Gotta love how the POTUS takes credit for ATH in the S&P 500 now at 20.3x P/E, a 40% premium over MSCI EM. I can literally cite a dozen other reasons: BTE October non-farm payroll data (50% beat), Christine Lagarde taking over at the ECB, cooler heads in the drivers seat in the Sino-US trade discussions (September $52.4bn trade deficit -$2bn MoM) but most importantly of the companies that have reported quarterly numbers (38% of SPX), 78% beating expectations... Can’t help but think if he’s tweeting like no tomorrow to crowd out E. Jean Carroll’s defamation suit filing against Trump as he denied her accusations of rape ridiculing her being “not my type” or better yet, the unanimous decision by the federal appeals panel overruling his request to keep his tax filings under the wraps.
Bitmex’s fat finger on an index weighting change announcement email and the subsequent tweets posted by a hacker that assumed control of their account has done little to dampen sentiment as BTC remains rangebound within a tight $9030~9591 range as it continues to oscillate within the Bollinger bands. Open interest dipped $34mn but still a healthy $780mn, well within the 30day average.
Several other mishaps barely getting any coverage: Tawanda Kembo, founder of Zimbabwe’s first crypto exchange Golix allegedly loses his password to the platform’s cold wallet (33 BTC, $305K); FTX gets slapped by a ludicrous $150mn suit for market manipulation by a plaintiff by the name of Bitcoin Manipulation Abatement LLC; Einstein Exchange owing $16mn+ to users shutdown by the British Columbian Securities Commission; ATM Coin ordered to fork up $4.25mn for fraud by the CFTC; or the jitters that the large transfers over the protocol typically trigger (605K BTC were moved from XAPO overnight).
While Ron Paul says hello to his first BTC gifted to him by BTCC founder Bobby Lee & BinanceUS opens crypto purchases with debit cards, Huobi has decided to pull the plug from the land of the free asking users to take their balances elsewhere, all remaining as of the 13th November will be frozen The move was followed by a rebranding of 1611 HK from Plantronics to Huobi Tech Holdings +3.75%
Oh and another headline that slipped under the radar. #Faketoshi fails to prove he has control of the private keys of the OG (definitely not a surprise) but he actually said he could not fork up the 500K BTC ($4.6bn) to settle the Kleiman case. What happened to your billions?
- Stella ($XLM) +16.5% 55bn+ tokens (64% total outstanding) c.$4.7bn were burnt.
- Ripple ($XRP) +2.5% unsubstantiated rumors of Ripple looking to merge or acquire SWIFT.
- Tether ($USDT) UNCH. Bitfinex converts 1.5mn Omni-USDT to the Liquid Bitcoin side chain.
- Indian Defense Minister Rajnath Singh wants the military to be equipped with “blockchain technologies.”
- Federal Reserve hires manager to research integration of digital currencies, stable coins & DLT.
- Shenzhen has issued more than 10mn e-bills by the way of Blockchain electronic invoices.
May the trend be your friend… Happy Trading!
