BTC Breaking Out of Range, Coinbase Premium Suggests a Strong Bid from ETFs to Start the Week
Leading cryptoassets are experiencing a significant breakout this morning, with BTC finally surpassing the $53k mark after roughly two weeks of consolidation between $50k and $52.5k. Despite a pullback in ETHBTC this morning, ETH has continued its upward trajectory, reaching new YTD highs above $3.1k. STX 1.09% is also witnessing a notable rise, climbing nearly 10% today, aligning with its pattern of performing as high beta relative to BTC. Among other standout performers today are NEAR -0.06% , which has climbed back above $4, possibly buoyed by the market’s enthusiasm for data availability solutions, and MATIC, which has risen above $1. This movement in MATIC is particularly interesting given its previous underperformance compared to other Ethereum-adjacent assets during this bull market, raising questions about a potential shift in trend. This bullish momentum in crypto is unfolding despite an uptick in rates, alongside declines in gold and the SPX for the day. However, it’s important to note the continued strength in technology stocks, evidenced by the QQQ’s increase of approximately 30 bps today. The week ahead will feature more significant macro data than last week, including inflation numbers from Japan, U.S. durable goods orders, a Q4 GDP estimate for the U.S., Core PCE, income and spending figures, manufacturing data from China, EU inflation, and Manufacturing PMI numbers.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.15% falling to $60k and ETH -3.51% 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 -6.86% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.15% climbing back above $61,000 and SOL -3.41% moving above $145, while ETH -3.51% is lagging, trading around $2,400. Among today's outperformers is SUI -5.61% , 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 -0.15% briefly dropping below $62k and ETH -3.51% below $2.5k. Among altcoins, SUI -5.61% is showing...