Daily Market Updates: Crypto Markets Remain Calm
Mati Greenspan | Jan 17, 2019 08:34AM ET
- Shutdown: Day 27
- Days to Brexit: 71
- Global uncertainty is at record levels
- Cryptos are cool as a cucumber
Please note: All data, figures & graphs are valid as of January 17th. All trading carries risk. Only risk capital you can afford to lose.
h3 Traditional Markets/h3Our two headline issues are no closer to being solved today. Washington DC remains in gridlock and the U.K. is back to square one. Stock indexes are declining today but not by much. Despite all the geopolitical and economic uncertainty, there are still some screaming buy the dip!
Cramer's call comes after an astonishing 4th quarter earnings report from Goldman Sachs (NYSE:GS), which turned out to be their best earnings reaction since 2008. Check out that fantastic floating marubozu daily candle yesterday.
Aside from GS, the banker's earnings were rather pretty solid with some hitting and some missing their marks but overall good vibes. Not all is peaches in cream in the markets though, as is evidenced by the Global Economic Policy Uncertainty Index, which is now at its highest level since inception.
The first of the FAANGs will be reporting tonight after the closing bell. I must say, out of all the top tech stocks on Wall Street, Netflix Inc (NASDAQ:NFLX) was probably hit the hardest by the recent stock market declines, but it was also the quickest to recover.
This graph shows all the FAANG stocks, with Netflix in white.
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Famous eToro stock trader Wes Nolte says that he's closed out some of his positions in preparation of this announcement as it could be the bellwether that affects the wider market for the next few days.
Despite the apparent volatility in the stock markets and general air of uncertainty depicted above, the crypto markets remain steady.
It's already Thursday and many crypto assets have moved less than 3% since the start of the week.
In fact, the crypto markets so far this year have become increasingly apathetic to what's happening in the rest of the financial markets. This graph shows that the short-term correlations between Bitcoin and gold, the U.S. dollar, and the stock markets have all moved to near zero.
@MatiGreenspan
eToro, Senior Market Analyst
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/h3
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