Markets Celebrating Victory, and Musk Accelerating Bitcoin
The week kicked off with another optimism burst for financial markets. Any special reasons don’t seem to emerge: the issue of incentives for the United States is still in progress, industrial production in Germany showed zero growth in December after 7-months continuous growth, the Hong Kong economy had showed the worst result for the whole history by the end of 2020, the AstraZeneca vaccine was powerless against the South African coronavirus strain.
It all was of little interest to the markets. Everyone is afraid to be late. The pandemic has clearly begun to decline. Accordingly, the global economic recovery expectation spurs demand for risky assets: stock markets, cryptocurrency markets, commodity markets—all of them are literally bursting. Against this backdrop, the dollar went into a depressive regime—as usual for this state of affairs.
As a result, the GBPUSD pair managed to gain a foothold above 1.3740. It paves the way for further growth. Anyway, buying the GBPUSD pair isn’t recommended for now. According to the latest unofficial data, exports from the UK to the EU (a key British trading partner) in January fell by 68% (!).
Considering the oil prices dynamics, it’s also not going to slow down, using as reasons for the growth of OPEC Plus, the COVID-19 cases decrease in the world, the recovery of China and ignoring any negative signals. The latter include lower forecasts of demand growth, an increase in the number of active oil installations in the United States, etc.
Elon Musk raised another wave of hype in the financial markets in general and cryptocurrency in particular. Tesla confirmed that it bought $1.5 billion worth of Bitcoins on Monday. The purpose of this purchase is to diversify and maximize the return on the company’s cash. Maximizing profit from investing in an asset, which in its very short history has already lost 80% of its value 5–6 times. Well, the world’s gone completely crazy. That hasn’t stopped Tesla from announcing that the company plans to start accepting bitcoin as a payment option for groceries in the near future, though.
It all was of little interest to the markets. Everyone is afraid to be late. The pandemic has clearly begun to decline. Accordingly, the global economic recovery expectation spurs demand for risky assets: stock markets, cryptocurrency markets, commodity markets—all of them are literally bursting. Against this backdrop, the dollar went into a depressive regime—as usual for this state of affairs.
As a result, the GBPUSD pair managed to gain a foothold above 1.3740. It paves the way for further growth. Anyway, buying the GBPUSD pair isn’t recommended for now. According to the latest unofficial data, exports from the UK to the EU (a key British trading partner) in January fell by 68% (!).
Considering the oil prices dynamics, it’s also not going to slow down, using as reasons for the growth of OPEC Plus, the COVID-19 cases decrease in the world, the recovery of China and ignoring any negative signals. The latter include lower forecasts of demand growth, an increase in the number of active oil installations in the United States, etc.
Elon Musk raised another wave of hype in the financial markets in general and cryptocurrency in particular. Tesla confirmed that it bought $1.5 billion worth of Bitcoins on Monday. The purpose of this purchase is to diversify and maximize the return on the company’s cash. Maximizing profit from investing in an asset, which in its very short history has already lost 80% of its value 5–6 times. Well, the world’s gone completely crazy. That hasn’t stopped Tesla from announcing that the company plans to start accepting bitcoin as a payment option for groceries in the near future, though.
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