SOL Breaking Out, BTC Volatility Suggests Big Move is Due
The Federal Reserve is expected to approve its 11th interest rate increase since last March, and concerns seem centered on whether this move is excessive given disinflationary trends. The benchmark borrowing rate is projected to reach its highest level since early 2001. Major equity indices are starting the day lower as investors await the Fed’s decision, and the DXY is moving lower alongside longer-term rates. In the crypto market, BTC and ETH are slightly higher at the start of the day, while SOL 31.93% demonstrates impressive performance, rising nearly 7%. Conversely, DOGE is experiencing a pullback after its significant surge of over 15%, fueled by rumors of potential integration into the Twitter app.
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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 0.84% falling to $60k and ETH 0.79% approaching the low $2,300s. Aptos (APT -0.37% ) 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 3.62% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.84% climbing back above $61,000 and SOL -0.98% moving above $145, while ETH 0.79% is lagging, trading around $2,400. Among today's outperformers is SUI 4.05% , 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 0.71% and QQQ 0.63% 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 0.84% briefly dropping below $62k and ETH 0.79% below $2.5k. Among altcoins, SUI 4.05% is showing...