Market Commentary von Patrick Heusser, Crypto Finance AG
So... what's the market waiting for?
And I'm not necessarily just talking about the crypto market. All markets seem to be slowly, but surely falling back into the complacency mode we are all so familiar with. Volatility is decreasing in all the markets (even commodities). Global equities are printing small gains every day; the corporate bond market has stabilised; and most government bond yields are back in negative territory.
But fundamentals do not look very promising. We have seen some really bad earnings for aviation, automobile, and big retailers over the past few weeks. And the outlook for the next quarter looks even worse.
Is the central bank backstop working its magic again?
It does feel different, however, compared to the complacency rally we experienced after the 2008 global financial crisis crash. Maybe the majority of the investment community is scratching their heads just like I am. Are we at the junction of a change in the global monetary policy system? If so, what will be the impact if there is a regime change? What could be the impact of a change in the reserve currency?
These kinds of questions are giving long-term investors a real headache. And the more important question being posed in the crypto community: What will happen to the price of bitcoin?