Metaplanet Takes the MicroStrategy Approach, SOL Nears Important Support Level

It has been a challenging day for crypto prices, with BTC giving back yesterday’s gains to fall to $68.5k, ETH declining to $3,500, and SOL currently trading around $176. Most altcoins are also experiencing downturns. The lone standout among large cap crypto assets today is TON, which is rallying on rumors of USDT launching on the TON Network. Equity indices also faced a drawdown earlier in the day, sliding after the US market opened. However, they have since recouped most of their losses, with the SPX down by 0.3% and the QQQ down a mere 0.10%. Interest rates are declining in anticipation of a significant CPI report tomorrow, with the consensus expecting a 3.4% headline CPI and a 3.7% Core CPI. Meanwhile, gold continues to demonstrate resilience, reaching yet another all-time high. Today’s market dynamics offer a clear illustration of how interest rates impact miner performance in relation to Bitcoin. Although miners are not witnessing a dramatic surge, the major ones are outperforming Bitcoin, likely due to today’s sharp decrease in interest rates.