Technicals Suggest Another Leg Higher in BTC Dominance, ConsenSys Sues the SEC
Major equity indices are rallying on the back of solid earnings, with both the ^SPX and QQQ -0.11% up over 1%. Meanwhile, crypto markets are churning lower, which is understandable as we should not expect crypto to rally alongside equities during an earnings-driven market. Crypto remains an apparently undecided market ahead of next week’s FOMC meeting and the Quarterly Refunding Announcement (QRA), evidenced by another day of ETF outflows and a persistent discount on Coinbase. Fears over a hot Core PCE were quelled with todayâs report, which showed a 0.3% monthly growthâaligned with analyst expectations and likely below market expectations following yesterdayâs GDP print. Naturally, yields are moving lower on the day, but the DXY N/A% is maintaining its strength, likely attributable to the Bank of Japan’s reluctance to hike rates yesterday evening. BTC -0.12% has fallen to $63.5K, while ETH 2.31% , currently trading just over $3,100, is down slightly less on a relative basis following the Consensys lawsuit yesterday. SOL 1.71% has dropped to $142. Among the top 50 coins, the “dino coins” appear to be holding up the best, with LTC -0.03% and ETC -0.75% both up approximately 3%.