Macro

Key Takeaways

  • BTC jumped 24% in July amid the most extensive break above $10k we’ve seen since last summer.
  • Its latest surge also represents a breakout from an extended consolidation pattern and with BTC currently retesting its intraday high, further gains could be in store.
  • Anchored nominal Treasury yields and rising inflation expectations on the back of cautionary commentary from Fed Chair Jerome Powell have pushed US real yields to record-lows (<-1%), a critical trend for non-income producing assets like gold and BTC.

 

Before diving into a broader update on markets and BTC, let’s just reflect for a second on the monster quarter big tech dropped on us this week. I’m including Amazon in this despite not technically being a tech name because I’d be remiss if I left them out of the global-pandemic-slash-work-from-home-slash-digital-economy basket of Wall Street darlings.

Four out of five “FAAMG” stocks (Facebook, Apple, Amazon, Microsoft, Alphabet aka Google) reported earnings on Thursday and they did not disappoint. Alphabet saw its first ever year-over-year contraction in sales, but the carnage wasn’t nearly as bad as most analysts anticipated.

Amazon, on the other hand, grew top-line revenue by 40% year-over-year on Q2 sales of $88.9 billion, blowing away street estimates for ~$81.2 billion. It’s not really that s

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