GLOBAL MACRO OUTLOOK
The last week of April saw the DXY reach all time highs, however, there are signs that it may have topped.
Economies will continue to feel the pain of rising inflation
The Fed meet on May 4 and are expected to raise the federal funds rate by 50 basis points in an attempt to control inflation. We are monitoring how this will translate into market confidence levels.
In this uncertain market environment, stocks appear over priced as both the Dow Jones Industrial Average and Hang Sen continue to fall.
BITCOIN NEWS
Bitcoin Hash rate continues to break records and reach all time highs explaining the stability of Bitcoin in spite of continued market uncertainty.
In the last week of April, Goldman Sachs issued their historic first Bitcoin backed loan (to Coinbase).
On the weekly chart, Bitcoin put in its unprecedented fifth consecutive red
candle. However, the January Lows still hold.
The Monthly chart below shows that we have closed below the 20 moving average. All previous breaks have resulted in significant retraces. That said, Bitcoin has a habit of breaking rules, we are prepared and watching very closely in case crypto markets break downwards.
