Buyers and holders of risk assets will be happy today. With a Fed meeting coming next week and investors expecting a very accommodating policy, the 10-year yield retraced slightly, now back at 1.53%. Equities had a field day with the S&P up 1.35% and the Nasdaq up almost 4%. Gold also enjoyed a reversal, rising almost 2% on the session.
The only loser seems to be the dollar. On the session it lost against its peers. It’s worth noting that on a longer-term basis, it seems to have bounced off support and could be due for some further upside.
Unsurprisingly, the crypto space benefitted as well. BTC rose about 5% on the session, closing the day at $45,500. With the recovery of spot price, we can see derivatives traders picking up through the open interest and the futures basis picking up from what were admittedly very low levels. Investors seem happy to buy and to do so with some leverage.
Looking at alts, they’re doing great as well. The BTC Dominance index remains below 61 so down from where it was last week and the week before.
ETH rose just 2% but above $1,800, very close to the 2K mark most chartists will be looking at. DOT rose almost 10% on the session, back above $38. XTZ continues its ascension. Then we also saw older privacy coins like DASH and ZEC make massive moves up, at +12% and +8% respectively.
By the way, in this whole NFT craze going on, we just saw Twitter CEO Jack Dorsey mint one of his tweets and put it up for auction. The proceeds will then immediately be converted in BTC and given to charity. The highest bid for the NFT is currently at $2.5 million.
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