HK Opens for Business, ETHBTC Reaches Critical Level

Market Update Cryptoassets and equities swapped roles today as the crypto market received a significant boost during Asian trading hours (more on this below). $BTC reclaimed its position above $27k, while $ETH made a strong push toward $1850. Among alts, the performance has been mixed. ETH scaling solutions $ARB, $OP, and $IMX all experienced gains of over 2% during the day. Meanwhile, the native token of the decentralized GPU rendering platform, $RNDR, continued its impressive surge. Likely fueled by a persistent AI narrative, RNDR saw a remarkable 11.5% increase in price since yesterday. In traditional markets, major equity indices took a hit, with the $NDQ and $SPX declining by 0.8% and 0.6%, respectively. This downturn can be attributed to ongoing uncertainty and a lack of progress on a debt ceiling agreement. Despite the decline in equities, this morning's economic data revealed a net acceleration in economic activity. The S&P Global manufacturing PMI came in at 48.5, slightly below the consensus estimate of 50. However, the services PMI surpassed expectations, registering at 55.1 compared to the consensus estimate of 52.6. These figures indicate an overall expansionary reading, contradicting the recessionary concerns voiced by many market commentators.The announcement from