Rally Retraces, Tether Continues its Tear
The crypto market has seen a significant reversal of its weekend rally as investors watchfully anticipate the House vote on the debt ceiling agreement brokered between the White House and the House Speaker. BTC has fallen below the $27k mark, while ETH grapples with maintaining a foothold above $1850, and other altcoins face more considerable downward pressure. Optimism (OP -2.07% ) has seen a roughly 4% decrease in value, hitting its lowest point since early January due to a significant token unlock event. Further compounding these market pressures is a strengthened US dollar, spurred on by lower-than-expected manufacturing figures out of China and hawkish sentiments from Fed President Mester advocating for continued rate hikes. Presently, the futures market is factoring in a nearly 70% chance of a further 25 basis point hike at the upcoming June meeting, adding to the prevailing sense of market unease.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.18% falling to $60k and ETH 1.64% 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 0.62% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.18% climbing back above $61,000 and SOL 1.27% moving above $145, while ETH 1.64% is lagging, trading around $2,400. Among today's outperformers is SUI -1.31% , 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 -0.18% briefly dropping below $62k and ETH 1.64% below $2.5k. Among altcoins, SUI -1.31% is showing...
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