Crypto Daily Report – December 5
Risk assets slid this morning on the release of positive economic data, heightening the probability of continued tightening from the Fed. The November ISM reading came in at 56.5%, much hotter than the expected 53.7%, indicating persistent economic activity. Yields are higher across the board, with the US 10Y rising 2.6% thus far on the day. The DXY has inched 0.6% higher while the VIX is up 6.8%. The QQQ and ^SPX -2.36% are trading approximately 1.0% lower at the time of writing. The crypto market has primarily sunk since US markets opened but is still higher over the previous 24 hours, perhaps suggesting a muted beta to equities compared to what we have been accustomed to seeing. The total crypto market is trading 1.6% higher, while both BTC and ETH are up 0.3% and 0.5%, respectively, since this time yesterday. As discussed in our Weekly note on Friday, we will be watching closely over the next couple of weeks at the crypto market’s responsiveness to macro data as ISM, PPI, and Consumer Sentiment data are released this week, followed by the next CPI print next Tuesday.Â
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