📈 Oil Up, Dollar Down

Plus: Telegram CEO arrested

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Journals GG
August 26, 2024

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Good morning! 

Following a strong close last week fueled by Powell's Jackson Hole speech, European and Asian markets started Monday on uncertain footing. Meanwhile, TON, the cryptocurrency associated with the popular app Telegram, took a nosedive after the CEO was arrested in Paris.

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Markets

📊 Global markets mixed after Powell says 'time has come' for rate cuts
As UK markets take a breather today for the August bank holiday, global markets showed a mixed bag after Jerome Powell’s Jackson Hole speech. The Fed chair hinted at a possible rate cut, throwing a lifeline to those eyeing cheaper US debt, but warned of keeping a close watch on the job market.

His comments boosted US markets on Friday, with all major indexes up over 1%. Other European markets wobbled on Monday morning, while in Asia, Japan’s Nikkei dropped 0.7% as Hong Kong’s Hang Seng climbed 1.1%. Traders are also eyeing risks from the ongoing escalation in the Middle East conflict.

Top Story

CRYPTO

Bitcoin bounces back

Bitcoin’s price skyrocketed by 8% on Friday, briefly crossing the $65,000 mark, thanks to a significant macroeconomic event. As crypto continues to blend with mainstream finance, its sensitivity to traditional economic indicators is becoming more apparent.

The latest surge underscores how deeply connected digital assets are to the broader financial ecosystem. The more Bitcoin mirrors traditional assets, the better its shot at widespread adoption, especially with spot Bitcoin ETFs and other pathways opening up for institutional and retail investors alike.

Adding fuel to the rally, the Kennedy campaign's endorsement of Trump further buoyed Bitcoin. Both Trump and Kennedy have been vocal about their pro-crypto stance, with Trump even suggesting a U.S. Bitcoin strategic reserve and vowing to oust SEC chief Gary Gensler.

The presidential race, now essentially a coin toss, is bringing Bitcoin into sharper focus, with the Harris campaign hinting at a more crypto-friendly stance.

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