Crypto Research
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After experiencing an overnight drawdown during Asian market hours, cryptoassets are witnessing a notable bounce at the US market open. BTC is at the forefront, rebounding to $41.5k after briefly dipping to $40.5k last evening. Meanwhile, ETH is trailing behind, currently down about 1% to $2170. Although altcoins are broadly lower at the start of the day, select ones like STX -1.66% , a Bitcoin layer 2 network, are performing well, likely...
Equities are mixed today but on track for the seventh straight week of gains, the longest winning streak since 2017. The Nasdaq gained .38% while the S&P fell .49%. Both indices are in striking distance of all-time highs following comments from Fed officials about inflation coming down and potential rate cuts in 2024. BTC has pulled back to $41.8k, down 3.3% after facing resistance at $43.4k. ETH is performing in...
Compromised Ledger Software Sparks Flash-Crash, FASB Publishes "Fair-Value" Accounting Standards for Digital Assets
U.S. equity indices are mixed following yesterday's FOMCâs meeting, which confirmed board members are forecasting multiple rate cuts throughout 2024. The meeting was more dovish than expected, sparking significant moves down in the DXY and Treasury yields. Crypto markets had a scare this morning when a Ledger software issue was detected (more below) causing Bitcoin to drop over 3% in three minutes, with sharper drops in altcoins. Assets have since...
Equities are flat as investors wait for the Federal Reserveâs policy decision later today, where they are expected to hold rates steady. While a pause is largely priced in, investors will hone in on Chair Powellâs commentary to anticipate when rate cuts could be expected. According to CME, markets are pricing in a potential rate cut as early as next Spring, something Powell could attempt to push back on. BTC...
Equity indices are showing modest gains following the November CPI report, which was largely in line with expectations except for headline MoM coming in at 0.1% vs. 0.0% expected. The SPY and QQQ are up 0.12% and 0.32%, respectively, while small caps are showing mild declines, with the IWM decreasing 0.22%. Crypto markets are mixed, with BTC (+0.09%) relatively flat and ETH (-1.22%) falling to $2,200. Gaming tokens are showing...
Liquidations Wipe Out $2.7 billion in OI, IMX Breakout Strengthens its Technical Picture
On Sunday evening, the perps market experienced a low liquidity liquidation cascade, eliminating about $2.7 billion in open interest (source: CoinGlass) across all coins. We interpret this as a healthy purge of some overleveraged traders, and any immediate market weakness should be viewed as an opportunity to buy on dips. BTC found support at last week's low and has since recovered about half of last night's dip. Today, our focus...
The combination of consumer sentiment and unemployment data has provided fuel to support the soft-landing scenario. UMich consumer sentiment came in higher-than-expected (69.4 vs. 62.0), 1-year inflation expectations dropped significantly from 4.5% to 3.1%, and the unemployment rate came in at 3.7% vs. 3.9% expected. Anchored inflation expectations and lower unemployment are giving investors optimism that inflation can retreat while the U.S. avoids a recession, driving the SPX (+0.30%) and...
Equities are attempting to break a three-day losing streak, with the S&P rising 0.7% and the Nasdaq up 1.5% ahead of tomorrowâs jobs report. Economists polled by Dow Jones expect 190k additional jobs added in November, an increase from the prior month. Investors are eagerly awaiting indications that the labor market is settling down, which could reassure the Federal Reserve to stop increasing interest rates. BTC is beginning to show...
Equities are flat after initially climbing following government data that showed labor market costs fell while productivity remained robust. Investors await confirmation from tomorrowâs jobless claims numbers, followed by nonfarm payrolls, wages, and unemployment rate on Friday. Long-term yields have fallen sharply after peaking near ~5% in October, with the 10Y and 30Y yielding 4.1% and 4.2%, respectively. BTC has continued climbing, rising 0.6% to $43.9k. ETH is underforming, falling...
After opening negative, equity indices have turned positive following the release of JOLTS data showing 8.7 million job openings versus 9.3 million expected, displaying further softening in the labor market. The market continues to pull forward the timeline of the Federal Reserveâs first rate cut, projecting a 55% chance of a March cut compared to a 25.6% chance a month ago. Within crypto markets, all eyes are on BTC (+3.96%) as...
Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. BTC has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was STX -1.66% , the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the...
