Wie schrijft, die blijft…

An old Dutch saying that I picked up yesterday. It means literally “who writes, stays.”

The origin seems to be from sports. Meaning, the player that is keeping score will always manage to stay in the game. But if we think back to many of the great artworks of history from books, to plays, and even music. Had they not been writen many would surely be lost by now.

It is my extreme pleasure and privilege to write to you every day. While I’m sure these musings won’t ever be referred to ever as art, I do hope that they’ll help all of us stay in the game.

Today’s Highlights

• Trump’s Letter
• The Tie
• Ton’s of fun

Please note: All data, figures & graphs are valid as of October 17th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

It seems President Trump is also an author, not just on Twitter. A letter he wrote the President of Turkey was recently released. For entertainment value, instead of just posting the text here, please watch the oration from MSNBC at this link.

Ok, maybe they overdid it a bit. The language and syntax are certainly no surprise from this President and are more or less in line with what we see on twitter. The thing is, this letter is dated a week ago, before the incursion. Since then, it seems that Trump has changed his mind a bit, and no longer sees the Kurdish plight as an American problem.

Due to inaction from the President, it seems that Congress is now preparing its own measures.

Through all this, I’m quite surprised as to why the Turkish Lira is managing to hold so steady. The USDTRY has a history of extreme volatility though throughout the last few weeks it hasn’t really budged much at all.

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More TON

The period of low volume consolidation in the crypto market persists. Though volumes are not quite as low as they were on Tuesday, it’s pretty clear that speculators are steering clear of taking any big bets for the time being.

Bitcoin does seem to be forming some solid support on the chart just above $7,500 per coin. It would be nice to see a bit of a bounce from here, but if it does break below there are still several levels of support just below.

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Meanwhile, the delay of Telegram’s Gram distribution and the confidence blow to Libra have put a bit of a downer on the market. We should get more clarity on both of those pretty soon though.

Telegram’s hearing with the SEC is currently scheduled for October 24th. We hope for a clean resolution but it does seem like the devs are preparing for the worst and now considering a long delay of the launch, possibly until April 30th, pending investor feedback.

One day before that, on October 23rd, this coming Wednesday, Mark Zuckerberg himself will be taking the stand before Congress to pitch the Libra project once again. This should be interesting.