Tuesday was all about two things – what went up and what went down – and below is a look at what happened in chart form.
This post by Lorimer Wilson, Managing Editor of munKNEE.com is an edited ([ ]) and abridged (…) version of an article by Tyler Durden for the sake of clarity and length to ensure a fast and easy read.
The much-anticipated launch of a Bitcoin ETF (BITO) sent the cryptocurrency to a record high yesterday topping $64,000 intraday and is now just below the record intraday high from earlier in the year…Source: Bloomberg
While Bitcoin surged, Ethereum also rallied but continues to underperform as the ratio finds support…
Economic Growth Forecast
As crypto rallied, U.S. economic growth forecasts fell to almost nothing…
The U.S. Dollar
The dollar broke down through recent support, near 1-month lows.
Stocks ended the day higher – after some serious whipsaws – led by Nasdaq and S&P while The Dow and Small Caps lagged.
Bonds were mixed once again…as the economic outlook slowed…flattening the 2s30s yield spread curve,
…Silver outperformed, gold was flat, oil was up modestly and copper was down as LME made efforts to control the chaos.
Cryptocurrency Market Caps
…Bitcoin’s “market cap” is now rapidly approaching that of Silver…
and the entire cryptocurrency market cap topped $2.5 trillion – a new record high…
Editor’s Note: The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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