Bitcoin

This is a microcosm of the decline of independent, expert-driven analysis in favor of automated, headline-driven trading. As traditional macro research shrinks, markets become more susceptible to reflexive moves on incomplete information. In crypto, where macro correlations are high but native data is noisy, the loss of such a bridge between TradFi and digital assets could widen spreads and amplify dislocations during stress events.

Lou Crandall, chief economist at Wrightson ICAP, announced he is ending his weekly market commentary after 44 years.