Hong Kong and Latin America Continue Crypto Efforts
After lower-than-expected JOLTS numbers yesterday, both Q2 GDP and ADP Employment numbers similarly came in below expectations, causing U.S. Treasury yields and the DXY to fall as the market reprices how much more monetary tightening may be needed. Conversely, equity indices are responding positively to the economic data, with the SPX and QQQ both rising more than 0.30% at the time of writing. After closing yesterday up over 6% following Grayscaleâs massive victory, BTC (-2.06%) has cooled off a bit. ETH (-1.63%), along with most altcoins, are performing similarly and retracing some of yesterdayâs gains. GBTCâs discount to NAV closed yesterday at its lowest level (18.06%) since 2021, and now many expect it to move to near-zero as the chances of a spot bitcoin ETF seem increasingly likely.
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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 0.53% falling to $60k and ETH -1.77% approaching the low $2,300s. Aptos (APT -0.11% ) 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 -4.86% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.53% climbing back above $61,000 and SOL 0.32% moving above $145, while ETH -1.77% is lagging, trading around $2,400. Among today's outperformers is SUI -0.43% , 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 0.44% and QQQ 0.92% 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 0.53% briefly dropping below $62k and ETH -1.77% below $2.5k. Among altcoins, SUI -0.43% is showing...
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