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The exception is of course the crypto markets, which saw Bitcoin prices push beyond $108,000 yesterday. Bitcoin is now up over 50% following the election of Donald Trump and cryptocurrencies in general have experienced a wave of optimism since the 5th of November. The biggest factors behind the drive are investors piling into Bitcoin ETFs but perhaps more importantly the expectation that greater regulatory clarity will bring forward more actual adoption of the technology. Despite US-based companies practically begging for more transparent legal frameworks, the outgoing SEC administration utterly failed to deliver over the last few years. The new SEC chair appointee has yet to take up the mantle but has already drastically shifted sentiment in that regard. The total crypto market cap is now approaching $4 trillion, rivalling the largest US tech stocks.
Speaking of which, Apple (AAPL), Amazon (AMZN) and Alphabet (GOOG) all established record highs this week, pushing the Nasdaq Composite to do the same on Monday. The rally has been firmly confined to the tech sector however. The Dow is currently in the midst of its worst losing streak since 1978 with nine consecutive daily closes in the red.
Still some time to go before the Fed makes its decision. Most markets participants will have to wait until tomorrow to see any kind of reaction, if indeed there is any. FedWatch is now predicting a 25-bps cut with 96% certainty. Likewise, the Bank of Japan and Bank of England aren’t expected to produce any surprises tomorrow either, markets fully anticipating rates on the Yen and Sterling to remain at current levels.
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