Bitcoin Network Transactions Reach All-time Highs, SUI Rises Ahead of Mainnet
BTC has rebounded 1.2% while stocks fell due to weakness in the banking sector. The S&P is down 1.68%, and the Nasdaq fell 1.45%. While JP Morganâs takeover rescued First Republic, fear has spread to other regional banks. Shares of PacWest, Western Alliance, and Metropolitan Bank all had trading paused after falling over 20% this morning. Gold moved 1.4% higher while the VIX jumped to over 19, 20% higher than its intraday low of under 16 yesterday. The market is full of uncertainty, with trouble in the banking sector, the debt ceiling looming, and tomorrowâs Fed rate decision. Traders are pricing in an 82% chance the Fed hikes 25 bps, but investors will focus on whether the Fed will indicate any dovishness and finally pivot from tightening monetary policy. ETH is outperforming among the top 10 by market cap, rising 0.8% over the last day. Amid all the uncertainty, the number of transactions on the Bitcoin network has quietly reached all-time highs, likely due to surging interest in ordinal-based tokens built on the network using a new token standard (more below).
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 0.43% falling to $60k and ETH 1.76% 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 -0.30% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.43% climbing back above $61,000 and SOL 0.81% moving above $145, while ETH 1.76% is lagging, trading around $2,400. Among today's outperformers is SUI 0.17% , 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 -1.09% and QQQ -1.69% 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 0.43% briefly dropping below $62k and ETH 1.76% below $2.5k. Among altcoins, SUI 0.17% is showing...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In 802166-d18bc4-b0a523-8eb454-acf384
Already have an account? Sign In 802166-d18bc4-b0a523-8eb454-acf384