Crypto is Macro Now

Crypto is Macro Now

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Crypto is Macro Now
Crypto is Macro Now
Monday, Oct 30, 2023
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Monday, Oct 30, 2023

a powerful dissent, tech wobblies, pockets of strength

Noelle Acheson's avatar
Noelle Acheson
Oct 30, 2023
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Crypto is Macro Now
Crypto is Macro Now
Monday, Oct 30, 2023
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“The person who says it cannot be done should not interrupt the person who is doing it.” – Chinese Proverb  ||

Hello everyone! I hope you all had a good weekend! And may I just say that daylight savings time makes NO sense, and having different places do it at different times is a complete hassle. 😠 Ok, rant over, thank you for listening.

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.

If you’re not a subscriber, I do hope you’ll consider becoming one! It would help enable me to continue to share what I learn as I work on figuring out where we’re going. It’s only $8/month for now, with a free trial.

And if you find this newsletter useful, would you mind hitting the ❤ button at the bottom? I’m told it boosts the distribution algorithm.

Also, I’m now host of the CoinDesk Markets Daily podcast – you can check that out here.

Programming note: While much of the world celebrates Halloween, here in Spain we celebrate All Saints’ Day on November 1st, when we pay our respects to the dead. It’s a national holiday here, so this email will take a break on Wednesday, but back in your inboxes on Thursday!

IN THIS NEWSLETTER:

  • Markets: An oasis of calm in a sea of discontent

  • A powerful SEC dissent

  • Tech is finally wobbling

  • Why we spend on things we don’t like

WHAT I’M WATCHING:

An oasis of calm in a sea of discontent

It feels a bit too obvious to point out that markets are nervous. On Friday, the S&P 500 officially entered correction territory, since it is now down more than 10% from its 2023 high. The Nasdaq is down more than 12%, and the Dow Jones limped in with its worst week since March’s banking crisis.

(chart via TradingView)

Tech stocks are getting especially punished, even though their results have been pretty good. Profit came in above expectations for 79% of the more than 200 companies that have reported so far, above a long-term average, with most of the increases concentrated in the “Magnificent Seven” (Google, Microsoft, Amazon, Tesla et. al.). Yet their share price drops last week dragged the performance of the S&P 500 weighted by market cap below that of the equal-weight index for the first time all year.

(chart via TradingView)

It’s almost as if the market was looking for an excuse to be unhappy.

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© 2025 Noelle Acheson
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