Market Whipsaws Ahead of CPI, Stablecoin Market Cap Rises
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CRYPTO MARKET UPDATE CRYPTO WAS CERTAINLY LOOKING STRONG RELATIVE TO EQUITIES YESTERDAY UNTIL ASIAN MARKET HOURS COMMENCED. Shortly after the HK market opened, we saw increased sell pressure and approximately $100 million in liquidations across all crypto assets, bringing BTC 3.56% down to below $64,000, ETH 7.88% down to $3,150, and SOL 7.41% to just below $170. This contrast in price action during U.S. and Asia market hours has been consistent throughout July....
CRYPTO MARKET COMMENTARYBITCOIN REBOUNDED OVER THE WEEKEND, WITH PRICES FULLY RECOVERING FROM FRIDAY'S DRAWDOWN BY MONDAY MORNINg. BTC 3.56% is now trading just below $63k. Meanwhile, both ETH 7.88% and SOL 7.41% have lagged, trading at $3950 and $146, respectively. Altcoin flows seem to have shifted towards memecoins, which are outpacing the rest of the market today, with gains exceeding 5% from BONK 3.10% , DOGE 14.34% , and PEPE. This interest in memecoins likely stems from...
MARKET COMMENTARYA PRETTY SIZEABLE MISS IN TODAY'S CONSUMER SENTIMENT SURVEY REVERSED MOST OF THE GAINS EXPERIENCED IN THE CRYPTO MARKET OVER THE PAST 24 HOURS. Consumer sentiment came in at 67.4, well below market expectations of 77.2. 1Y inflation expectations came in at 3.5%, well above the market forecast of 3.2%. We saw the DXY N/A% turn sharply higher on the move, and most risk assets sold off. BTC 3.56% fell from...
U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the DXY N/A% (-0.21%) and rates. The SPY 0.44% has gained 0.36%, approaching the $520 mark, while the QQQ 0.22% has risen 0.14% to the $440. Crypto assets are showing larger gains, with BTC 3.56% (+1.57%) rising above $62k and ETH 7.88% (+1.05%) surpassing $3,000. The Render Networkâs mobile app, OctaneX, was featured in Appleâs keynote presentation earlier...
