Polygon 2.0, EU Passes Crypto Tax Reporting Legislation
Markets are rising following strong August retail sales and core PPI data in line with expectations. August retail sales jumped 0.6% MoM compared to 0.1% estimates. The producer price index increased 0.7% MoM, higher than the 0.4% expected, but core PPI (excludes food and energy) was in line with estimates at 0.2%. Given the Fedâs focus on core when deciding on future rate hikes and U.S consumer resilience, markets may see glimmers of what could potentially be a soft landing. The S&P is up 0.82%, while the Nasdaq gained 0.78%. Crypto markets are following equities higher, with BTC trading at $26.7k while ETH trades at $1.6k. SOL 0.64% has outperformed among the top 10 digital assets, reaching ~$19 at writing. Despite FTX receiving permission to liquidate their ~$3.4bn of crypto holdings yesterday, including over $1bn in SOL 0.64% , investors may find solace that a large majority of these assets are restricted via vesting, making the potential market impact more manageable.
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Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 0.33% falling to $60k and ETH -2.23% 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 -4.75% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.33% climbing back above $61,000 and SOL -0.40% moving above $145, while ETH -2.23% is lagging, trading around $2,400. Among today's outperformers is SUI -1.42% , 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 0.33% briefly dropping below $62k and ETH -2.23% below $2.5k. Among altcoins, SUI -1.42% is showing...