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A New Source of BTC ETF Demand Emerges, Coinbase Meets with SEC Regarding ETH ETF

Mar 8, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update The day commenced with a flurry of activity, beginning with an NFP figure that exceeded expectations, juxtaposed with an unemployment rate that also surpassed forecasts. This combination pushed short rates lower and led the fed funds futures market to anticipate a full rate cut by the June FOMC meeting. The DXY dropped to a low of 102.4 before making a comeback. In crypto, the day started with significant momentum as $BTC surged to set a new all-time high, briefly surpassing the $70,000 mark for the first time. However, it encountered resistance and pulled back to just over $68,000, indicating the presence of supply hurdles around that level. $ETH mirrored this pattern, breaking the $4,000 barrier for the first time in two years, and is currently trading around $3,920. The performance of altcoins is mixed, with $SOL exceeding $150, only to fall towards $140, and is now trading just above $148. File storage names in $AR and $FIL are outperforming on the day, along with AI-adjacent $RNDR. Equities presented less volatility but mirrored a similar route as crypto. Despite a strong open, they retreated, with the SPX experiencing a slight decline and the QQQ dropping around 0.70% thus far on the day. In contrast, traditional gold maintained its recent strength, reaching

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