MicroStrategy Announces Digital ID Product, LayerZero Takes Snapshot for Airdrop
We are finally starting to see some relief in interest rates and the DXY N/A% following yesterday’s FOMC meeting and the Treasury’s quarterly refunding announcement. BTC -0.15% has rebounded from yesterday’s low of $56.5k and is now trading just above $59k, while ETH -0.76% is attempting to break through $3k resistance. SOL -4.02% has outperformed, gaining 10% compared to BTC yesterday and is now trading just below $140. The market is showing decent breadth today, with a wide range of assets participating in the rally. Notable outperformers include AR -6.12% , W -9.30% , PEPE, OP -4.32% , IMX, and BONK -5.42% . Despite significant outflows from Bitcoin ETFs yesterday, the sustained and wide Coinbase discount we observed has shifted into premium territory, suggesting that we might see a reversal of flows today. Rates are lower across the entire curve, and the DXY has dipped below 106. Both the QQQ 0.27% and ^SPX 0.22% are up on the day as investors await a critical AAPL earnings call after the close. For the crypto cohort, COIN 1.09% is also set to report after the close.
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CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.15% climbing back above $61,000 and SOL -4.02% moving above $145, while ETH -0.76% is lagging, trading around $2,400. Among today's outperformers is SUI -5.92% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 0.22% and QQQ 0.27% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -0.15% briefly dropping below $62k and ETH -0.76% below $2.5k. Among altcoins, SUI -5.92% is showing...
MARKET UPDATE August PCE data came in slightly below expectations, with Core MoM PCE reading 0.1% vs. 0.2% expected, reaffirming that inflation is receding steadily. Debates over the size of the Fed’s next rate cut have already begun, with odds for 50bps increasing slightly after the PCE data, rising to 52.1% compared to 49.3% yesterday. Stocks are relatively flat to end the week, with the SPY 0.22% gaining 0.14% and the...
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 -0.15% has gained to $65.3k and ETH -0.76% to $2,650,...
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