Crypto Market Update
Rates moved higher on a hotter-than-expected NFP number, with a total of 272k jobs versus the forecasted 185k and well above last month’s 165k. However, unemployment rose to 4% from 3.9%, slightly above the expected 3.9%. The DXY increased to 104.8 from just above 104.1, and the US 10Y moved back above 4.4%. Major equity indices are higher after selling off premarket, and crypto appears to be moving in the same direction. BTC -1.22% is back to around $71.5k, SOL -3.09% above $171, while ETH -1.30% hovers just above $3800, with ETHBTC continuing to retrace some of its recent gains. Among large/mid-cap outperformers are STX 4.12% and ORDI -1.24% , which are tied to the BTC -1.22% ecosystem and moving up in tandem with the BTC -1.22% -led market, and W 0.56% , the native token of the interoperability protocol Wormhole, which is up significantly after the launch of multi-chain staking and governance this morning. Miners are continuing their recent outperformance, with IREN, CLSK, and CORZ all up over 5%.
SMLR Buys BTC, Plans to Buy More
Semler Scientific (SMLR -1.67% ), a publicly traded medtech company, increased its Bitcoin holdings yesterday by purchasing an additional $17 million worth of BTC, bringing its total to 828 BTC, valued at over $58 million. The company also announced plans to raise an additional $150 million in debt to fund future Bitcoin purchases. This move underscores their commitment to a dual strategy of running a profitable medtech business while actively acquiring Bitcoin. This approach mirrors the strategy employed by MicroStrategy (MSTR -5.79% ). Should the market begin to ascribe a similar premium to BTC NAV for SMLR, it could significantly benefit shareholders.
Telegram Launching In-App Token
Telegram has launched “Telegram Stars,” an in-app token for purchasing digital goods and services, which can be swapped for Toncoin (TON -22.29% ) on the Fragment platform. This move follows Toncoin’s all-time high of $7.76, with its market cap nearing $18 billion. Stars are aimed at incentivizing developers to build on Telegram by allowing them to reinvest in promoting their apps, potentially reducing overall commission costs. The initiative enhances Telegram’s ecosystem by integrating digital currency for seamless in-app transactions. This announcement followed reports indicating that a TON wallet is now first in the Finance category on Google Play, surpassing major apps like Binance at 6, Coinbase at 26, and Phantom, which has dropped to 27 after previously topping the category.
Technical Strategy
Mark is out today, so we are resharing his analysis from Wednesday. He will return on Monday.
Maple’s rally to the highest closing levels since mid-April is a promising technical development that should propel this higher up to near $20.50 before much resistance. Technically speaking, the recent two-month pattern resembles a reverse Head and Shoulders pattern and Wednesday’s breakout should help this begin a push back to retrace at least 50% but more likely 61.8% of the prior drawdown from late March without too much trouble. Volume is likely to expand to at least the highest levels in a month as of today’s close, and any act of MPL -8.39% closing near the highs of today’s range should help this breakout extend. Pullbacks should encounter firm support near $15-$15.25 which would make this more attractive on a risk/reward basis. However, given today’s surge, it’s more likely that immediate upside follow-through gets underway
Daily Important Metrics
All metrics as of 2024-06-07 12:00:31 All Funding rates are in bps Crypto Prices
All prices as of 2024-06-07 11:51:31 Exchange Traded Products (ETPs)
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