The S&P/ASX 200 (ASX: XJO) gained nearly 2% across the week whilst the tech-heavy Nasdaq led the way in the US, up nearly 3% over the five days.
Here are my three key weekly takeaways from the week.
Bitcoin goes mainstream
This may well be the week that saw cryptocurrency move into the mainstream.
There were three important announcements, the first from regulator ASIC which effectively outlined the way forward for a Bitcoin or crypto tracking ETF to be listed on the ASX.
We then saw the Commonwealth Bank of Australia (ASX: CBA) offer crypto trading and finally, the listing of BetaShares Crypto Innovators ETF (ASX: CRYP) which doesn’t even own crypto, seeing record trading volume on its first days.
Whilst there is little certainty in the future, it very well seems to becoming well ingrained.
Markets vs. central banks
The market vs. central bank rhetoric continues to build with the RBA giving up on yield curve control but maintaining their stance that the cash rate will not be increased until at least 2024.
This may well be a story of short-term vs. long-term views colliding, as is typically the case in markets.
Property crash as CBDs return
There appears to be a two speed economy coming to property markets, with well-known investor Chris Joye flagging the risk of a 20% fall in residential property prices should interest rates rise by 1%.
But there are also signs from the UK and the US that CBDs in Sydney and Melbourne will bounce back quicker than many expect.