Crypto Research

Crypto continued to rally today after CPI came in in-line today at 6.0% YoY. BTC was up 7.08% today at the time of writing, and ETH was up 5.17%. Traditional markets also rose, with SPX up 2.05% today, and NDQ up 2.45%. One of the more exciting developments we've seen this week is the massive outperformance of bitcoin over the rest of the market. This outperformance is represented in the...

Cryptoassets are surging this Monday afternoon due to continued turmoil in the banking industry and a violent repricing of rates. Despite the government guaranteeing customer deposits of the fallen SVB and Signature Bank, investors are keyed in on the unrealized losses remaining on the balance sheets of regional banks. As we discussed on Friday, we anticipated an orderly wind-down of SVB and that rates rolling over would benefit cryptoassets. BTC...

Mixed payroll and wage growth figures released today are reflected in Friday's trading session thus far. U.S. payrolls rose more than expected (225k) with a gain of 311k in February, while the unemployment rate pushed higher to 3.6%. Monthly wage growth printed 0.2% (vs 0.3% consensus), correlating to a 4.6% increase from a year ago. ^SPX 0.60%  (+0.4%) and QQQ 0.53%  (+0.5%) opened lower before trading slightly above yesterday's close on the...

After January's total number of job openings came in higher than expected yesterday, initial jobless claims spiked this morning to 211k versus 195k expected, giving markets a slight boost. The SPY 0.60%  and QQQ 0.53%  are up 0.13% and 0.53%, respectively, at the time of writing. Crypto markets are mixed today, with BTC trading at $21.5k (-1.03%) and ETH trading at $1.53k (-0.27%). After being some of the biggest winners in the...

Crypto and traditional markets whipsawed this morning as Jerome Powell spoke and stated that the Federal Reserve would likely need to raise interest rates more than expected in response to recent strong data. Powell's comments led to a quick repricing in the bond markets. The probability that the Fed would approve a 50bps increase at its upcoming March meeting increased from 31% to 51%. BTC and ETH are down 0.71%...

Equities opened higher this Monday morning on the back of easing bond yields. The ^SPX 0.60%  and NDQ are trading 0.6% and 1.0% higher, respectively. However, the U.S. 02Y has turned higher since this morning, now pushing back towards 4.9%. The DXY has moved lower, assisted by increased hawkish rhetoric from the ECB. The crypto market rallied slightly in concert with equities but is stalling in the face of rate strength....

Digital asset markets have retraced following Silvergate's insolvency concerns detailed below. BTC and ETH have declined 3.7% and 3.2% in the past day, while ^SPX 0.60%  and QQQ 0.53%  are 1.1% and 1.4% higher than yesterday's close. US10Y (-2.0%) yields have dipped back below 4.0%, with the DXY (-0.3%) following suit. Despite retracements across large caps, MKR is trading 26% higher over the past week. The CDP protocol announced more favorable terms for its...

Traditional indices have continued their slide this week on fears of stickier inflation and higher for longer monetary policy. The SPY 0.60%  is down 0.27%, and the QQQ 0.53%  has fallen 0.56%, while the DXY (+0.60%) hovers around $105, and US Treasury yields continue to rise. Crypto markets are following suit, with BTC and ETH dropping 1.43% and 2.47%, respectively. Binance’s custodial arm, Ceffu, is resuming its pursuit of a license in...

Markets moved slightly higher this morning, with BTC and ETH up 0.08% and 0.49% and SPX and NDQ up 0.01% and 0.12% today. This move comes as the dollar (DXY) reverses, down 0.20% today. While most altcoins are flat or slightly down today, there are a couple of standouts. ImmutableX (IMX) is up 9.79% after the Ethereum gaming platform teased an announcement last night on Twitter, and LTC 1.25%  has also...