Sphinxel
$SPX
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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 (-2.3%) is trading at $28k at time of writing after getting rejected from the $30k range on Wednesday. $ETH (-3.0%) exhibited a higher beta as it slid below $2k as well....
Digital asset markets continue their run-up from Ethereum's successful Shapella upgrade midweek, while traditional markets stall. $BTC (-1%) is holding the 30k level since breaching it on Monday, while $ETH (+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...
Investors are bracing for a week of critical economic data, including CPI and PPI data for March, which will be released on Wednesday and Thursday, respectively. Investor concerns about the possibility of another rate hike rose following Friday's robust employment data. Nonfarm payrolls saw an increase of 236,000, close to the Dow Jones estimate of 238,000, while the unemployment rate dropped to 3.5%. In addition to economic data, major banks,...
Twitter Changes Logo to DOGE, Interpol Red Notice Rumor Circulates, DeFi Hackers Return Funds
Traditional markets are sliding after U.S. job openings fell in February, dropping below 10m for the first time since 2021. $SPX and $QQQ are trading 0.7% and 0.4% lower than yesterday's close, while $BTC and $ETH have gained 1% and 3%, respectively. Over the past day, $DOGE surged by 26% after Elon Mush changed the Twitter logo to that of the memecoin. At this point, it is unclear whether the...
Markets continue pushing higher on slowing PCE data, pointing to signs of slowing economic momentum ahead of the banking crisis. Consumer PCE increased 0.2% in February (vs. January's 2%). After adjusting for inflation, however, spending actually fell 0.1% MoM in February. $SPX and $QQQ have opened higher on the news before trading 1.0% and 1.1% higher at the time of writing. Digital asset markets have followed suit, with $BTC and...
Hong-Kong Continues Crypto Hub Agenda, OKX to Return $157 Million to FTX Bankruptcy Estate
Traditional markets are rallying today amid easing bank concerns and speculation that the Fed may be done raising interest rates. The $SPX has risen 0.25%, while the $NDQ is up 0.52% at the time of writing. The Fedâs preferred inflation metric, the PCE index, will be released tomorrow morning and should fuel further speculation on whether or not any further rate hikes remain in 2023. Crypto markets are trailing equities,...
Stock are trading slightly lower relative to yesterday's close after the 10Y yield plunged overnight before rebounding at writing. $SPX and $QQQ are trading at -0.2% and -0.4%, respectively. Correlations between digital asset markets and traditional markets also continue to break down since two weeks ago. $BTC and $ETH are trading -1.6% and -3.2%, respectively. The market-wide price decrease followed the SEC's bulletin urging investors to exercise caution when investing in digital...
It is another wildly consequential week in global markets as the worldwide banking system continues to fend off liquidity concerns, and traders brace for a decision from the Fed on interest rates following their meeting on Wednesday. Bitcoin is coming off one of its best weeks in history, closing the week up 35% and moving north of $28k for the first time since last June. This afternoon, $BTC (+0.4%) is...
Markets have largely received news of the Fed's balance sheet expansion to $8.6T earlier this week to be favorable but concerns around the stability of regional banks still loom. $SPX (-1.3%)and $QQQ (-1.0%) have opened lower today after First Republic Bank received its $30b infusion from other banks. $BTC (+6.0%) briefly traded at $27k this morning before retracing to right below it, while $ETH (+3.6%) did not break its $17.8k...
Mixed payroll and wage growth figures released today are reflected in Friday's trading session thus far. U.S. payrolls rose more than expected (225k) with a gain of 311k in February, while the unemployment rate pushed higher to 3.6%. Monthly wage growth printed 0.2% (vs 0.3% consensus), correlating to a 4.6% increase from a year ago. $SPX (+0.4%) and $QQQ (+0.5%) opened lower before trading slightly above yesterday's close on the...
Equities opened higher this Monday morning on the back of easing bond yields. The $SPX and $NDQ are trading 0.6% and 1.0% higher, respectively. However, the U.S. 02Y has turned higher since this morning, now pushing back towards 4.9%. The $DXY has moved lower, assisted by increased hawkish rhetoric from the ECB. The crypto market rallied slightly in concert with equities but is stalling in the face of rate strength....