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Flows Turn Positive and Coinbase Premium Returns, PayPal Enables Free International Transfers with PYUSD

Apr 4, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update The trading day began on a positive note, with rates decreasing and risk assets rallying following disinflationary pricing data from the latest ISM services PMI report. However, equity indices relinquished their gains and dipped into the red late in the trading session, influenced by comments from Fed President Neel Kashkari, which implied the Fed was concerned over persistently high inflation. Crypto rallied along with equities in the morning, and has comparatively held up much better than equities. $BTC rebounded from $65k to peak at $69k at one point today. $ETH continued to underperform, unable to replicate similar gains, currently hovering just below $3400. $SOL also lagged, remaining relatively flat during US market hours, trading just above $187. However, there were notable outperformers for the day, including AI-related names like $TAO and $FET, each up nearly 10%, as well as $BCH, which completed its halving today. Despite Ethereum's lag, Ethereum-related assets like $IMX and $MKR are performing well, each up over 5%. Memecoins are also participating in the rally, with $DOGE up over 5%. The remaining key data points for this week will arrive tomorrow in the form of employment data, from which the market hopes to extract insights on the potential direction

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