Profit-taking on Bitcoin
It’s retracement time for Bitcoin: investors are taking profits, pushing the price back to around $13,000. For cryptocurrencies this is normal, i.e. boom and bust. We do not see this as a bubble bursting – it is a healthy correction.
Meanwhile, crypto competition is heating up, especially between coins that aim to be a store of value or a means of payment. Lately, Litecoin is gaining momentum and so is Raiblocks. There will be more than one winner, and we believe cryptos will be very profitable in 2018.
Euro ignores Catalonian confusion
Who won yesterday’s election – the Catalexit crowd or the Remain-in-Spain supporters? It’s not clear! Both sides are claiming victory, and the parliament is split. Separatist parties took 70 of the 135 seats, but the pro-Spain Citizens Party won the most seats, 36. So the wrangling looks likely to continue.
Amidst all this, the Euro yawned. EUR/USD is stable, as traders are pricing in the least disruptive outcome.
Please note this will be the last report until January 8th 2018. Have a happy holiday season.
