Daily market commentary from 14.10.2020

An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

There was a conference in Shenzhen today, where Xi Jinping talked about the plan to transform the city into an international trade hub.

The crypto trading community was hoping that he would give some hints or indications about the blockchain hub BSN (blockchain service network).

Effects of the conference

Since the conference ended, we have been seeing a relatively choppy trading session with no real direction. Xi Jinping’s speech is much more relevant to the traditional financial sector. Hong Kong is losing its relevance as an Asian trading hub centre relatively fast.

But the day is not over, so keep your eyes and ears open for comments on that conference and be careful with the interpretation of translated texts (you might recall the China spike on October 21, 2019).

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About the author

Patrick Heusser

Patrick Heusser is a Senior Trader at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.

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