Bull-market Bitcoin: the king of crypto is up 25% in the past week

Crypto bulls are back, pushing Bitcoin's market cap above $1 trillion. Stocks and futures are higher today, too.

Good morning, Bull Sheeters.

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Good morning, Bull Sheeters.

U.S. futures are gaining this morning, looking to extend the modest equities winning streak to three straight (and four positive sessions in the past five). The big concerns looming over markets—namely, the debt ceiling standoff and soaring energy prices—have subsided for now, and that’s sending global stocks higher too. Even tech is jumping.

The big gainer though is crypto. Bitcoin is up nearly 8% in the past 24 hours, extending its impressive October bull run, pushing its market cap above $1 trillion again.

Let’s see what else is moving the markets.

Markets update







🐛Kicking the can of worms🐛

Goldman Sachs warning to investors: we may have dodged the bullet on debt-ceiling drama, but we’re hardly out of the woods. “This should not be interpreted as a compromise and it might not change the situation,” writes Goldman’s Alec Phillips, chief political economist.


Natural gas to lumber: hold my 🍺

Europe’s natural gas prices have eased in the past 24 hours. But zoom back over the past year, and you’ll see natural gas futures have been one of the most explosive of commodities. The closely watched Dutch TTF gas futures are up nearly six-fold year-to-date. And it’s not even winter yet! Meanwhile, here’s the latest on lumber.


Help Wanted

Tomorrow’s jobs report is being called one of the most consequential of 2021. A strong number and we can expect the Fed’s tapering and tightening strategy to move to the next stage.



Have a nice day, everyone. I’ll see you here tomorrow… Until then, there’s more news below.

Bernhard Warner

As always, you can write to bullsheet@fortune.com or reply to this email with suggestions and feedback.

Today’s reads

PepsiCo CFO: No way we’d park cash in BitcoinFortune

Bitcoin’s price unlinks from falling stocks, reviving the promise of cryptocurrency as a hedgeFortune

For the global traveler in the age of COVID, here’s your elusive golden passportFortune

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Market candy


Let’s not lose sleep over stocks…just yet. The benchmark S&P 500 is actually trading in positive territory so far in October—a mere 0.09% higher, but still, higher. Energy, utilities and financials are the big reason. But even tech is holding its own, up nearly a half-percentage point after a whopping four trading sessions. 

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