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Daily Market News: Crypto price steadies


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Daily Market News

Mati Greenspan, Senior Market Analyst at FX broker eToro, has provided his daily commentary on traditional and crypto markets for January 17, 2019.


Highlights include:

  • Jack Bogle Dies: Vanguard founder Jack Bogle passed away. He introduced index funds to financial markets.
  • Analysts Advise “Buy the Dip”: Despite geopolitical and economic uncertainty, solid earnings from bank stocks are bringing shares upwards.
  • Netflix Earnings: Netflix stock that was hit the hardest by the recent decline, but also the fastest to recover will be reporting earnings after the closing bell. Some traders believe their earnings announcement will be disappointing.
  • Crypto Price Steadies: Despite volatility in stocks, crypto assets have moved less than 3% since the start of the week.

Traditional Markets

Our two headline issues are no closer to being solved today. Washington DC remains in gridlock and the UK is back to square one. Stock indexes are declining today but not by much. Despite all the geopolitical and economic uncertainty, there are still some screaming BTFD!

Cramer’s call comes after an astonishing 4th quarter earnings report from Goldman Sachs, which turned out to be their best earnings reaction since 2008. Check out that fantastic floating marubozu daily candle yesterday.

Aside from GS, the banker’s earnings were rather pretty solid with some hitting and some missing their marks but overall good vibes. Not all is peaches in cream in the markets though, as is evidenced by the Global Economic Policy Uncertainty Index, which is now at its highest level since inception.

Netflix Earnings

The first of the FAANGs will be reporting tonight after the closing bell. I must say, out of all the top tech stocks on Wall Street, NFLX was probably hit the hardest by the recent stock market declines, but it was also the quickest to recover.

This graph shows all the FAANG stocks, with Netflix in white.

Despite the apparent volatility in the stock markets and general air of uncertainty depicted above, the crypto markets remain steady as a rock.

It’s already Thursday and many cryptoassets have moved less than 3% since the start of the week.

In fact, the crypto markets so far this year have become increasingly apathetic to what’s happening in the rest of the financial markets. This graph shows that the short-term correlations between bitcoin and gold, the US Dollar, and the stock markets have all moved to near zero. They just DGAF.


This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

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Daily Market News: Crypto price steadies

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