ETH as a Security, BRC-20 Token Standard
Mixed payroll and wage growth figures released today are reflected in Friday’s trading session thus far. U.S. payrolls rose more than expected (225k) with a gain of 311k in February, while the unemployment rate pushed higher to 3.6%. Monthly wage growth printed 0.2% (vs 0.3% consensus), correlating to a 4.6% increase from a year ago. ^SPX 1.11% (+0.4%) and QQQ 1.34% (+0.5%) opened lower before trading slightly above yesterday’s close on the ambivalent news, while digital asset markets are also rebounding after bleeding down yesterday. BTC and ETH are trading at 6.3% and 6.5% discounts over the past day. Altcoins have generally performed poorly over the past week, with Huobi (HT) experiencing a 90% flash crash in the past day. Justin Sun has responded by opting to cover losses caused by the volatility and setting up a $100m liquidity fund improve HT liquidity depth.
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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 4.29% falling to $60k and ETH 7.09% approaching the low $2,300s. Aptos (APT -0.17% ) 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 7.60% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 4.29% climbing back above $61,000 and SOL 7.94% moving above $145, while ETH 7.09% is lagging, trading around $2,400. Among today's outperformers is SUI 6.68% , 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 1.11% and QQQ 1.34% 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 4.29% briefly dropping below $62k and ETH 7.09% below $2.5k. Among altcoins, SUI 6.68% is showing...
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