole day hovering between 79,255 and 80,710, closing near $80,000 and still down on the day. For the past few months, I’ve been saying that crypto has been moving in sync with tech stocks. That correlation broke today, which is more noteworthy than the price moves themselves.
Also, Arthur Hayes’s Maelstrom has closed all its directional positions, including 6,400 $ETH , citing macroeconomic and geopolitical risks.
The Fed’s rate decision is on Wednesday. There’s a 90% chance it will hold rates steady, but the odds of a rate hike in December are still 80%. In this environment, I’m not betting on a direction.
The S&P 500 rose 0.72%, the Nasdaq gained 0.96%, and the VIX fell 5.7% to 18.35. The reason was that Trump changed his tune over the weekend, saying the U.S. would hold off on striking Iran for now. Brent crude plunged from $117 to below $110.
But Bitcoin spent the whole day hovering between 79,255 and 80,710, closing near $80,000 and still down on the day. For the past few months, I’ve been saying that crypto has been moving in sync with tech stocks. That correlation broke today, which is more noteworthy than the price moves themselves.
Also, Arthur Hayes’s Maelstrom has closed all its directional positions, including 6,400 $ETH , citing macroeconomic and geopolitical risks.
The Fed’s rate decision is on Wednesday. There’s a 90% chance it will hold rates steady, but the odds of a rate hike in December are still 80%. In this environment, I’m not betting on a direction.
