Market Update
974 Results
Crypto markets sharply continued their move higher today, with BTC and ETH -2.75% rising 4.23% and 2.32%, respectively, at the time of writing. Bitcoin continues to lead the market, evidenced by it breaking its yearly highs and Bitcoin's Dominance Ratio rising 0.86% to 51.84%, its highest level since April of 2021. This ratio measures Bitcoin's market cap relative to the rest of the crypto market, and its rising means that Bitcoin...
After three consecutive days of declines, traditional indices are rebounding, with the SPY -2.07% and QQQ -3.27% rising 0.10% and 0.61%, respectively. In contrast, after three days of sharp gains, BTC (-0.22%) and ETH -2.75% (-0.57%) have cooled off. The emergence of multiple Bitcoin spot ETF applications from reputable financial institutions has sparked a Bitcoin-led rally, with Bitcoin dominance (BTC.D) rising to 51.34%, its highest level since April 2021. Despite Bitcoin outperforming most...
Bitcoin has crossed above $30K for the first time since April after rising 9.4%, on track for one of its best daily performances of the year. Crypto has seen its recent decoupling from equities continue, as the S&P and Nasdaq are down 0.41% and 1.22%, respectively. Initial bullish price action from BlackRock's ETF application was further reinforced by additional spot BTC ETF applications from both Invesco and Wisdom Tree yesterday....
Equity markets pulled back today amidst doubts about the global economy, stalling the recent rally that has seen equities de-couple from crypto. US Housing in both single and multi-family projects came in far higher than expected, China experienced trimmed loan prime rates for households and businesses (4.3% --> 4.2%) but whether it is sufficient to bolster its economic recovery remains to be seen, while US10Y slipped to 3.756% from 3.768% on...
Coinbase Announces Increase to USDC Rewards Program and the French Arm of Binance Under Investigation
At the time of writing, crypto markets have continued to lag behind other asset classes today - with BTC and ETH -2.75% down 0.34% and 0.17%, respectively. Traditional markets continue to move higher, with SPX up 0.18% and NDQ up 0.08%. Gold has also risen 0.10%. The majority of altcoins continue to underperform Bitcoin and Ethereum. OP is down 1.44%, SOL -3.95% is down 0.95%, and LINK 3.89% is down 1.83%. Chainlink's price...
Crypto markets have fallen sharply, with BTC down 3.8% while ETH -2.75% is down 5.7% over the last day. Equities are rebounding today after the Fed sent mixed signals for the interest rate outlook, keeping rates unchanged for the first time since they began hiking while signaling the possibility of future hikes. The S&P continues to push 1.06% higher, and the Nasdaq is up 1.05%. Crypto initially followed equities lower yesterday,...
Todayâs busy news day kicked off earlier this morning with the release of the latest Producer Price Index. Data came in below expectations at MoM and YoY, likely cementing a pause in interest rate hikes at todayâs FOMC meeting. Traditional indices are up slightly in anticipation of the 2:00 PM decision, with the SPY -2.07% (+0.27%) and QQQ -3.27% (+0.31%) at 2023 highs. BTC (+0.29%) and ETH -2.75% (+0.15%) are rising in a...
Equities are continuing their tear on the back of today's CPI release. The ^SPX -2.07% and QQQ -3.27% are both trading approximately 80 bps higher. Interestingly, materials and energy are leading the market, suggesting a broadening of the emergent bull market. Crypto continues to track more closely with gold than equities, with BTC and ETH -2.75% flat over the last 24 hours. Altcoins received an early bid after the release of the highly...
CFTC Wins Lawsuit Against Ooki DAO, Solana Foundation and Polygon Labs Argues Against Securities Classification
Equity markets edged higher ahead of a key week where investors await key inflation data and the Federal Reserve's interest rate decision. May's CPI data comes out tomorrow, while the next FOMC meeting is on Wednesday. ^SPX -2.07% and QQQ -3.27% are trading 0.2% and 0.5% higher than Friday's close, while NDAQ -0.63% is down ~11% after announcing a $10.5b acquisition of Adenza, a software provider for banks and brokerages in a cash-and-stock deal....
Binance.US Announces Suspension of USD Deposits and Vitalik and Polygon Co-Founder Donate to COVID Research
Crypto markets are up slightly on the day, BTC has risen 0.54%, and ETH -2.75% has risen 0.15%. Interestingly, the ETH Dominance metric, a metric that measures Etheruem's market cap compared to the rest of the crypto market, has reached its highest levels since the Merge last year and at the peak of the 2021 bull market, indicating that Ethereum is extremely relatively strong to the rest of the market. Altcoins...
Today, we're witnessing a return of familiar correlations as Bitcoin, gold, and equities all stage a mini rally. Today's major macro news was the leap in jobless claims to 261k, a level not reached since October 2021 and notably above consensus. Advocates of continued rate hikes frequently point to the consistent strength of the labor market. However, this new data could signal the onset of a softening jobs market beginning...
Traditional markets are stumbling today as the National Bank of Canada unexpectedly raised interest rates by 25 bps, sparking fears that the U.S. will potentially follow suit. The ^SPX -2.07% (-0.31%) failed to break through $4,300, while the NDQ (-1.36%) has taken a pause on its recent outperformance. Crypto markets are still digesting the repercussions of the SEC lawsuits against Binance and Coinbase, with BTC (-3.15%) trading around $26.3k and ETH -2.75% ...
