Crypto Holding Strong Post-BLS Revisions, Consolidation in Mining Industry Continues
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CRYPTO MARKET UPDATE Risk assets are surging following Fed Chair Jerome Powell's dovish pivot at Jackson Hole, signaling a shift in policy aimed at addressing potential weaknesses in the job market through rate cuts. The DXY has dropped significantly, reaching a new year-to-date low and approaching the 100 mark. Cryptoassets are rallying, with BTC 0.31% nearing $62,000 as it works to break through its 50-day moving average, which has provided significant...
CRYPTO MARKET UPDATE BTC 0.31% continues to trade in a tight range, hovering just above $58K after retesting $60K over the weekend. Similarly, ETH 0.38% is moving sideways, currently just under $2,600, while SOL 3.30% is trading just over $142 after revisiting the mid-$130s late last week. Using perpetual futures funding rates as a gauge for market sentiment, it seems market participants remain cautious, with BTC's open interest-weighted funding rate flipping negative again...
CRYPTO MARKET UPDATE CPI came in slightly cooler than expected, with core CPI at 0.17% month-over-month, compared to the consensus estimate of 0.19%. In our view, this is the best-case scenario, as it temporarily removes the "Fed policy error" trade from the market. This is evidenced by Fed funds futures, which have priced out cuts for this calendar year following the CPI release. Initially, crypto rallied alongside other risk assets,...
CRYPTO MARKET UPDATE EQUITIES HAVE CONTINUED TO FIND RELIEF AFTER THE BOJ'S COMMENTS ASSURED INVESTORS THAT THEY WON'T CONTINUE RAISING RATES IF MARKETS ARE UNSTABLE. The SPY 1.08% and QQQ 1.05% have both gained over 0.6%, while small-caps are underperforming, with the IWM 3.24% roughly flat. Crypto was gaining with equities this morning but has since turned lower. BTC 0.31% is trading slightly below $56k, while ETH 0.38% has decreased to below $2,400 after on-chain...
