Eigen Airdrop Sparks Debate, Hong Kong ETFs Debut With Minimal Flows
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC -0.85% now testing $60k, ETH 3.43% just below $3k, and SOL 1.04% dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this remains a reflection of the overall macro landscape. Rates are moving higher today after a strong employment cost index number, suggestive of stickier inflation. The DXY N/A% is back above 106, while the ^SPX 0.40% and QQQ 0.80% are retracing a good portion of their recent gains, with all sectors currently in the red for the day. Tomorrow remains a crucial near-term pivot point for risk markets, as the composition of the QRA is released along with results and commentary from the latest FOMC meeting.
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MARKET UPDATE The PBoC has announced a fresh package of economic stimulus, weighing a $142 billion injection into top domestic banks and pledging to stabilize the housing and stock markets. Domestically, durable goods data came in better than expected, and GDP met expectations, providing more confidence in the stability of the U.S. economy. Crypto is responding positively to both developments, as BTC -0.85% has gained to $65.3k and ETH 3.43% to $2,650,...
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