Seems like several crypto news sites are already running with the story that…

While I applaud the few news sites that made the distinction in their headlines, it seems that far too many authors are still willing to run stories with inaccuracies.

The tweet that’s been pointed to in many of these articles is as follows…

This is less than news though. It is the second case in which Chinese courts have judged that a crytpoasset is considered personal property and protected by law. This means that you’re not allowed to steal it and in case of any dispute, the usual laws of ownership apply.

However, this is a far cry from saying that cryptoassets are a fully legal payment method. Though I’m glad to hear that there’s an Ethereum Hotel in Sichuan province, it does seem that it’s only very small businesses, that in my view have nothing to lose, who are ready to take the plunge. Large retailers in China will not consider beginning to accept it until actual legal status is obtained. 

So, we’ll all have a party whenever that happens.

Traditional Markets

Former army captain Jair Bolsonaro is now the elected President of Brazil. Images are flooding in of extraordinary celebrations, many involving the military and firearms. Though some criticise his staunch right-wing ideology, the stock markets seem pretty happy.

Here we can see the Brazilian iShares ETF IBZL.L opening up with a wide gap skyward this morning.

It’s interesting to know if this massive rally in Brazil is what’s fuelling the recovery in the rest of the stock markets this morning. 

Just about all the stock markets are rallying hard today, except for China, which just now seems to be pricing in October’s sell-off.

The bottom two graphs are the most notable of the bunch. Breaking news has put the German government in question…

Over in the UK, Chancellor Philip Hammond is about to deliver an annual budget that might not make it through Brexit.