Commodities have had a rough time of late! Oil is getting crushed, copper falling like a rock, and others languishing with a strong dollar and potential global recession. Master trader, Don Dawson joins Merlin Rothfeld for a look at the driving forces behind these commodities and offers insights into where they may be headed next. The duo also answer several listener questions which are also in line with the Futures theme.
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Bitcoin trades in the red below $75,000 on Monday, while Gold attracts some buyers, holding above $4,100. Market dynamics shifted toward risk aversion after last week's US midterms, resulting in a 5% rebound in Gold as a safe-haven asset, while BTC’s high-risk nature led to a 4% loss in the same period.
Major cryptocurrencies, including Bitcoin, Ethereum, and Ripple, maintain a broadly corrective tone, extending losses from the previous week. Risk-off sentiment builds in the crypto market following last week’s correction linked to Democrats sweeping the US midterms.
Pi Network is trading at a record low, with over 5% losses so far on Monday, following the previous day’s 6% decline. The PI token's retail appeal also takes a hit, with its Open Interest down by over 20% in a week, indicating a large-scale unwinding of active positions.
Ripple extends its decline, trading below $1.09 on Monday after falling more than 10% last week. Weakening institutional demand adds downside pressure, as XRP spot Exchange-Traded Funds (ETFs) recorded $529,510 in net outflows last week, ending a two-week streak of inflows.
