HK Opens for Business, ETHBTC Reaches Critical Level
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 -0.05% , OP -1.72% , 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 -0.50% 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.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -3.26% falling to $60k and ETH 2.19% approaching the low $2,300s. Aptos (APT 0.13% ) 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 6.30% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -3.26% climbing back above $61,000 and SOL -4.02% moving above $145, while ETH 2.19% is lagging, trading around $2,400. Among today's outperformers is SUI -1.73% , 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 -0.50% and QQQ -0.13% 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 -3.26% briefly dropping below $62k and ETH 2.19% below $2.5k. Among altcoins, SUI -1.73% is showing...
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