Riot Secures Additional Mining Power, Robinhood Crypto Trading Volume Surges
After opening negative, equity indices have turned positive following the release of JOLTS data showing 8.7 million job openings versus 9.3 million expected, displaying further softening in the labor market. The market continues to pull forward the timeline of the Federal Reserveâs first rate cut, projecting a 55% chance of a March cut compared to a 25.6% chance a month ago. Within crypto markets, all eyes are on BTC (+3.96%) as it has surpassed $43k, and its dominance ratio, BTC.D (+1.18%), has made a new 2023 high. The uptick in dominance may be attributed to the realization that spot ETF approvals are potentially a few short weeks away. Yesterday, Blackrock filed an additional S-1 amendment and confirmed receipt of seed funding for the first shares of the iShares Bitcoin Trust, serving as positive signals for upcoming approval.
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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 -2.29% falling to $60k and ETH -3.57% approaching the low $2,300s. Aptos (APT N/A% ) 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 -4.80% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -2.29% climbing back above $61,000 and SOL -8.03% moving above $145, while ETH -3.57% is lagging, trading around $2,400. Among today's outperformers is SUI -8.42% , 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 -1.39% and QQQ 0.37% 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 -2.29% briefly dropping below $62k and ETH -3.57% below $2.5k. Among altcoins, SUI -8.42% is showing...
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