First ETF Outflow Day in Nearly A Month, Coinbase Pushes for ETH ETF
Following NVDA’s substantial earnings beat announced after yesterday’s market close, equities have experienced a significant surge, with the QQQ climbing 2.4% and the SPX advancing 1.6%. The DXY remains unchanged for the day, while gold is experiencing a slight decline, and the yield curve is flattening, marked by a notable increase in short-term rates but a decrease in the 20-year and 30-year rates. In the crypto market, Bitcoin has not seen the same bounce as NVDA but is still managing to sustain above the $51.5k threshold. Meanwhile, ETH is on the verge of breaking the $3k barrier, showing increased momentum relative to BTC. The notable standouts in the crypto market this morning have been AI-related tokens such as AGIX -0.10% , WLD, and FET -1.80% , which have emerged as the major winners over the past 12 hours. This is an AI narrative-based rally sparked by Nvidia’s earnings report, which underscored its optimistic outlook on the growth potential of AI.
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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 0.34% falling to $60k and ETH -2.40% 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 -5.58% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 0.34% climbing back above $61,000 and SOL -3.19% moving above $145, while ETH -2.40% is lagging, trading around $2,400. Among today's outperformers is SUI -1.98% , 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 0.11% and QQQ 0.23% 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 0.34% briefly dropping below $62k and ETH -2.40% below $2.5k. Among altcoins, SUI -1.98% is showing...
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