Good morning, Sunday. The sunshine hasn’t made it onto the balcony yet, and I’ve already gone over last night’s three updates ☀️
First, the odds of the Fed raising rates by 25 basis points in December have reached 70.7%. My take: that number reflects what the market is betting on; it’s not a done deal. We’ll have to see how the data develop, so don’t treat it as a foregone conclusion.
Second, Strive’s CEO said Bitcoin performed better than expected after the Binance hack, but it’s still too early to confirm that the market has bottomed. In plain English: it held up, which is a bit of a relief, but it’s too soon to say the “bottom” is in.
Third, 7,500 BTC left Binance’s SAFU wallet half an hour ago, possibly to replenish reserves for affected assets. My take: the replenishment is still underway. As for where the funds will ultimately go, let’s wait for an official statement instead of jumping to conclusions.
What I’m watching today: first, whether there’s an official update on the SAFU transfer; second, whether the rate-hike odds change again as new data comes in.
It’s Sunday. Do you want to take a break first, or keep watching the market?
First, the odds of the Fed raising rates by 25 basis points in December have reached 70.7%. My take: that number reflects what the market is betting on; it’s not a done deal. We’ll have to see how the data develop, so don’t treat it as a foregone conclusion.
Second, Strive’s CEO said Bitcoin performed better than expected after the Binance hack, but it’s still too early to confirm that the market has bottomed. In plain English: it held up, which is a bit of a relief, but it’s too soon to say the “bottom” is in.
Third, 7,500 BTC left Binance’s SAFU wallet half an hour ago, possibly to replenish reserves for affected assets. My take: the replenishment is still underway. As for where the funds will ultimately go, let’s wait for an official statement instead of jumping to conclusions.
What I’m watching today: first, whether there’s an official update on the SAFU transfer; second, whether the rate-hike odds change again as new data comes in.
It’s Sunday. Do you want to take a break first, or keep watching the market?
