Bitcoin Surges To Record High, Dollar Dives As US Economic Outlook Plummets

Today was all about two things – what went up (crypto) and what went down (US economic growth forecasts).

The much-anticipated launch of a Bitcoin (Futures) ETF sent the cryptocurrency to a record closing high (yes we know BTC doesn’t “close”)…

Source: Bloomberg

Just below the record intraday high from earlier in the year…

Source: Bloomberg

Spot Bitcoin topped $64,000 intraday…

Source: Bloomberg

As BITO opened above its reference price, ripped, dipped back below it, then rebounded…

BITO traded around $1bn making it the biggest opening day for an ETF ever…

And as crypto rallied, US economic growth forecasts fell to almost nothing…

Source: Bloomberg

Which did not help the dollar, as it broke down through recent support, near 1-month lows…

Source: Bloomberg

Stocks ended the day higher – after some serious whipsaws – led by Nasdaq and S&P while The Dow and Small Caps lagged…

Bonds were mixed once again but flipped the recent trend with the short-end bid, long-end offered (2Y -3bps, 30Y +5bps) as the economic outlook slowed…

Source: Bloomberg

Which unwound yesterday’s flattening in the 2s30s curve…

Source: Bloomberg

While Bitcoin surged, Ethereum also rallied but continues to underperform as the ratio finds support…

Source: Bloomberg

Commodity-land was mixed with silver outperforming and gold flat, oil up modestly and copper down as LME made efforts to control the chaos…

Source: Bloomberg

Finally, we note that bitcoin’s “market cap” is now rapidly approaching that of Silver…

Source

As the entire cryptocurrency market cap topped $2.5 trillion – a new record high…

Source

And Happy 34th Black Monday anniversary…

Via https://www.zerohedge.com/markets/bitcoin-surges-near-record-high-dollar-dives-us-economic-outlook-plummets