XRP
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Risk assets are starting the week on a strong note after a week marked by dovish data and the US Treasury's accommodating refunding schedule. Despite today's bounce in interest rates, the DXY remains relatively flat. Major equity indexes are showing slight gains, with healthcare and technology stocks leading the way. In the crypto market, assets are generally on the rise, with the recent rally broadening to other areas of the...
Equity markets are flat today in anticipation of the Fedâs interest rate decision and revised dot plot announcement this afternoon. BTC 0.47% is down 0.5% today, continuing to range between $26.9k and $27.4k for the last week. ETH 2.56% is underperforming, down 1.5% in USD, and reaching 14 month lows against BTC. The ETHBTC pair has broken the 0.06 level, trading at 0.59 at writing. This follows notable on-chain transfers from whales...
FINAL THOUGHTS ON RIPPLE DECISION In June, we identified the Ripple case as a possible catalyst for altcoins, as indications of progress for the defendants surfaced. Just last week, Ripple achieved a partial victory, likely benefiting altcoins targeted by the SEC and potentially prompting a shift towards a more legislative approach rather than an enforcement-focused one. _Source: Reuters, Fundstrat_ The court ruled that Ripple Labs' transactions of XRP 0.85% to institutional...
SEC Reviews Bitcoin ETF Applications, Geist Finance Closes After Multichain Exploit
Equities markets open marginally higher after inflation data last week showed a slowdown in price increases, fueling hopes that the Fed can achieve price stability without triggering a recession. SPX and QQQ are up 0.2% and 0.4%, respectively, with earnings season to roll through further this week. Despite last week's encouraging developments on the court's ruling against Ripple, the digital asset market has retraced most of its gains since Wednesday....
Crypto markets are sharply rising after a judge has ruled that Rippleâs sales of XRP 0.85% do not constitute an offer of investment contracts. XRP 0.85% is up 35% following the announcement, and BTC 0.47% (+2.41%) has surpassed $31k and ETH 2.56% (+3.46%) is nearing $1,950. MATIC 1.58% (+9.80%) is outperforming today after a proposal was submitted to make MATIC a multipurpose token used to validate multiple blockchains. The proposal would have the token rebranded...
COINS FACE ADDITIONAL TURBULENCE Last week, we seized the opportunity to "buy the fear" in response to the SEC lawsuits targeting major crypto platforms Coinbase and Binance. In our Core Strategy, we decreased our allocation to stablecoins to 10% and lowered our allocation to alts from 17.5% to 7.5%. This turned out to be fortunate timing on our part, as altcoins continued to face significant losses over the weekend. Moreover,...
Binance.US Announces Suspension of USD Deposits and Vitalik and Polygon Co-Founder Donate to COVID Research
Crypto markets are up slightly on the day, BTC 0.47% has risen 0.54%, and ETH 2.56% has risen 0.15%. Interestingly, the ETH Dominance metric, a metric that measures Etheruem's market cap compared to the rest of the crypto market, has reached its highest levels since the Merge last year and at the peak of the 2021 bull market, indicating that Ethereum is extremely relatively strong to the rest of the market. Altcoins...
PMIS SHOW SLOWING ECONOMIC GROWTH There was a significant amount of economic data released this week, with particular attention given to the PMI data, which is considered a reliable indicator of economic activity. In May, the manufacturing sector in the US experienced its seventh consecutive month of contraction, as indicated by the Manufacturing ISM Report. The Manufacturing PMI for May was recorded at 46.9, a data point that suggests a...
Stocks are rising as investors anticipate a potential agreement between congressional leaders and President Joe Biden regarding the U.S. debt ceiling. The S&P gained 1.19%, while the Nasdaq is up 1.2%. Leaders on both sides of the aisle made positive comments following negotiations. House Speaker McCarthy stated it's "possible to get a deal by the end of the week," President Biden said he was "confident" about a deal resolution. BTC 0.47% ...
Crypto and Equities are rising, with the S&P up 1.07% while BTC 0.47% gained 3.82% over the last day. No news is good news as investors regain comfort that the financial sector has stabilized each day that passes without another crisis. Core PCE inflation is scheduled to be released this Friday. Known as the Fedâs preferred measure of inflation, it could either strengthen or weaken the marketâs conviction that the Fed...
Crypto markets seem to be taking yesterday's Binance news in stride, with BTC 0.47% down just 0.40% today at time of writing and ETH 2.56% up 1.88%. SPX and NDQ were down 0.10% and 0.63%, respectively. Interestingly, the ETH/BTC ratio appears to be stabilizing ahead of the Shanghai withdrawals on April 12th. ETH/BTC was up 2.33% today and nearly 4% from last week's low. Today's outperformers include liquid staking derivatives LDO and...
Voyager gets Initial Approval to Sell Assets to Binance U.S. and Twitter is Developing a 'Coins' Feature
Crypto and traditional markets had a choppy morning before continuing their move higher ahead of tomorrow's CPI release. Holders of risk assets such as crypto are hoping for a soft CPI print to signal inflation easing. BTC 0.47% and ETH 2.56% are currently up 0.21% and 0.17%, respectively, while SPX and NDQ are up 0.83% and 1.17%. Many altcoins that experienced aggressive short squeezes earlier this week have pulled back at the...
