Monday , 6 December 2021

Bitcoin Surges; Dollar Dives; U.S. Economic Outlook Plummets

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.

Bitcoin

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

Ethereum/Bitcoin Ratio

While Bitcoin surged, Ethereum also rallied but continues to underperform as the ratio finds support…

Source: Bloomberg

Economic Growth Forecast

As crypto rallied, U.S. economic growth forecasts fell to almost nothing…

Source: Bloomberg

The U.S. Dollar

The dollar broke down through recent support, near 1-month lows.

Source: Bloomberg

Stock Market

Stocks ended the day higher – after some serious whipsaws – led by Nasdaq and S&P while The Dow and Small Caps lagged.

Bonds

Bonds were mixed once again…as the economic outlook slowed…flattening the 2s30s yield spread curve, 

Source: Bloomberg
Source: Bloomberg

Commodities

…Silver outperformed, gold was flat, oil was up modestly and copper was down as LME made efforts to control the chaos.

Source: Bloomberg

Cryptocurrency Market Caps

…Bitcoin’s “market cap” is now rapidly approaching that of Silver…

Source: 8marketcap.com

and the entire cryptocurrency market cap topped $2.5 trillion – a new record high…

Source: coinmarketcap.com/charts

Happy 34th Black Monday anniversary

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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