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 0.94% and QQQ 1.01% 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 0.78% has fallen to $63.5K, while ETH -0.18% , currently trading just over $3,100, is down slightly less on a relative basis following the Consensys lawsuit yesterday. SOL 0.26% has dropped to $142. Among the top 50 coins, the “dino coins” appear to be holding up the best, with LTC 0.92% and ETC 1.04% both up approximately 3%.
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