Thursday, August 17, 2023

“For tribal man space was the uncontrollable mystery. For technological man, it is time that occupies the same role.” – Marshall McLuhan  ||

Hello everyone! May I just say how amazing it is that Spain is in the FINAL of the women’s soccer world cup!! 😀⚽

You’re reading the premium daily version of Crypto is Macro Now. In this newsletter, I give some depth on factors I’m keeping an eye on that highlight the growing overlap between the crypto and macro landscapes – my focus is on how crypto is affecting the global economy, and vice versa. There is often a market discussion as well, because that is an important piece, not just for the structural changes but also for investor sentiment, which impacts attention and funding. Nothing I say is investment advice!

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Programming note: I’ll be taking a brief holiday starting this Saturday 19th until the following Saturday 26th, inclusive. I’ll miss you, but I won’t lie, I’m excited about a break!

IN THIS NEWSLETTER

• Why are yields climbing, and why does it matter?

• The BTC drop: it’s not just the macro story

• The impact of Coinbase futures

WHAT I’M WATCHING

Why are yields climbing, and why does it matter?

Watching US treasury yields over the past 24 hours has probably been enough to trigger a few cases of vertigo – earlier this morning, the 10-year climbed past 4.3% for the first time since a very brief blip last October. Before that, the last time US 10-year yields were at these levels was in 2007.

(chart via TradingView)

It’s not just US yields that are climbing: the Japanese 10-year yield is at its highest since 2014, on Tuesday German 10-year yields reached their highest since 2011, UK 10-year yields are back to 2008 levels, and so on.