Congressman Sherman Questions SEC, Bitcoin Developers Debate BRC-20
Stocks and crypto continue to slide as BTC fell 2.0% while the S&P dropped 0.52%. The S&P is on track to close its second negative week after the University of Michiganâs consumer sentiment index estimate came in at a 6-month low of 57.7 vs. 63 expected. The survey also showed consumer outlook for inflation over the next 5 years has reached the highest level since 2008, with 3.2% inflation expected. BTC has reached 2-month lows trading at $26.3k, just above the key level of its 200-week moving average at ~$26.1k. The downward price action has followed a string of negative headlines which led to uncertainty in the market, including network congestion issues (more below), Binance temporarily halting Bitcoin withdrawals, and unconfirmed (potentially fake) reports that the U.S government is continuing to unload Bitcoin seized in the closure of Silk road. LDO (+7.5%) and KAVA (+7%) are outperforming among the top 100 cryptos. LDO is preparing for its V2 upgrade which would enable withdrawals of staked Ether, expected to go live on Monday pending a community vote. Layer-1 blockchain KAVA announced its mainnet launch was one week away.
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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 0.82% falling to $60k and ETH 1.92% approaching the low $2,300s. Aptos (APT -0.05% ) 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 -0.08% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.82% climbing back above $61,000 and SOL 1.38% moving above $145, while ETH 1.92% is lagging, trading around $2,400. Among today's outperformers is SUI 0.84% , 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 0.82% briefly dropping below $62k and ETH 1.92% below $2.5k. Among altcoins, SUI 0.84% is showing...
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