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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 375.93

-1.8%

Nov 14 4:00 PM EST

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To: maceng2 who wrote (178414)	9/17/2021 5:15:42 AM
From: TobagoJack	Read Replies (1) of 217774

This day in in-tray QUOTE Dear All, UBS : Localised storm leaves bigger picture little changed The BGCI benchmark lost 8% over the last fortnight as Bitcoin fell back through USD50k to its 38.2% Fibonacci retracement level. This was its seventh-largest drop over the last year, tracing its third-widest intra-day trading range (Figure 1). However, open interest in CME futures has trickled lower in BTC throughout the summer, so it made sense that realised daily volatility held well below H1 levels (see page 5) and even front-dated implieds barely budged (Figure 2). Ether is perkier, supported by an increasingly narrow NFT boom. ETH is sitting well above its 200dma as opposed to fluctuating around it. This makes it and Cardano's ADA the only major coins that are even mildly trending on our composite technical indicators (page 4). More significant events loom With the US Senate back in session and House due to reconvene Monday, attention is again on the US infrastructure bill. Several crypto loopholes that encourage tax harvesting sales and repurchases or offsetting transactions to reduce liabilities now seem likely to be closed, narrowing the gap with conventional securities in law. A long promised position paper from the Fed on a so-called digital dollar should also see the light of day. Comments from Powell and others indicate they see fewer benefits than other central banks, so will focus their efforts on closer oversight of the maturing stablecoin space instead (Figures 3 & 4). This creates a fascinating experiment as China stakes out one extreme—active promotion of an eRMB and a ban on all private sector initiatives—and Europe occupying the middle ground. Finally, Coinbase placed an upsized USD2bio of sub-IG bonds equally split between 7y and 10y tenors after receiving bids of USD7bio. According to the company, the proceeds will be used for investments in or acquisitions of firms, products or technologies. Big-name public listings are likely to follow (see here and here) as the land-grab for digital infrastructure and prime virtual real estate rolls on. UNQUOTE

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