Source: Onramp, Koyfin. 3-, 5-year figures annualized.
Bitcoin rallied 12.5% as technical selling pressure from the German BKA subsided and Trump’s election odds jumped following a failed assassination attempt. Trump also selected pro-crypto J.D. Vance as his VP. Increasing odds of a Republican Administration come next year are seen to be positive for bitcoin as the GOP has been the more bitcoin friendly party.
In equities there was a violent rotation from the tech-heavy NASDAQ and into beaten up small caps. Reasons cited for the massive move are increasing odds of interest rate cuts, increasing odds of a pro-competition and anti-big-tech administration, and investor positioning being over-extended as large cap indices have trounced the Russell all year. Adding fuel to the unwind were Trump comments on being non-commital to defending Taiwan, hitting market darling semiconductor stocks such as Nvidia, which rely on Taiwan Semiconductor’s manufacturing capabilities, especially hard on Wednesday.
Gold gained 3.6% in sympathy with bitcoin as investors speculated that a Trump Administration might seek to devalue the dollar. Oil and bonds rallied 1%.
Podcasts of the Week
The Last Trade E057: Embracing Bitcoin with Former Schwab Executive Rich Kerr
In this epsiode of The Last Trade, Rich Kerr, Onramp’s new President of Managed Wealth, joins to discuss macro headlines, the realities of inflation, retail vs institutional adoption, unfunded liabilities, finding optimism in bitcoin, & more.
Wake Up Call (7.15.24): Introducing A New Show from Onramp Media
Wake Up Call is a weekly show that will be streamed live on LinkedIn every Monday morning. To catch the premier of each episode, follow Onramp’s LinkedIn page and add Wake Up Call events to your calendar. After the live premier on LinkedIn, we will distribute each episode across Onramp Media’s podcast channels and youtube page.
Wake Up Call aims to educate financial professionals on the merits of the bitcoin investment thesis, how this asset class represents both a threat to legacy financial service businesses and an opportunity to differentiate oneself to retain and attract new business.
Hosted by Mark Connors, Onramp’s Head of Global Macro Strategy, and Rich Kerr, Onramp’s President of Managed Wealth, this show seeks to provide financial professionals the “wake up call” they need, prompt them to have an open mind with respect to bitcoin, rethink their prior assumptions, become more educated on the topic, and learn from others who are already farther down this path.
Closing Note
Onramp provides bitcoin financial services built on multi-institution custody. To learn more about our products for individuals and institutions, schedule a consultation to chat with us about your situation and needs.
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Until next week,
Zack Morris
