Nothing Has Changed Except Price
Aug 19, 2022
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Risk Assets Retreat (For Now)
After several consecutive weeks of bullish price action across risk assets, we have seen markets pull back on both technical exhaustion and underwhelming global economic data.
As we write this note, the global crypto markets have retraced 7.0% over the preceding 24 hours, with the most substantial drawdown occurring in the overnight hours upon the opening of equity markets in Europe. Ongoing concerns over the potential for an impending energy crisis were exacerbated by an elevated German PPI number that shattered analyst expectations.
Beyond this mor...