Great bullish move to the upside for all 4 major indices this week, yet fear still has not abated. John and Merlin take a look at the market and offer insights as to what’s driving it, and how we should approach it. They also talk about the trading industry as a profession and the best way to get involved with the financial markets. Finally, John tips the scales for his weekly weigh in!
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The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave. This political shift in the US has triggered sharp price swings across the cryptocurrency market.
Ripple remains structurally capped near $1.20 after selling pressure wiped out the early-week rise to $1.34, driven by the US midterm elections. Market participants exhibited regulatory concerns ahead of the Democrats taking control of Congress in January, with many repositioning and adjusting their portfolios.
Bitcoin is down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. A sharp sell-off in US technology stocks reversed Bitcoin’s post-election rally on Thursday, triggering a wave of liquidations across the market and intensifying bearish pressure.
Pi Network (PI) continues to attract sellers, as the post-US midterm results triggered a sell-off in the US tech stock market and also wiped out over $1 billion from the crypto market.
