ETH Touches $3k as Tailwinds Align, Ethena Launch Generates Both Fanfare and Concern
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MARKET UPDATE U.S. EQUITIES ARE RELATIVELY FLAT ON THE FINAL DAY OF TRADING FOR AUGUST, WITH THE ^SPX 0.91% OSCILLATING AROUND $5,600 AND THE NDQ TRADING NEAR $19,400. Rates and the dollar are gaining today despite PCE and Consumer Confidence data providing more assurance that inflation is receding. Crypto is underperforming, with BTC -0.21% falling to $58.5k and ETH -0.23% at $2,450, as ETF flows and spot volumes have been muted this week....
CRYPTO MARKET UPDATE In stark contrast to the recent BLS job number revisions, the government revised its Q2 GDP estimate higher this morning to 3%, leading to a jump in rates and the DXY. However, this data also apparently boosted confidence in the soft landing trade, as rate-sensitive indices like IWM are outpacing ^SPX 0.91% and QQQ 1.15% . Chip-adjacent stocks are also performing well, spurred by another earnings beat from NVDA 1.39% , benefiting...
MARKET UPDATE U.S. EQUITIES ARE DECLINING AHEAD OF NVIDIA EARNINGS LATER TODAY, WITH THE SPY 0.91% DECREASING TO $558.53, WHILE THE NVIDIA-HEAVY QQQ 1.15% HAS DROPPED TO $472.20. The crypto market has suffered from large amounts of liquidations over the last 24 hours, totaling over $355 million as yesterday evening, BTC -0.21% fell swiftly from $62k down to $58k while ETH -0.23% made a similar move, falling from $2.6k to $2.4k in less than...
CRYPTO MARKET UPDATE Despite a $200 million inflow into BTC ETFs yesterday, crypto prices have declined over the past 24 hours. BTC -0.21% has fallen back below $62K, ETH -0.23% is under $2,600, and SOL -0.87% is just below $155. Only a few coins are in the green today, including TON 48.02% , rebounding from its recent selloff, MKR -0.94% , following its major rebrand announcement, and STX -0.07% , likely benefiting from the ongoing activation of the Nakamoto...
