Will Bakkt Beat Libra To The Punch?

Today’s Highlights

  • USD Support
  • Fed interest cut tomorrow
  • Bakkt Vs Libra

Please note: All data, figures & graphs are valid as of October 29th. All trading carries risk. Please only risk what you can afford to lose.

Traditional markets

Stocks have become a bit boring of late. A few indices are toying with their all-time highest levels but volumes are pretty light right now.

With that said, the FX market hasn’t been all that volatile lately either. In fact, despite all the injections we’ve seen since the Repo ordeal 6 weeks ago, the US Dollar is remarkably stable.

In this graph, we can see a very steady upward channel that’s been in play for the better part of this year. Notice how the support we’ve just bounced off (bottom yellow line) coincides well with the 200 day moving average (blue).

(Click on image to enlarge)

What else?

Prime Minister Johnson lost his third vote for an early election yesterday. The motion was shot down in Parliament leaving us all to wonder what the most likely next steps will be.

Dozens of earning’s reports will be released in the US market. So far half of the companies in the S&P 500 have done a beautiful job undershooting their earnings estimates by a solid 2%.

But of course, the market has something else on its collective mind today as the US Federal Reserve seems set to cut their interest rates yet again tomorrow afternoon.

Crypto Volumes Retrace

The post Xi pump seems to be fading now but the after-effects are still apparent. Volumes are still strong but have paired back a bit since the day of the announcement but the market sentiment seems to be gradually improving.

Here we can see the fear and greed index over the last three months. Notice the last two dots ending up higher.

(Click on image to enlarge)

Bakkt and CME futures contracts have been performing consistently well these last few days but what seems more relevant is the volumes on bitcoin’s blockchain itself, which are once again over a daily average of $1 billion.

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