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“I love to talk about nothing. It’s the only thing I know anything about.” – Oscar Wilde
Is this thing on? Just in case there’s anyone out there this morning, US equity futures are trading modestly higher this morning as trading resumes for three and a half hours before the weekend. Newsflow in US markets is incredibly quiet this morning with nothing in the way of economic data or earnings reports and very little in the way of analyst actions or corporate headlines to speak of.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, economic data out of Europe, an update on the latest national and international COVID trends, and much more.
Of all the financial assets in the world, one that never sleeps is bitcoin. And while you were enjoying your turkey yesterday, bitcoin was getting pummeled with prices declining just under 10%. Even after that large of a drop, though, bitcoin currently trades where it was in mid-November and still remains well above its 200-DMA and above the up-trending channel it broke out of at the start of November. Would you believe that even after yesterday’s takedown, bitcoin prices are still up over 20% MTD?
Declines of yesterday’s magnitude aren’t particularly out of the ordinary throughout bitcoin’s history. This year alone, there have been two other one-day declines of a larger magnitude, and since the start of 2017, there have been 24 larger one-day drops.