Header logo
  1. Research
  2. Crypto Research
  3. Market Update

BTC Finds Support, LDO Breaking Out

Jun 8, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update Today, we're witnessing a return of familiar correlations as Bitcoin, gold, and equities all stage a mini rally. Today's major macro news was the leap in jobless claims to 261k, a level not reached since October 2021 and notably above consensus. Advocates of continued rate hikes frequently point to the consistent strength of the labor market. However, this new data could signal the onset of a softening jobs market beginning to reflect in the economic indicators. As one might expect, rates are trending lower today, aligning with the modest rally observed. Amid the recent barrage of SEC lawsuits, $BTC seems to be finding stability around its 200-week moving average. However, as anticipated, altcoins continue to lag, likely influenced by recent negative headlines.In the wake of this week's high-profile SEC lawsuits, the defendants, Coinbase and Binance, are beginning to show early signs of resistance. Yesterday, in a move of assurance, Coinbase CEO Brian Armstrong promised users that the company's staking service would proceed as normal while the lawsuit was being contested. He further clarified that the company does not intend to delist any of the assets mentioned in the SEC's lawsuit. In a separate but related matter, Binance has thrown an unexpected allegation into

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

Executium TN 6BYSMrQs Unsplash

CRYPTO MARKET UPDATE RATES ARE BROADLY LOWER, WITH A NOTABLY STRONGER RALLY AT THE FRONT END OF THE CURVE AS THE MARKET APPEARS TO BE TAKING POTENTIAL RATE CUTS OVER THE NEXT COUPLE OF FOMC MEETINGS MORE SERIOUSLY. Despite significant weakness in equities today, the crypto market is looking relatively healthy, with BTC and many altcoins in the green. BTC briefly rallied above $67k but has since drifted back down...

BTC -0.22% ETH -0.80% GBTC +0.67% IWM -2.09% QQQ -3.27% SOL 1.55% ^SPX
Andre Francois Mckenzie Vh7U Z75L3U Unsplash

CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC to Bitstamp, leaving about 90k BTC remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC is trading around $66.5k,...

AVAX -2.32% BTC -0.22% ETH -0.80% ETHBTC ETHE N/A% GBTC +0.67% GOOGL -4.9% SOL 1.55% TSLA -12.46% V -3.7%
All-time highs next? Bitcoin holds $62K as the dollar index tumbles to 3-week lows

CRYPTO MARKET UPDATE POLITICAL DEVELOPMENTS CONTINUE TO DOMINATE INVESTOR SENTIMENT FOLLOWING PRESIDENT BIDEN'S WITHDRAWAL FROM THE PRESIDENTIAL RACE ON SUNDAY AFTERNOON. The initial market reaction saw a dip in crypto prices, with Bitcoin falling from $67.5k to $66k. However, the market rebounded after Biden endorsed Harris. Since the U.S. market opened on Monday, we have seen relatively choppy price action. BTC is now trading slightly above $67k, while ETH remains...

BITI BTC -0.22% ETH -0.80% OP -1.98% SOL 1.55% USDY 0.32%
Bitcoin Equilibrium Price Likely to Top $168,000 Following ETF Approval, FSInsight Says

CRYPTO MARKET UPDATE U.S. EQUITIES ARE CONTINUING THIS WEEK’S SELL-OFF, WITH THE SPY -2.07%  AND QQQ -3.27%  BOTH DECLINING APPROXIMATELY 0.28%, WHILE THE DXY AND TREASURY YIELDS INCH UPWARDS. In contrast, BTC is moving sharply higher, trading at $65.8k, with rumors circulating that former President Trump will unveil plans to add Bitcoin as a strategic reserve at next week’s Bitcoin conference. ETH is trading at $3,450 ahead of potential S-1 approval after...

BONK 1.70% BTC -0.22% DXY N/A% ETH -0.80% JUP -8.65% QQQ -3.27% SOL 1.55% SPY -2.07% WIF -1.42%
FS Insight

Sign in to read the report!

We have detected you are an active member!

or

Sign in with Google

Sign in with Twitter
Ray: f5fd92-e22639-fa7c92-d9b71b-181f74