BitDigest March 5 · Issue #855
- Crypto sells down in risk-off market
- Vietnam plans to investigate the crypto industry and develop regulatory policies
- Square acquires Tidal streaming service with plans to disrupt music industry
Mining Stock Performance
🅱️Many investors have been looking to publicly traded miners as proxies for bitcoin. While BTC is up 425% over the past year, mining stocks have outperformed the underlying coin price with returns as high as 3000%. That said, there is real concern that miner pricing is frothy due to their valuations based on future hashing capacity (something I will address next week). For now, I want to take a look at the impact of the recent market resetting and how the miners have fared. Below you will see last night’s closing price for each of the North American publicly traded miners compared to their respective 52-week highs and corresponding decline percentage. As a comparison bitcoin has declined 17% since its $58,000 high on February 21st.
The Headlines
Market Data
Exchange, Custody and Product News
Thoughts on the Ecosystem
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -1.73% falling to $60k and ETH -1.10% approaching the low $2,300s. Aptos (APT -0.11% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -2.22% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -1.73% climbing back above $61,000 and SOL -1.10% moving above $145, while ETH -1.10% is lagging, trading around $2,400. Among today's outperformers is SUI -3.80% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY -1.12% and QQQ -0.38% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -1.73% briefly dropping below $62k and ETH -1.10% below $2.5k. Among altcoins, SUI -3.80% is showing...
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