September Slide Continues Despite Positive Underlying Trends

Key Takeaways

Crypto markets stumble as global equity markets go risk-off in the wake of Evergrande fears.Strongest selling pressure was from those with high exposure to Asian assets seeking liquidity to hedge against a potential “Lehman” moment for China.This week reminds us that Bitcoin is relatively early in its adoption phase and consequently, is still a risk-on asset. Macro remains the roadblock between Bitcoin and $100,000 price.We suspect continued trepidation in equities markets may lead to a continued dovish stance from the Fed, which may result in greater capital flow into risk-on...