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BTC Finds Support, LDO Breaking Out

Jun 8, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update Today, we're witnessing a return of familiar correlations as Bitcoin, gold, and equities all stage a mini rally. Today's major macro news was the leap in jobless claims to 261k, a level not reached since October 2021 and notably above consensus. Advocates of continued rate hikes frequently point to the consistent strength of the labor market. However, this new data could signal the onset of a softening jobs market beginning to reflect in the economic indicators. As one might expect, rates are trending lower today, aligning with the modest rally observed. Amid the recent barrage of SEC lawsuits, $BTC seems to be finding stability around its 200-week moving average. However, as anticipated, altcoins continue to lag, likely influenced by recent negative headlines.In the wake of this week's high-profile SEC lawsuits, the defendants, Coinbase and Binance, are beginning to show early signs of resistance. Yesterday, in a move of assurance, Coinbase CEO Brian Armstrong promised users that the company's staking service would proceed as normal while the lawsuit was being contested. He further clarified that the company does not intend to delist any of the assets mentioned in the SEC's lawsuit. In a separate but related matter, Binance has thrown an unexpected allegation into

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