Crypto Research
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CRYPTO MARKET COMMENTARYBITCOIN REBOUNDED OVER THE WEEKEND, WITH PRICES FULLY RECOVERING FROM FRIDAY'S DRAWDOWN BY MONDAY MORNINg. BTC 0.33% is now trading just below $63k. Meanwhile, both ETH -0.45% and SOL 3.13% have lagged, trading at $3950 and $146, respectively. Altcoin flows seem to have shifted towards memecoins, which are outpacing the rest of the market today, with gains exceeding 5% from BONK 5.26% , DOGE -10.16% , and PEPE. This interest in memecoins likely stems from...
MARKET COMMENTARYA PRETTY SIZEABLE MISS IN TODAY'S CONSUMER SENTIMENT SURVEY REVERSED MOST OF THE GAINS EXPERIENCED IN THE CRYPTO MARKET OVER THE PAST 24 HOURS. Consumer sentiment came in at 67.4, well below market expectations of 77.2. 1Y inflation expectations came in at 3.5%, well above the market forecast of 3.2%. We saw the DXY 0.00% turn sharply higher on the move, and most risk assets sold off. BTC 0.33% fell from...
U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the DXY 0.00% (-0.21%) and rates. The SPY -0.04% has gained 0.36%, approaching the $520 mark, while the QQQ 0.20% has risen 0.14% to the $440. Crypto assets are showing larger gains, with BTC 0.33% (+1.57%) rising above $62k and ETH -0.45% (+1.05%) surpassing $3,000. The Render Networkâs mobile app, OctaneX, was featured in Appleâs keynote presentation earlier...
The crypto market declined overnight, with BTC 0.33% dropping from $63k to $61k, SOL 3.13% from $150 to $145, and ETH -0.45% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY 0.00% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE -8.15% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC -0.05% ), possibly driven by...
Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the SPX and QQQ 0.20% showing gains today. Crypto performance is mixed so far, with BTC 0.33% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH -0.45% is still hovering just...
U.S. equities are extending Fridayâs rally, with the SPY -0.04% and QQQ 0.20% both gaining about 0.65%. This weekâs macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and itâll be interesting to monitor if they take a dovish or hawkish tone after Powellâs dovish speech last week. Crypto markets gained over the weekend, with BTC 0.33% ...
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly...
We are finally starting to see some relief in interest rates and the DXY 0.00% following yesterday's FOMC meeting and the Treasury's quarterly refunding announcement. BTC 0.33% has rebounded from yesterday's low of $56.5k and is now trading just above $59k, while ETH -0.45% is attempting to break through $3k resistance. SOL 3.13% has outperformed, gaining 10% compared to BTC yesterday and is now trading just below $140. The market is showing decent breadth...
Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powellâs comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose....
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC 0.33% now testing $60k, ETH -0.45% just below $3k, and SOL 3.13% dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this...
Investors will have a lot to digest this week, including various data releases such as consumer confidence, ADP Employment, JOLTS, and non-farm payrolls. Likely more important is the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA), both set for Wednesday. Equities are gaining to start the week with the SPY -0.04% and QQQ 0.20% both up approximately 0.30% as the DXY 0.00% (-0.44%) slides after the BOJ intervened to support the Yen against the dollar. Crypto assets are struggling so...
Major equity indices are rallying on the back of solid earnings, with both the SPX and QQQ 0.20% up over 1%. Meanwhile, crypto markets are churning lower, which is understandable as we should not expect crypto to rally alongside equities during an earnings-driven market. Crypto remains an apparently undecided market ahead of next week's FOMC meeting and the Quarterly Refunding Announcement (QRA), evidenced by another day of ETF outflows and a...
