Weekly Report CFT - Monday 6, November 2023 - Bitcoin | Stocks | $ Dollar New Update

LAST WEEK
BTC and ETH closed out the month of October up +28.6% and +8.7% and started November extending their rally over last week, with BTC nearing $36,000 on Thursday- $36,067 on perpetual futures - as markets went through a week filled with monetary policy meetings and key job market data. BTC and ETH were trading near $34,730 and $1,830 on Friday, respectively notching +2.4% and +3.0% over the week and bringing the YTD performances to +110% and +53%.
US Equities bounced back from last week's losses and clinched their best week of the year as markets digested the latest FOMC meeting and corporate earnings while cheering Friday’s job report. NFP data came in softer than expected with the economy adding 150,000 jobs -vs 170,000 expected - and the unemployment rate rising to 3.9% - vs 3.8% expected - which discounted the scenario of further rate hikes in 2023 and revived hopes of a Fed pivot potentially as soon as March 2024. S&P and Nasdaq closed on Friday near 4,358 and 13,478, respectively notching weekly gains of +5.9 % and +6.6% while the VIX index dropped to 15%, below its 200-Day MA currently near 17.3%.
US Treasury yields tumbled as markets pored over the cooler jobs data last week, increasing the odds the Fed may end its rate hike regime and pivot its monetary policy. The 10Y and 2Y yields closed lower near 4.57% and 4.84% on Friday with the 10Y booking its largest weekly decline since July 2023 of -5.48% or -28bps. While the Fed kept its rate steady at 5.25%-5.50% and may be reluctant to indicate a peak in interest rates, the odds of the Fed keeping interest rates steady in December are now up to 90.2% from 57.6% a month ago, but odds of a 25bps cut in March are now up to 23.7% from 13.2% a month ago according to the CME FedWatch Tool.
DXY fell last week, the index dropping -1.03% on Friday and finding support near the 105 mark - its lowest level since Sep 20, 2023. The pullback was also triggered by the weaker October's NFP data, discounting expectations of further interest-rate hikes by the FED.
Oil prices declined for a second consecutive week as the weakening of the U.S. dollar drove prices down, the WTI ending the week near $80.83, from $85.11 the week before. However, the price is regaining today, near $82, after Saudi Arabia and Russia reiterated their intention to cut production of more than one million barrels a day through the end of the year.
BTC and ETH are close to flat today as markets look ahead to this week which should come with fresh volatility, starting with the latest batch of corporate earnings where Rivian Automotive, The Walt Disney Company, Uber Technologies, UBS, and Warner Bros are set to report among others. The week will also be filled with Fed officials’ allocutions including Fed chair J Powell on Wednesday and Friday as part of the IMF panel. Lastly, the NY Fed will issue its quarterly report on household debt and credit on Tuesday while the University of Michigan will publish its preliminary Consumer Sentiment Index MCSI for November on Friday, which could help gauge financial conditions and confidence in the US economy.
CLIENT PROFIT
We took profits from our long positions on Ripple (XRP) at $0.62 and Polkadot (DOT) at $4.85.
Additionally, we have strategically dollar-cost averaged on our short positions in Solana (SOL) and Chainlink (LINK), as well as on our long position in Litecoin (LTC).
Our Market exposure is at 40% of AUM, with the rest in $ cash.
BTC
BTC closed out the month of October up +28.6% and started November extending the rally over last week. The cryptocurrency neared $36,000 on Thursday as markets went through a week filled with monetary policy meetings and key job market data. BTC was trading near $34,730 on Friday, notching +2.4% over the week and bringing the YTD performance to +110%.
Price action gradually inched higher in the early part of last week, with a spike near $36,000 on Thursday - $36,067 on perpetual futures - before pulling back and settling near $34,730 on Friday. BTC advanced moderately over the weekend and is now trading just above the $35,000 level, near $35,050.
ETH
Watch the video for the full report
OTHER MARKETS
Watch the video for the full report
DXY
Watch the video for the full report
US TREASURIES
Watch the video for the full report
( Schedule a call with one of our experts:
cryptosfundtra... )
#cryptocurrency #crypto #cryptocurrencies #cryptonews #cryptotrading #cryptocurrencynews #cryptocurrencycommunity #cryptoworld #cryptomarket #cryptos