Market Update: Mon 29th July

ATHs for crypto this week?

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**MACRO** - Well it's a big week for data with PMI on Thurs and payrolls on Fri, while we also have the FOMC on Weds. This is the last FOMC before September so wil be important for governing the narrative we see for the remainder of summer. Equities had a decent close on Friday after a volatile week, ending 1% higher, while futures are up 0.3-04% again this morning. It'a also worth mentioning that we'll get a slew of tech earnings including Apple, Amazon and Microsoft among others.

**CRYPTO** - It's all about Trump right now after he gave what I felt was an extremely bullish speech over the weekend. Not only did he categorically re-confirm his pro crypto stance, he also confirmed the USA's intention to hold its BTC as a strategic reserve, after which Senator Lummis also revealed plans to purchase a further 1M coins over the next 5 years (the USA already owns 210k coins). To me there isn't really anything further that could have happened realistically that would make things more bullish; Trump even specifically stated his intentions of ousting Gary Gensler. Whether he follows through on these promises is another question but I think if the polls stay where they are as we head into elections it's very difficult for me to not see a monster crypto rally, something that I think occurs specifically in BTC given that's where the focus seems to be. The real kicker for us is if the Dems decided to take a positive stance on crypto, and as such we get like a "win-win" scenario..I think there's a reasonable chance that does happen. Wrt price action BTC sits at 69.5k today with BTC dominance still at local highs of 56.5%, while ETH is up to 3400 and SOL at 191. Majors are certainly leading today I don't see a big move in alts or memes yet, but of course that could change one the former stabilises.

Good luck today