Bitcoin's Rally Continues and Filecoin Launches Virtual Machine
Crypto continued to rally today after CPI came in in-line today at 6.0% YoY. BTC was up 7.08% today at the time of writing, and ETH was up 5.17%. Traditional markets also rose, with SPX up 2.05% today, and NDQ up 2.45%. One of the more exciting developments we’ve seen this week is the massive outperformance of bitcoin over the rest of the market. This outperformance is represented in the bitcoin dominance ratio rising 5% this week to 45.55%, its highest level in almost a year. Much of what is driving this could be attributed to investors’ interest in bitcoin reigniting when traditional banks such as SVB are failing. A bitcoin dominance run is also generally viewed as healthy for the market, as it signals that froth in the market is relatively low (crypto traders are choosing to buy bitcoin over more speculative altcoins).
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CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 3.03% climbing back above $61,000 and SOL 5.99% moving above $145, while ETH 7.75% is lagging, trading around $2,400. Among today's outperformers is SUI 5.85% , 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 0.56% and QQQ 0.65% 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 3.03% briefly dropping below $62k and ETH 7.75% below $2.5k. Among altcoins, SUI 5.85% is showing...
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