Larry Fink Says Bitcoin Could "Revolutionize Finance", Long-term BTC Holders Rise
Risk-on markets are falling after data from ADP showed private sector jobs increased by 497K in June, more than double consensus estimates. This has heightened concerns about a more restrictive monetary policy, adding to negative sentiment from yesterdayâs Fed Minutes, which suggested that the interest rate decision in June may have been even more hawkish than previously thought. As a result, interest rates are surging across all maturities, with the 2-year treasury yield reaching a 16-year peak near 5.12%, although itâs now pulled back to 5.03%. The S&P is down 0.89% at writing, while the Nasdaq fell 0.94%. The risk off sentiment also tempered gains in the cryptocurrency market, which had gained overnight after comments from BlackRockâs CEO Larry Fink (more below). BTC has since retraced its gains, down 0.9%, while ETH is underperforming, down 1.5% in the same period. Tomorrowâs nonfarm payrolls report should provide more clarity on the employment situation.
Reports you may have missed
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 -1.07% falling to $60k and ETH 1.48% approaching the low $2,300s. Aptos (APT 1.46% ) 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 2.72% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -1.07% climbing back above $61,000 and SOL -1.94% moving above $145, while ETH 1.48% is lagging, trading around $2,400. Among today's outperformers is SUI 0.12% , 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 0.41% and QQQ 0.47% 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 -1.07% briefly dropping below $62k and ETH 1.48% below $2.5k. Among altcoins, SUI 0.12% is showing...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In fd3e4b-578d9a-3e50b3-0e8831-03af18
Already have an account? Sign In fd3e4b-578d9a-3e50b3-0e8831-03af18