In 2025, global asset markets were defined by a retreating dollar, a turn in interest rates, a surge in gold, and a bull market in momentum stocks.
Heading into 2026, the global economy is entering a critical phase of slower growth but retained resilience. Investors should be alert to rising unemployment and other long-tail black-swan risks across asset classes.
U.S. Dollar Index: Narrower U.S.-Europe and U.S.-Japan Rate Gaps ...

Abstract
The crypto market of 2025 executed a textbook "policy-driven" trend. From the executive orders at the start of the year to the legislative climax in mid-year, and finally the macro turbulence of Q4, the Trump administration's baton replaced on-chain data as the absolute core of asset pricing. This article aims to review this market symphony orchestrated by the White House and, looking through the debris of the "1011" crash, identify the threads l...