Ethereum
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The combination of consumer sentiment and unemployment data has provided fuel to support the soft-landing scenario. UMich consumer sentiment came in higher-than-expected (69.4 vs. 62.0), 1-year inflation expectations dropped significantly from 4.5% to 3.1%, and the unemployment rate came in at 3.7% vs. 3.9% expected. Anchored inflation expectations and lower unemployment are giving investors optimism that inflation can retreat while the U.S. avoids a recession, driving the SPX (+0.30%) and...
CHALLENGING THE ACCUSATIONS OF FROTH Amidst the recent sharp rally in the crypto market, investors who weathered the prolonged bear market are understandably cautious, keeping a close watch for any signs of excess. Despite the violence in the most recent rally, we believe it's too early to declare the market as overbought. Our assessment is based on several factors:Perpetual futures data indicates a relatively modest level of long speculation, especially...
Equities are attempting to break a three-day losing streak, with the S&P rising 0.7% and the Nasdaq up 1.5% ahead of tomorrowâs jobs report. Economists polled by Dow Jones expect 190k additional jobs added in November, an increase from the prior month. Investors are eagerly awaiting indications that the labor market is settling down, which could reassure the Federal Reserve to stop increasing interest rates. BTC -0.04% is beginning to show...
Equities are flat after initially climbing following government data that showed labor market costs fell while productivity remained robust. Investors await confirmation from tomorrowâs jobless claims numbers, followed by nonfarm payrolls, wages, and unemployment rate on Friday. Long-term yields have fallen sharply after peaking near ~5% in October, with the 10Y and 30Y yielding 4.1% and 4.2%, respectively. BTC -0.04% has continued climbing, rising 0.6% to $43.9k. ETH -0.41% is underforming, falling...
Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. BTC -0.04% has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was STX 12.19% , the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the...
RATES DUE FOR A BOUNCE (MAYBE) As the crypto market continues to exhibit strength, and despite eradicating one of the market’s biggest unknowns in Binance just last week, it remains essential to be aware of near-term risks. Recently, the bond market has experienced a significant rally, and there's been a notable decline in the DXY. Combined with nominal stimulus in Asia, these factors have contributed to a substantial increase in...
U.S. equities are cooling following a strong upward surprise in Chicago PMI data (55.8 act. vs. 45.4 exp), marking one of the largest beats in the data seriesâ history. The SPY has fallen 0.13%, while the QQQ has dropped 0.75%. Crypto markets are mixed, with ETH -0.41% (+0.49%) gaining on the day while BTC -0.04% (-0.31%) is showing mild losses. UNIBOT is one of the top performers this week, rising 66% so far,...
U.S. stock indices are relatively flat today, with the SPY and QQQ both declining less than 0.10%, as the DXY (-0.38%) continues retreating, falling below $103. In contrast, crypto assets are rallying sharply, with BTC -0.04% (+2.37%) trading above $38k and ETH -0.41% (+1.78%) rising above $2,060. GBTC (+4.76%) has been one of the most popular trades over the past year as its discount to NAV has shrunk from over 40% to...
Equities, initially in the red, have rallied with the QQQ up by around 20 basis points and the SPX nearing breakeven. The DXY is trending downwards, aiming for its lowest close since August amid another day of lower rates, which is easing the burden on crypto-related equities like COIN, now trading around $120 and nearing another year-to-date high. The recent Binance crackdown also benefits Coinbase, potentially boosting its market share...
