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Crypto Continues Winning in Washington Ahead of ETH ETF Decision

May 23, 2024
Author
Tom Couture
Tom Couture AC

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CRYPTO MARKET UPDATE RATES HAVE PARED EARLY MORNING LOSSES AFTER MAY JOLTS DATA SHOWED 8.14 MILLION JOB OPENINGS VERSUS 7.91 MILLION EXPECTED. Equities are showing slight gains, with the SPY 0.54%  increasing to $546 and the QQQ 0.97%  gaining to $484, helped by Tesla’s better-than-expected Q2 deliveries, leading to TSLA surging over 9%. Crypto assets are mixed, with majors showing declines and the broader altcoin market rallying. BTC -3.40% is trading below $61.8k,...

BTC -3.40% ETH -2.95% HOOD -1.45% QQQ +0.97% SPY +0.54% TSLA N/A% XLM -0.28%
Executium ClCAEiWideU Unsplash

CRYPTO MARKET UPDATE CRYPTO IS REBOUNDING NICELY TODAY FOLLOWING AN INTENSE BITCOIN-LED SELLOFF YESTERDAY, CATALYZED BY IDIOSYNCRATIC SELL PRESSURE FROM FEARS OVER MT. GOX SUPPLY COMING TO MARKET. It was a somewhat rare occurrence to have such a significant selloff in BTC -3.40% but an overall positive day for altcoins. BTC -3.40% is attempting to reclaim $62k, while ETH -2.95% hovers just above $3400, and SOL 1.48% tries to break through $140 again. Interestingly,...

BTC -3.40% ETH -2.95% QQQ +0.97% SOL 1.48% ^SPX
Executium TN 6BYSMrQs Unsplash

CRYPTO MARKET UPDATE EQUITIES ARE MIXED THIS MORNING, WITH THE SPY 0.54%  GAINING 0.30% AND THE QQQ 0.97%  DECREASING 0.31%, WEIGHED DOWN BY A 5% DROP IN NVDA 26.41% . The DXY N/A% has dropped 0.32%, although it has not boosted crypto assets. BTC -3.40% has fallen more than 3%, briefly dropping under $61k after news of Mt. Gox repayments beginning in July (more below). ETH -2.95% has followed suit, declining to $3,300 despite the likelihood that...

BTC -3.40% ETH -2.95% INJ 1.35% LDO -6.71% NVDA -1.63% QQQ +0.97% SPY +0.54% WIF -8.66%
Executium 9pCV2MB65y8 Unsplash

CRYPTO MARKET UPDATE TODAY'S FLASH S&P PMIS SURPRISED TO THE UPSIDE, LEADING TO A BRIEF UPTICK IN RATES, WHICH HAS SINCE LARGELY RECEDED. Despite this, the DXY continues its march back toward 106, nearly reaching that level this morning. Naturally, crypto continues to display relative weakness, with BTC -3.40% dropping below $64k, ETH -2.95% below $3500, and SOL 1.48% briefly dipping below $130, now trading just above that level. ETHBTC is showing some...

BTC -3.40% ETH -2.95% ETHBTC NVDA -1.63% SOL 1.48% TRX 0.84%

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