ETH Touches $3k as Tailwinds Align, Ethena Launch Generates Both Fanfare and Concern

Feb 20, 2024
Market Update Equity markets are under pressure this morning, with the QQQ and SPX indices dropping over 1% and approximately 0.70%, respectively. This downturn occurs amidst a backdrop of a declining DXY and lower rates, underscoring a continued decoupling between risk assets and the bond market since early January. The crypto market is also experiencing a pullback, following Bitcoin's premarket attempt to surpass the $53k mark and Ethereum's notable weekend achievement of reaching the $3k level for the first time in nearly two years. This $ETH momentum is partly fueled by the growing anticipation of ETF approvals and the excitement over the forthcoming Dencun upgrade in mid-March. This fervor is reflected in the recent spike in OI on the CME, nearly back to all-time highs in ETH terms. Despite these developments, $BTC was rejected at the $53k threshold as the US market opened, and ETH has since retraced to around $2920. Layer 2 solutions such as $IMX, $OP, and $STX have retained some of their gains, outperforming the broader market this morning. Looking forward, the week appears light on significant macro data, though the market will receive the release of the FOMC's meeting minutes on Wednesday, and many investors will be tuned into Nvidia's earnings call on Wednesday for dir

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CRYPTO MARKET UPDATEDESPITE YIELDS MOVING HIGHER, RISK ASSETS ARE GENERALLY FARING WELL TODAY. BTC -1.49% BRIEFLY MOVED ABOVE $67,000 AGAIN IN THE MORNING HOURS AND IS NOW HOVERING JUST ABOVE THAT LEVEL. ETH -0.87% remains in a holding pattern, trading around $3,000 as it awaits a likely denial from the SEC this week on spot ETFs. The ETHE 0.00% discount did compress slightly last week, possibly driven by longshot bets that the SEC...

MARKET COMMENTARYU.S. EQUITIES ARE RELATIVELY FLAT AS THEY CONSOLIDATE ABOVE PRIOR ALL-TIME HIGHS. THE SPX IS TRADING AT 5,300, AND THE NDQ IS HOVERING NEAR $18,600, WHILE THE DXY 0.00% (-0.07%) IS SHOWING A SLIGHT DECLINE, TRADING AT $104.4. Crypto assets are showing strength, with BTC -1.49% rising 2.84% to $67.1k and ETH -0.87% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO -8.87% and PENDLE -5.02% have gained 10.11% and 13.43%, respectively. Similarly, layer-2...

CRYPTO MARKET UPDATETODAY, WE ARE SEEING SOME MINOR CONSOLIDATION IN THE CRYPTO MARKET COINCIDING WITH THE SLIGHT BOUNCE IN THE RATES AND DXY 0.00% . BTC -1.49% is trading just north of $65k, while ETHBTC continues to struggle, with ETH -0.87% moving lower for the 5th consecutive day and still trading below the $3k mark. Despite the market consolidation, SOLBTC is still green on the day as SOL -0.83% works to regain the $160 level....

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