Traditional Markets
The mood among investors in Asian stocks is arguably grimmer than the crypto market at this point, as Asian stocks are currently in the longest sell-off of the last 16 years.
This rather clever headline compares the market cap of the Chinese stock market to that of the world’s largest corporation.
Here we can see the China 50 index, which is down 28% from its peak at the start of the year.
EM Currency Rebound
The Dollar seems to have levelled off recently. Over the next few days, we’ll get key updates from several central banks but the US Fed’s next big meeting is still two weeks away.
Still, today we’ll hear remarks from two Fed reps, Brainard and Bullard, as well as receiving insight from the Fed’s beige book, a bond auction, and even some PPI data for gauging inflation. However, all of the above events could easily be overshadowed by Apple’s big conference in Cupertino California tonight.
The company has become so big that its stocks are being seen by some as the go-to store of value investment, and as we’ve noted above a global benchmark. So these type of product launches may end up influencing other markets.
Related or not, we can also notice a bit of a bounce in the emerging markets currencies this morning.
Crude oil is also gaining against the Dollar today on news of two massive storms that are about to hit land, one in the United States and one in East Asia.
Ethereum Based Sell-off
Much to the chagrin of many crypto-enthusiasts, the bear market has continued over the last few days, with Ethereum seemingly leading the charge.
The general direction of the market is pretty clear, but it remains a mystery is why Ethereum is losing ground faster than most other major crypto assets.
Perhaps it could have something to do with statements from Vitalik Buterin…
The fact that Vitalik is less bullish could be causing some to sell and it stands to reason that most of his most devout followers will be holding Ether.
