Bloomberg Increases BTC ETF Odds, Curve Debt Remains a Risk

Aug 2, 2023

A proposed increase in long-term treasury issuance coupled with Fitch’s downgrade of U.S. government debt has caused upward pressure on long-term rates today, with the U.S. 30-year rate moving to 4.2%, the highest since November of last year. Major equity indices have experienced a concurrent pullback alongside a 15% spike in the VIX. Meanwhile, the DXY has surged to 102.6, reaching its highest level in nearly a month. Among the majors, BTC has retraced some gains from its run to $30k yesterday evening, dropping to $29.3k, while ETH remains range-bound, currently trading around $1840. Many alts are facing pressure, possibly due to the ongoing Curve drama, which we will delve into further below. However, amidst this turbulence, SNX 1.03%  stands out as a DeFi token showing considerable strength, recording a 5% increase over the previous 24 hours.

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 1.42% falling to $60k and ETH 2.16% 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 5.84% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.42% climbing back above $61,000 and SOL 0.90% moving above $145, while ETH 2.16% is lagging, trading around $2,400. Among today's outperformers is SUI 5.80% , 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...

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