Bitcoin: "Finding Its Seat at the Macro Table": Real Vision Daily Briefing- Oct 27, 2020

Real Vision

Featuring: Jack Farley, Ash Bennington, and Tony Greer

Ash Bennington welcomes Tony Greer back to the Daily Briefing to make sense of price action in equities, bonds, currencies, and commodities.

  • Monday’s rout in U.S. stocks saw a pullback from the 3400 level on the S&P; the market is taking a pause here and that is setting the tone for the week.
  • There are no major macro tailwinds behind this pullback, but stocks will likely continue to see volatility until the election. The VIX rallied sharply above the 200-day moving average right with that equity move.
  • FX volatility is low and there have been no big moves in emerging markets—even for the Turkish lira, which has been coming apart at the seams.
  • PayPal’s Bitcoin support is a great way for the cryptocurrency to buy into their distribution network; Bitcoin is finding a seat at the macro table.
  • Going into the middle of the week, we’ve got pressure on the markets, some volatility that equity traders have been expecting, and we’re once again seeing that familiar lockdown rotation.

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