Back To Life

After an extended period of low volumes and dismal sentiment, in a sudden instant, last Friday the crypto asset class has snapped back to life. (Cue the music)

We’ll go into the specifics of what, when, how much, and where below but the why is very clear…

The announcement from Chinese President Xi Jinping that China should “seize the opportunity” to adopt blockchain has had a sweeping impact across a great many markets.

Less than one day after Mark Zuckerberg informed Congress that “If America doesn’t innovate, our financial leadership is not guaranteed,” China has made its move.

The US-China trade war now has a new battleground. After focusing on agriculture, imports-exports, technology, patent infringements, and spyware, the focus is now squarely on FinTech.

Only, this is more of a race than a war and it looks like China has a colossal head start.

Today’s Highlights

  • Volatility back down
  • Xi & Bitcoin
  • Chinese Alt-season

Please note: All data, figures & graphs are valid as of October 28th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Aside from the excitement in Chinese tech stocks mentioned above, volatility in many financial markets is pretty low today.

Check out this chart of the VIX volatility index over the last two weeks…

(Click on image to enlarge)

Earning’s season continues to trudge on. The headliner to report after the bell this evening is Alphabet, of course, but we’ll also get updates from T-Mobile, AT&T, HSBC, and Spotify.

Also, UK Parliament is set to vote on something today. Their plea for a 3-month extension has graciously been granted by the EU. So the new date for Brexit is now January 31st. PM Johnson would like to get a general election in ASAP.

Xi & Bitcoin

China doesn’t generally dictate policy by tweet. Specifically, on bitcoin and blockchain, their strategy has been well known for quite some time.

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