The comeback in risk assets continues

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Bitcoin back to $40,000

The risk rout is over.

Bitcoin has made an incredible comeback to $40,000 from as low as $30,000 and all risk assets have followed a similar (albeit much less-pronouced) comeback story.

The S&P 500 is down 24 points to 4103 after holding support as last week’s low. The index is now chewing into the opening gap lower.

Even oil, which was also hit by Iran deal news, has trimmed its declines to 3.3% from upwards of 5%.

Today’s trading showed where the strong hands and the weak hands are. Obviously all the hands in crypto are weak because there’s no anchor on price — despite stuff like this:

I’ve been impressed by how gold rallied on this and by how well commodity FX held up. There’s a bit of a contrast with commodities — particular copper and oil — as producers in particular are washing out today.

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