Miners Raking in the Fees, Grayscale Clears the Air on Tax Issues
After experiencing an overnight drawdown during Asian market hours, cryptoassets are witnessing a notable bounce at the US market open. BTC is at the forefront, rebounding to $41.5k after briefly dipping to $40.5k last evening. Meanwhile, ETH is trailing behind, currently down about 1% to $2170. Although altcoins are broadly lower at the start of the day, select ones like STX -0.57% , a Bitcoin layer 2 network, are performing well, likely continuing to benefit from the recent surge in demand for layer 2 solutions following the spike in Bitcoin network fees. In the equities market, crypto stocks are moving higher, with notable outperformance by a number of miners. This could be attributed to the market recognizing the increased revenue they’ve gained from the popularity of ordinals. This week’s macro calendar is packed with key events. We’re anticipating a Bank of Japan interest rate decision, which could shed more light on the central bank’s long-term plans for YCC. Additionally, inflation data from the UK and US GDP numbers, along with Core PCE data, will be released later in the week. In the broader financial market, long-term rates are trending upwards, while the DXY is slightly lower, influenced by the relative strength of European currencies. Equities are showing a mixed performance today. The QQQ is moving lower, while the SPX is trending higher, buoyed by a substantial bounce in the energy sector.
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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 2.41% falling to $60k and ETH 1.17% approaching the low $2,300s. Aptos (APT 1.40% ) 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 3.39% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 2.41% climbing back above $61,000 and SOL 2.58% moving above $145, while ETH 1.17% is lagging, trading around $2,400. Among today's outperformers is SUI 7.15% , 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 -0.74% and QQQ -0.90% 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 2.41% briefly dropping below $62k and ETH 1.17% below $2.5k. Among altcoins, SUI 7.15% is showing...
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