Nobody really understands how well we are doing right now, everyone should be expecting a lot worse but for some reason we are not doing as bad as we imagined we would and that is the real tricky part. Not just crypto, because crypto is doing very well, it didn't dropped all that much considering the whole world is staying at home and everyone needs money to spend right now, that is marvelous and exceptional.
No, the deal is everything is doing fine for now, stock markets, gold, basically everything, hell even governments have started to help their people as well with the money they have, German has been spending billions of dollars to keep the death number low for example, Italy has been spending so much money that I didn't even know they could afford it. Its weird times.
How long can we continue like this? Weeks, months? A vaccine won't be here for 1.5 years. Meanwhile, death rates continue to grow in the US and Europe and lockdowns are being extended. That's a hell of a wall of worry for markets to climb. A lot of the bad news has been priced in but......how much? It's impossible to say.
Stocks
were in relief rally mode, riding stimulus news, but they were smacked down hard yesterday:
Gold fell 3% over the same period. If stock markets begin digging back towards last month's lows again, we should see panic in other markets and continued flight to USD. I don't see BTC escaping that either, although I also don't think it will reach as low as the $3,000s again.
From the look of things it's going to be an exciting week in the markets. My bias is bearish but things are really unpredictable right now. People are also surprisingly unfazed by the crazy unemployment numbers and amount of government debt being taken on.