Fri, May 3, 2024 | 2:15PM ET

Risk Assets Surge, Block to Begin DCA'ing Bitcoin

Name: FS Insight
Price range: $$$

As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly fell below 4.5% and risk assets are surging with the SPY and QQQ gaining 1.23%, and 1.99%, also getting help from Appleâs 7% gain following a Q1 earnings beat. Crypto assets are sharing in Fridayâs optimism, with BTC -0.72% (+4.75%) trading just below $62k and ETH 0.20% (+3.15%) rising to $3,080. Toncoin (TON -89.88% ), Telegramâs blockchain network, is one of the top performers today, gaining 8.88% to $5.6. Pantera Capital disclosed an investment into TON yesterday, iterating their belief in the networkâs potential due to accessibility to Telegramâs 900 million monthly active users.

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