October Bitcoin & Cryptocurrency Update

What’s in Today’s Report:

• Monthly Bitcoin & Crypto Update (October)

U.S. equity futures are flat while most overseas stock markets traded lower overnight as global investors book profits amid historically high valuations and an uncertain macroeconomic outlook given the ongoing government shutdown.

Economically, Japanese PPI held steady at 2.7% vs. (E) 2.5% in September, a slightly “warm” print that supported a modest rally in the yen overnight.

Looking into today’s session, there is one noteworthy private sector economic report to watch today: Consumer Sentiment (E: 54.0, 1-Yr Inflation Expectations: 4.5%) and the results could move markets as the government shutdown has resulted in a prolonged void in official growth/inflation data this week (the better the headline and cooler the inflation outlook, the better for stocks).

Additionally, there are two notable Fed speakers today: Goolsbee (9:45 a.m. ET) and Musalem (1:00 p.m. ET), and the more dovish the commentary, the better for risk assets.