A New Source of BTC ETF Demand Emerges, Coinbase Meets with SEC Regarding ETH ETF
The day commenced with a flurry of activity, beginning with an NFP figure that exceeded expectations, juxtaposed with an unemployment rate that also surpassed forecasts. This combination pushed short rates lower and led the fed funds futures market to anticipate a full rate cut by the June FOMC meeting. The DXY dropped to a low of 102.4 before making a comeback. In crypto, the day started with significant momentum as BTC surged to set a new all-time high, briefly surpassing the $70,000 mark for the first time. However, it encountered resistance and pulled back to just over $68,000, indicating the presence of supply hurdles around that level. ETH mirrored this pattern, breaking the $4,000 barrier for the first time in two years, and is currently trading around $3,920. The performance of altcoins is mixed, with SOL 0.62% exceeding $150, only to fall towards $140, and is now trading just above $148. File storage names in AR 2.39% and FIL are outperforming on the day, along with AI-adjacent RNDR. Equities presented less volatility but mirrored a similar route as crypto. Despite a strong open, they retreated, with the SPX experiencing a slight decline and the QQQ dropping around 0.70% thus far on the day. In contrast, traditional gold maintained its recent strength, reaching a new all-time high and advancing towards $2,200.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -1.66% falling to $60k and ETH -3.37% 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 -4.67% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -1.66% climbing back above $61,000 and SOL -6.02% moving above $145, while ETH -3.37% is lagging, trading around $2,400. Among today's outperformers is SUI -5.68% , 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 -1.39% and QQQ 0.37% 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 -1.66% briefly dropping below $62k and ETH -3.37% below $2.5k. Among altcoins, SUI -5.68% is showing...
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