OpenSea Discontinues Royalty Enforcement Tool, Securitize Acquires Onramp Invest
Despite yield reversal on bonds, equities market continue their retracement. Yields on the US10Y retraced 0.11% to 4.23% after peaking midday yesterday at decade-plus highs. Equities markets followed suit to reflect surging borrowing costs on future earnings, with the $SPX and $QQQ retracing 0.4% and 0.5%, respectively. Yesterday’s bloodbath in crypto markets also continued, with $BTC and $ETH slipping by 7.4% and 6.1% in the past day. This move down has predominantly been led by the majors. The total crypto market cap currently sits at $1.1T, with BTC and ETH dominance slipping to 69% from late July’s highs of 72%.
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The crypto market declined overnight, with BTC -2.36% dropping from $63k to $61k, SOL -4.85% from $150 to $145, and ETH -1.79% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY 0.00% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE 7.25% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC -0.28% ), possibly driven by...
Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the $SPX and $QQQ showing gains today. Crypto performance is mixed so far, with BTC -2.36% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH -1.79% is still hovering just...
U.S. equities are extending Fridayâs rally, with the $SPY and $QQQ both gaining about 0.65%. This weekâs macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and itâll be interesting to monitor if they take a dovish or hawkish tone after Powellâs dovish speech last week. Crypto markets gained over the weekend, with BTC -2.36% ...
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly...
