BTC ETF Issuers Get Ducks in a Row, Funding Rates Soar
The crypto market commenced 2024 on a high note. BTC spearheaded the rally, climbing from just above $42k to nearly $46k, setting a new peak in the ongoing bull market. Despite a slight retracement, Bitcoin’s price remains over $45k. ETH, while not matching Bitcoin’s pace, has still made considerable bullish strides, now trading around $2,350 after briefly nearing $2,400. ETH’s Layer 2 solution, ARB -0.04% , is undergoing consolidation following its ascent towards record highs, reflecting the early stages of a Layer 2 rotation seen last week. Similarly, STX -0.51% has rebounded, likely in response to Bitcoin’s upward move, and has seen a 9% increase in the last 24 hours. In a parallel development, SEI 3.60% , the debut parallelized EVM, has been performing beyond expectations, suggesting a strong market interest for upcoming parallelized EVMs. On the traditional markets front, the first trading day of the year is witnessing some consolidation as major US stock indices pull back amidst rising rates. With crypto prices also consolidating since the US market opened, it raises the question of whether macro correlations might reemerge soon. This week, significant macro data, including PMIs and jobs numbers, are due for release. These figures could alter the Federal Reserve’s timeline for its first rate cut.
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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 5.62% falling to $60k and ETH 4.95% approaching the low $2,300s. Aptos (APT -0.57% ) 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 2.81% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 5.62% climbing back above $61,000 and SOL 8.01% moving above $145, while ETH 4.95% is lagging, trading around $2,400. Among today's outperformers is SUI 7.86% , 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 -0.23% and QQQ -0.71% 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 5.62% briefly dropping below $62k and ETH 4.95% below $2.5k. Among altcoins, SUI 7.86% is showing...
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