Huobi Experiences Net Outflows, Controversial NFT Sales Spark Debate

Aug 7, 2023

Traditional markets rebound after posting a loss last week as investors look to Thursday’s CPI print for clues as to whether the Fed will continue to raise rates. ^SPX 0.74%  and QQQ 0.63%  are trading at 0.6% and 0.2% higher than Friday’s close, while earnings reports are set to roll in for the worst quarter since 2020. Digital asset markets seem to be breaking correlation from traditional markets, with BTC (-0.9%) breaking down from its $29k range and ETH (-0.7%) trading at $1.81k. Should we decisively break below this range, we believe $21 to $24k to be compelling buying opportunities (should we get them) as ETF news buyers from $25 to $30k get flushed out on fears of a BTC ETF delay and/or Binance DoJ headline risk.

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 1.00% falling to $60k and ETH 2.25% 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 5.86% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.00% climbing back above $61,000 and SOL 1.17% moving above $145, while ETH 2.25% is lagging, trading around $2,400. Among today's outperformers is SUI 4.41% , 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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