Crypto Market Breaking Higher Ahead of CPI, MSTR Purchases $800M in BTC

Mar 11, 2024
Market Update Bitcoin broke out above $70k during the overnight hours, now floating above $72k, marking another new ATH. This price action was closely mirrored by $ETH's resurgence above $4k, currently trading around $4050. $AVAX is outperforming on the day, following the announcement that South Korean game publisher Nexon Group will transition its popular MMO RPG, MapleStory, onto the Avalanche network as MapleStory Universe. Meanwhile, $NEAR also continues to outperform, likely fueled by anticipation of NEAR co-founder's upcoming appearance on a panel alongside NVIDIA CEO Jensen Huang at next week's conference. Despite the backdrop of rising rates ahead of an anticipated hot CPI print on Wednesday, the crypto market is showing remarkable strength. MSTR and COIN are both experiencing upward momentum this afternoon as well, following the announcement that MSTR closed $800 million in convertible notes and used the proceeds to purchase more $BTC (more details below). These flows transpired last week alongside another $2.2 billion in net inflows from BTC ETFs (chart below). However, miners continue to find themselves under pressure, underperforming against BTC due to the elevated rate environment. Major equity indices such as the QQQ and SPX are witnessing slight declines, down 0.3

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CRYPTO MARKET UPDATEDESPITE YIELDS MOVING HIGHER, RISK ASSETS ARE GENERALLY FARING WELL TODAY. BTC 0.03% BRIEFLY MOVED ABOVE $67,000 AGAIN IN THE MORNING HOURS AND IS NOW HOVERING JUST ABOVE THAT LEVEL. ETH 5.90% remains in a holding pattern, trading around $3,000 as it awaits a likely denial from the SEC this week on spot ETFs. The ETHE 0.00% discount did compress slightly last week, possibly driven by longshot bets that the SEC...

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 0.03% rising 2.84% to $67.1k and ETH 5.90% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO 6.53% and PENDLE 5.36% 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 0.03% is trading just north of $65k, while ETHBTC continues to struggle, with ETH 5.90% 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 -4.41% works to regain the $160 level....

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