Monday, Nov 27, 2023

Argentina, BTC, Binance, unemployment, new format

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – Friedrich Hayek ||

Hello everyone! Those of you that were able to take a break, I hope you managed to enjoy some good food, good people-time and good weather. I REALLY appreciated the break, thank you for your understanding on that! ☀

You’re reading the daily premium Crypto is Macro Now newsletter, where I look at the growing overlap between the crypto and macro landscapes. There’s also usually some market commentary, but NOTHING I say is investment advice. For full disclosure, I have held the same long positions in BTC and ETH for years, and have no intention to either buy more or sell in the near future.

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After having had some time to think about this over the weekend, I’m tweaking the format slightly. Instead of several clearly defined sections, I’m going to move toward a sprinkling of brief takes with one or two longer ones. The aim is to go shorter and broader, make the content more flexible and therefore more interesting, and to hopefully cover more of the compelling shifts I’m seeing while keeping the time investment manageable. Feedback welcome!

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IN THIS NEWSLETTER:

• BTC is still the main story

• Argentina could be less radical than we thought

• Default rates are picking up, which means so will unemployment

• The Binance suit wasn’t about money laundering

WHAT I’M WATCHING:

BTC is still the main story

The relationship between BTC and ETH has not yet had the reset many of us expected with the submission of ETH spot ETF proposals by the likes of BlackRock and Fidelity. There has been some volatility in the BTC/ETH ratio, but it is still relatively high, and over the past few days has been heading up.

(chart via TradingView)

Also, BTC’s market dominance dropped earlier this month, but has since turned around and is gently heading up again.