A New Source of BTC ETF Demand Emerges, Coinbase Meets with SEC Regarding ETH ETF

Mar 8, 2024
Market Update 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 exceeding $150, only to fall towards $140, and is now trading just above $148. File storage names in $AR 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

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Reports you may have missed

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 -0.16% rising 2.84% to $67.1k and ETH -1.30% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO -2.14% and PENDLE -4.13% 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 -0.16% is trading just north of $65k, while ETHBTC continues to struggle, with ETH -1.30% 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 -0.59% works to regain the $160 level....

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