Sphinxel

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Cryptoassets and equities swapped roles today as the crypto market received a significant boost during Asian trading hours (more on this below). BTC -2.48%  reclaimed its position above $27k, while ETH -1.98%  made a strong push toward $1850. Among alts, the performance has been mixed. ETH scaling solutions ARB -5.86% , OP -8.39% , and IMX -6.17%  all experienced gains of over 2% during the day. Meanwhile, the native token of the decentralized GPU rendering platform, RNDR -5.35% ,...

Equity markets opened the week with mixed results while bonds yields ticked higher as investors eagerly await updates on debt-ceiling negotiations. Relative to last week's close, NDAQ is trading at -0.2%, SPX is flat (+0.1%), while QQQ is changing hands at +0.4%. US02Y and US10Y are up 1% on the day, reflecting the President's and House Speaker's meeting later today in an effort to avoid a technical default. Digital asset...

Markets saw a retracement as retail sales data for April came in lower than expected, triggering fears of weak earnings from retailers. SPX and NDAQ slid 0.3% and 0.6% lower than yesterday's close, while the QQQ continued its ascent from nearly two weeks ago, up 0.5%. Digital asset markets saw a similar decline, with BTC -2.48%  dipping below $27k for the second time in the past month, and ETH -1.98%  trading at...

Bitcoin (BTC -2.48% ) and the broader crypto market are staging a recovery after a week of bearish price action, with altcoins facing particularly excessive pressure. Bitcoin has successfully bounced off its key 200-week moving average around $25,800 and is now hovering around $27,400. Ethereum (ETH -1.98% ), meanwhile, remains stable above the $1,820 level. Notable standout performers include altcoin LDO -5.11% , up 12% on the day, potentially driven by improved withdrawal capabilities and short...

This morning’s initial jobless claims came in at 264k vs. 245k expected, marking the highest level since October of 2021, further supporting the notion that the Federal Reserve is seeing what they need to pause rate hikes going forward. Equity indices are mixed following this morning’s data, with the S&P 500 declining 0.23% and the Nasdaq 100 rising 0.26%. Crypto markets are underperforming compared to equities, with BTC -2.48%  (-1.51%) and...

Equity markets slid lower today as investors await CPI data tomorrow and discussion over the debt ceiling later today. SPX and QQQ are trading at -0.4% and -0.6% relative to yesterday's close after opening lower, whilst DXY and US10Y are up by 0.3% and 0.4% on the day. Digital asset markets are also following suit, with BTC -2.48%  and ETH -1.98%  sliding by 1.5% and 1.0% over the past day. Many have pointed...

The NDQ has slid 0.3% on Monday as investors anticipate corporate earnings reports from major tech companies, while the SPX is effectively flat. Investors are closely watching for earnings results from mega-cap tech firms, including Alphabet, Microsoft, Amazon, and Meta, marking the halfway point of the earnings season. Both BTC -2.48%  and ETH -1.98%  are moving lower in concert with major equity indices, and most altcoins, including MATIC -0.46%  and SOL -2.13% , are following...

Digital asset markets continue their decline from earlier in the week amidst a broader market correction. SPX (-0.1%) and QQQ (-0.1%) are poised to make weekly losses, while NDAQ (-0.5%) is set to close the week up 2.0%. BTC -2.48%  (-2.3%) is trading at $28k at time of writing after getting rejected from the $30k range on Wednesday. ETH -1.98%  (-3.0%) exhibited a higher beta as it slid below $2k as well....

Traditional indices are trading lower today, with the SPX (-0.20%) and NDQ (-0.62%) declining as market focus is shifting to the upcoming earnings season. Crypto markets are underperforming today as BTC -2.48%  (-3.14%) and ETH -1.98%  (-2.20%) are cooling off after rallying over the last week. As mentioned in last week’s Crypto Weekly, supply overhang projections following the Ethereum Shapella upgrade were too pessimistic. As of this morning, total withdrawals since the...

Digital asset markets continue their run-up from Ethereum's successful Shapella upgrade midweek, while traditional markets stall. BTC -2.48%  (-1%) is holding the 30k level since breaching it on Monday, while ETH -1.98%  (+2.5%) breached $2.1k last evening before dipping right below it at the time of writing. ETHBTC is trading back above the 0.066 level at 0.068 after failing to break down from 0.062. SPX (-0.4%) and QQQ (-0.6%) opened higher before retracing...