Market Shakes off NFP, SMLR Buys More BTC
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CRYPTO MARKET UPDATE The crypto market has been consolidating over the past 12 hours following Bitcoin’s first daily close above its 200-day moving average since last August. BTC 0.35% is hovering just below $64K, while ETH -0.37% is holding above $2,600, and SOL -1.34% remains strong above $150. SEI -2.90% , one of the high-performance L1s that rallied significantly in Q1, is leading the market today, following a similar path to SUI -1.09% . Other notable outperformers...
CRYPTO MARKET UPDATE The crypto market has moved lower over the past 24 hours, with BTC 0.35% dropping back near the $58k level, ETH -0.37% just below $2,300, and SOL -1.34% once again testing the $130 mark. Yields have started the week lower ahead of the upcoming FOMC meeting, where investors are currently anticipating a 50 bps rate cut, according to the Fed funds futures market. Equities started the morning broadly in the...
CRYPTO MARKET UPDATE In stark contrast to the recent BLS job number revisions, the government revised its Q2 GDP estimate higher this morning to 3%, leading to a jump in rates and the DXY. However, this data also apparently boosted confidence in the soft landing trade, as rate-sensitive indices like IWM are outpacing ^SPX 1.25% and QQQ 1.73% . Chip-adjacent stocks are also performing well, spurred by another earnings beat from NVDA 4.83% , benefiting...
CRYPTO MARKET UPDATE Tuesday is off to a strong start for the bulls, with robust bounces across the crypto market. Among the majors, SOL -1.34% is leading the way, approaching its 200-day moving average around $146, while ETH -0.37% has climbed back above $2,500 and BTC 0.35% has surpassed the $55k mark. Notable outperformers within the ETH -0.37% and SOL -1.34% ecosystems include AAVE -2.65% , which benefitted fundamentally from massive liquidations yesterday, with over $200 million...