Week-42-2022 Macro Review

Both Digital Assets and US Equity are higher compared to the last week. NASDAQ closed the week on Friday higher at 10.859 (⬆️5.21%) and S&P closed at 3.752 (⬆️4.72%). Bitcoin (BTC) ended the week higher by ⬆️1.5%, closing at 19.567 on Sunday, while Ethereum (ETH) jumped by almost ⬆️4.5% to 1.363. Markets started the week with fresh lows again as investors expect the FED will raise interest rates to 5% next year, suggesting even stronger tightening to tackle high inflation than a couple of weeks ago. The higher expectations came because of higher-than-expected US CPI reading for September 2022, which showed an alarming acceleration in monthly price pressures, especially across a broad array of everyday items and services. However, both markets erased most of the losses and prices retraced back up, ending the week higher. Bitcoin’s and Ethereum’s price volatility is now lower than that of both the NASDAQ and S&P 500, first time since 2020. This new trend suggests that the cryptocurrency markets are less reactive to volatile macroeconomic events than they were earlier in 2022, although equity markets have remained extremely responsive.

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