Capital Inflows Surge, Crypto Consolidates Ahead of Major Econ Data Releases
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Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...
CME Basis Suggests We Are Near a Tradable Low, Plus Some Thoughts on Positioning Ahead of the Election
A ROUGH STRETCH AMID RISING UNCERTAINTY SKEWS RISKS TO THE UPSIDE The past five trading days have been challenging for the crypto market, marked by significant uncertainty stemming from various geopolitical and economic events. Among the notable sources of market distress are:GEOPOLITICAL TENSIONS: Iran’s missile attack on Israel has led to heightened anticipation of an Israeli response, with oil prices spiking to $74.NATURAL DISASTERS: A devastating hurricane in the Southeast...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC falling to $60k and ETH approaching the low $2,300s. Aptos (APT) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE is also showing slight gains following...
