Crypto Daily Report – August 11
Reports you may have missed
CRYPTO MARKET UPDATE September is off to a bumpy start for markets. The ISM manufacturing PMI came in at a contractionary 47.2, below the expected 47.9, pushing treasuries higher while equities and crypto dipped. Defensive sectors are leading equities as the price action clearly signals a shift to risk-off sentiment. This week is pivotal, with key data releases including JOLTs job openings on Wednesday and the Non-Farm Payrolls (NFP) and...
MARKET UPDATE U.S. EQUITIES ARE RELATIVELY FLAT ON THE FINAL DAY OF TRADING FOR AUGUST, WITH THE ^SPX -2.21% OSCILLATING AROUND $5,600 AND THE NDQ TRADING NEAR $19,400. Rates and the dollar are gaining today despite PCE and Consumer Confidence data providing more assurance that inflation is receding. Crypto is underperforming, with BTC -4.32% falling to $58.5k and ETH -5.80% at $2,450, as ETF flows and spot volumes have been muted this week....
CRYPTO MARKET UPDATE In stark contrast to the recent BLS job number revisions, the government revised its Q2 GDP estimate higher this morning to 3%, leading to a jump in rates and the DXY. However, this data also apparently boosted confidence in the soft landing trade, as rate-sensitive indices like IWM are outpacing ^SPX -2.21% and QQQ -3.22% . Chip-adjacent stocks are also performing well, spurred by another earnings beat from NVDA -11.35% , benefiting...
MARKET UPDATE U.S. EQUITIES ARE DECLINING AHEAD OF NVIDIA EARNINGS LATER TODAY, WITH THE SPY -2.21% DECREASING TO $558.53, WHILE THE NVIDIA-HEAVY QQQ -3.22% HAS DROPPED TO $472.20. The crypto market has suffered from large amounts of liquidations over the last 24 hours, totaling over $355 million as yesterday evening, BTC -4.32% fell swiftly from $62k down to $58k while ETH -5.80% made a similar move, falling from $2.6k to $2.4k in less than...