Fresh gains for crypto prices as trade war fears ease
|Market snapshot – crypto assets advance on a broad front
Summertime might be over in the UK but there’s still plenty of optimism in crypto prices and risk assets more broadly. Jitters about a fresh US-China fallout have evaporated after a weekend that suggests both sides are moving towards a deal. The record highs are still some way off but the macro backdrop continues to argue for more gains in stocks and crypto prices. It has been a tough period of consolidation for the sector overall but such ‘digestion’ of gains is healthy in the longer-term.
In the news
Japan has been in the news for its new PM and the Nikkei’s surge to 50,000, but the launch of a stablecoin pegged to the yen is a fresh milestone for the industry. It will help to indicate how much demand is out there for a digital proxy for the yen, while also broadening out the world of stablecoins linked to a currency, as others attempt to follow the lead of the US.
What we’re watching
It’s an action-packed week for markets thanks to US earnings season reaching fever pitch. Attention will be focused on the big four tech stocks of course, but as earnings season continues to deliver the goods it seems that stocks are well supported at their current record highs. Last week saw more dip buying in crypto assets, which continues to provide a floor for a more sustained bounce.
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