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News Recap: Markets largely positive on US election outcome

Last week saw financial markets experience one of its busiest weeks of the year as the US Election took precedence amidst a number of other macroeconomic data releases including three major central bank releases along with the monthly US Jobs report. AP, NBC, CNN, Fox and Edison Research have all called the election for Democrat Presidential candidate Biden as it was reported that he currently holds 290 electoral votes compared to Trump’s 214. Though President Trump has not yet conceded and tweeted that investigations into the votes need to take place, markets were largely positive on news for Presidential-elect Biden. Risk flowed out of the greenback and riskier assets appreciated over the course of the week with equity indices also moving higher and posting record daily gains. In his victory speech, Biden pledged his ambition to unify the nation whilst he also plans to unveil a task force that will look to combat the nations Covid-19 outbreak later today.

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How to Get a Career as a Proprietary Trader

If you’re a graduate fresh from University, or a beginner trader that can’t afford to part with the copious amounts of capital required to begin trading the financial markets, you may be wanting to start your trading career in Proprietary Trading.

What makes Proprietary Trading such a sought-after job for beginners and professional traders alike is not only the lack of capital needed to begin, but additional benefits like receiving on the job professional training from experienced traders, not being responsible for trading losses, and receiving a share of any profits made.

In this blog we’ll look at what candidates need to know in order to land their Prop Trader status.

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A Guide to the Different Types of Traders

Depending on your type of personality, your daily lifestyle and your financial or your trading goals will depend entirely on what kind of trader you are.

There are many types of traders, and each one is individualized not only by their approach but also by their personality traits.

Some traders enjoy the hurriedness and overnight safety that day trading offers, whilst others prefer the much less stressful, marathon approach to position trading. However, it’s crucial that different traders select the best style for them to maximise their success.

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News Recap: Bitcoin’s Last Bearish Resistance

Bitcoin Hits $14,000 Exactly 12 Years After Whitepaper

On October 31st, Bitcoin reached and surpassed $14,000. During the same day in 2008, Satoshi Nakamoto released his Bitcoin white paper. Ever since its release, Bitcoin has seen an exponential growth in market capitalization.

In retrospect, this makes the third post-halving cycle as being profitable from a price perspective. Even though there are multiple factors that might have lead to this point, historically halvings have had a positive impact on the price action.

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News Recap: Politics, Investigations, and Regrets

Coinbase’s Apolitical Stance

The leadership in Coinbase has mandated the team to focus mainly on the company’s mission rather than politics. This move comes after an internal meeting to discuss changes in the company’s culture. An audio file was leaked to the media outlet Motherboard. Allegedly, Coinbase management was forcing employees to delete political Slack messages.

Roughly 5% of Coinbase’s staff subsequently left the company with an offered exit package. Despite this, CEO Brian Armstrong said that a “silent majority” supported the apolitical stance.

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A look to Historical US Presidential Elections

Undoubtfully, since the beginning of 2020 the world has faced several unique circumstances, with many of them to prior have been seen only in Hollywood movies. More precisely, on 11th of March the World Health Organization (WHO) recognized COVID-19 as a pandemic, exactly 100 years after the Spanish Flu, and soon enough, countries took the decision to lockdown their economies in order to limit the outbreak of the virus. As expected, decisions like this it is impossible to not affect the markets. Stocks plummeted and several corporate giants lost, almost in a week, the 80% of their value.

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A Focus On The UK Markets

The month of September saw volatility resume after a dull August with the VIX whipsawing over 50% between 24.00 and 38.00. The seemingly never-ending tech rally grinded to a halt after the Nasdaq failed to make any progress above the 12,500 level. Currently prices are around 10% off the highs with the USD experiencing its largest surge in months. The DXY broke back above the 94.00 handle after an increase in Covid-19 cases and a resurgence in national restrictions and lockdowns spooked investors. The Japanese Yen also benefited from the sour risk mood as EUR/JPY broke below the 123.00 handle for the first time since July. This came after Abe’s Successor Yoshihide Suga took charge as the new prime minister for the nation reiterating his intention to maintain and advance the former PM’s approach titled “Abenomics”.

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Are Cryptocurrencies Investment Bubbles?

Ever since Bitcoin climbed to almost $20,000 in 2017, the investment environment has changed. We have seen an overwhelming increase in volatility not only for the cryptocurrency sector but also for traditional equities and commodities. Within this article I will focus on explaining more about the different “bubbles” in the cryptocurrency market while laying the foundations for a potential analysis on how this affected traditional markets.

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News Recap: A Bright Future for Cryptocurrencies

Crypto Banks to Substitute Traditional Banks

According to an article written by Mark Binns, CEO of BIGG Digital Assets, within three years we could see crypto banks overtaking traditional fiat banks. As cryptocurrency adoption grows bigger, newer generations of customers will start seeking financial systems that incorporate both crypto and fiat assets. A key example of this is Kraken, the first-ever cryptocurrency business in the United States to become a certified bank.

Banks who decide not to incorporate this new asset class might lag behind as people start looking for Bitcoin as a potential hedge for economic inflation. It is important to understand that a more comprehensive, yet simpler user interface should help increase adoption as a lot of people are still hesitant due to their lack of understanding of the technology.

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CFTC charges BitMEX, Ethereum might not be ready for DeFi, and more!

CFTC Charges BitMEX

The United States Commodity Futures Trading Commission (CFTC) charged BitMEX with operating an unregistered trading platform and violating Anti-Money Laundering regulations. The individuals charged include Arthur Hayes, CEO of BitMEX, as well as Ben Delo and Samuel Reed.

Bitcoin’s price action and sentiment might be affected by the news and following updates since BitMEX is the biggest leveraged trading platform in the cryptocurrency industry. Open Interest in BitMEX declined about 16% after the news released as traders closed their positions and withdrew their money from the exchange. Despite criminal charges from the DOJ and at least one arrest of its leadership, Bitmex denies the allegations and promises to continue operating as usual.

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