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Coinbase Earnings Beat, U.S Led SOL Rally

Nov 3, 2023
Market Update Stocks and bonds have surged following a jobs report that came in below estimates. This suggests reduced inflation concerns, providing the Federal Reserve with more leeway to maintain or even decrease interest rates in upcoming sessions. The employment report showed fewer jobs added than anticipated (150,000 versus the 180,000 forecasted), a slight uptick in unemployment (3.9% compared to the anticipated 3.8%), and a smaller increase in average hourly wages (0.2% rather than the expected 0.3%), all contributing to a consistent narrative. Consequently, the likelihood of a rate increase at the December Federal Open Market Committee (FOMC) meeting has been halved, now sitting at around 10% from yesterday’s estimate of 20%. Digital asset markets are relatively flat from yesterday, with $BTC rising 0.37% to $34.8k and $ETH trading in line at $1.8k.Solana's value has seen a notable 50% increase in the past two weeks, with significant buying activity on Coinbase contributing to its rise. Data from Kaiko shows that Coinbase has been a key driver, considering the substantial net capital inflows on the platform indicated by the positive cumulative volume delta (CVD). While CVD has also turned positive on Binance and Kraken recently, it remains negative on the South Korean

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