Market Update
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Stocks are rising following China's decision to lower the reserve requirements for banks, coupled with strong early earnings from technology firms like Netflix and ASML. Meanwhile, the cryptocurrency market has stabilized somewhat, recovering slightly from its recent decline. BTC has reclaimed $40k gaining 2%, while ETH gained 1% to reach $2.2k. Bitcoin's recent drop below the $40k mark appears to have been sparked by news that Mt. Gox is confirming...
U.S. equity indices are flat on the day as the DXY (+0.39%) and U.S. Treasury yields are rising. The next important macroeconomic data point is the PCE Index, which will be released on Friday morning. Crypto markets are continuing to struggle, with BTC (-1.10%) and ETH (-4.71%) extending this weekâs declines. After surging following the Bitcoin ETF approval, ETHBTC (-3.61%) has given back some of its gains, contributing to the...
Equities are advancing again after reaching new all-time highs last week, buoyed by a pullback in interest rates. Despite this positive trend in equities, gold prices have dipped, and the broader crypto market, including BTC, continues to face downward pressure. BTC is steadfastly maintaining the $40,000 level as its support, while ETH has retraced its recent rally to $2,700, now trading at $2,350. This retreat is mirrored in the broader...
SEC Delays Fidelity's Ether ETF Decision, Solana Mobile's Chapter 2 Exceeds Preorder Expectations
U.S. equities are ending the week on a strong note, with the SPY and QQQ both rallying more than 0.75% on the back of encouraging UMich Consumer Confidence Data, showing the highest mark since 2021 amid expectations of inflation easing and rates declining. Crypto markets are not sharing the confidence as the market continues to absorb large amounts of Bitcoin sales due to GBTC outflows ($2.2 billion). Total flows remain...
BTC continues to drift lower, falling 2.6% over the last day to $41.4k. Bitcoin has dropped by up to 15% after peaking the same day as the highly anticipated ETF listing. This decline is partly attributed to withdrawals from Grayscale's Bitcoin Trust and miner selling. The trading volume for spot bitcoin ETFs reached almost $2.2 billion yesterday, a slight increase from Tuesday's $1.8 billion but significantly lower than the $3...
Dencun Upgrade Pushed to Goerli Testnet, Core Scientific Approved to Emerge from Chapter 11
U.S. equity indices are declining today after retail sales data spiked (0.6% MoM vs. 0.4% exp.), and the DXY (+0.18%) continues to show strength above $103. The SPY and QQQ have fallen 0.74% and 1.02%, respectively. Crypto markets are performing similarly, with BTC (-1.86%) trading around $42k and ETH (-2.30%) holding near $2,500. Render (RNDR) and Chainlink (LINK -0.72% ) are two of the top performers today, potentially attributable to protocol-specific catalysts....
Equities are falling while rates gain after comments from Fed Governor Waller suggested that central bank policy will ease slower than the market is anticipating. The 10-year Treasury yield jumped to 4.07% while the dollar index gained 0.7% to reach 103.4. BTC is up 1% today, stabilizing at $43k after volatile price action from last weekâs spot ETF launches, which saw it rally to $49k only to fall 15% to...
The cryptocurrency market is currently experiencing a downturn, falling 3% overall. Ethereum and select ecosystem projects are bucking the trend, with ETH relatively flat in the last day, trading 0.2% lower at ~$2.6k and hitting a two-month high against Bitcoin as ETHBTC reaches 0.059. Outperformers in the top 100 include ETH NFT marketplace BLUR (+8.7%), layer-two OP (+6.8%), and ETH domain service ENS 1.89% (5.2%). In contrast, BTC is noticeably underperforming,...
At long last, all eleven spot Bitcoin ETF applications have been approved! They all began trading this morning, and trading volumes have been impressive thus far. According to Bloomberg Senior Analyst Eric Balchunas, Grayscale and Blackrock are leading the pack, accounting for $1.7 billion in trading volume out of the $2.3 billion total (not including BITO). Investors will be eyeing ETF inflows, which will be calculated once share counts are...
After receiving comments on their S-1 statements late yesterday, multiple Bitcoin ETF applicants filed amendments this morning in what appears to be the final steps in the process. Valkyrie cofounder Steve McClurg stated in an interview that he believes approvals should be effective tomorrow, with ETF trading beginning on Thursday. BTC (-0.26%) is showing modest declines ahead of the decision while ETH (-2.76%) has declined sharply, causing ETHBTC (-2.50%) to...
Bitcoin continues to slowly chop higher ahead of this week's highly anticipated decision from the SEC regarding the Bitcoin spot ETF. On Friday, issuers submitted their final 19b-4 forms, and this morning, all the S-1 forms were filed, offering a glimpse into the emerging fee war. Bitcoin is currently trading just above $46k. Meanwhile, ETH is up 4%, reclaiming the $2300 level. Following a mild pullback across the altcoin market,...