Crypto is Macro Now

Crypto is Macro Now

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Crypto is Macro Now
Crypto is Macro Now
Thursday, Nov 9, 2023
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Thursday, Nov 9, 2023

BTC's moves are different now, crypto assets and stock exchanges, centralized internet, debt stability

Noelle Acheson's avatar
Noelle Acheson
Nov 09, 2023
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Crypto is Macro Now
Crypto is Macro Now
Thursday, Nov 9, 2023
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“Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so.” – Douglas Adams  ||

Hello everyone! 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: this newsletter will take off tomorrow, Veterans’ Day in the US. I will publish the free weekly on Saturday, and the premium daily will be back in your inbox on Monday!

IN THIS NEWSLETTER:

  • More on how this latest BTC move is different

  • Crypto assets and stock exchanges

  • What it would take to stabilize the US government debt

  • The danger of internet provider centralization

WHAT I’M WATCHING:

More on how this latest BTC move is different

We know that the BTC price has been up and down but largely up for most of this year so far. And many (including myself) have argued that the pattern we’re in now is different. I’m going to poke a hole in that observation, and then build it back up again.

First, here’s a chart of the BTC performance since January 1.

(chart via TradingView)

The circled areas look pretty similar, right?

Yet look at the dates. The last time BTC had this sort of climb – a sharp jump followed by a more gentle uptrend – was during the March US banking crisis. We’re not in a banking crisis now (I mean, there are some issues, but nothing like March, and nor does a repeat look likely at this stage). This means that it’s not a knee-jerk assumption that the Fed will have to cut rates to bail out the financial system that is driving these moves. Something else is going on.

So, while the wave may look familiar, the water underneath is different. (Ok, so I’m not great at metaphors.)

That’s a big macro difference. Now, on to a significant micro (crypto-specific) difference.

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© 2025 Noelle Acheson
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