Crypto Research
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Bitcoin (BTC) and the broader crypto market are staging a recovery after a week of bearish price action, with altcoins facing particularly excessive pressure. Bitcoin has successfully bounced off its key 200-week moving average around $25,800 and is now hovering around $27,400. Ethereum (ETH), meanwhile, remains stable above the $1,820 level. Notable standout performers include altcoin LDO, up 12% on the day, potentially driven by improved withdrawal capabilities and short...
FIGURE: PEPES WEARING CONES TO CELEBRATE NEW CURVE ECOSYSTEM PROTOCOL INVESTMENT THESIS Out of the numerous tokenomic designs that emerged (and failed) last cycle, the vote-escrowed model proved objectively most ‘feasible’, as evidenced by Curve’s dominant position in TVL amongst DEXs. Control over a protocol’s gauge emissions made sense to many, assigning real value to governance tokens. The second-order expectations that liquidity would follow did as well. However, maximizing yield...
Stocks and crypto continue to slide as BTC fell 2.0% while the S&P dropped 0.52%. The S&P is on track to close its second negative week after the University of Michiganâs consumer sentiment index estimate came in at a 6-month low of 57.7 vs. 63 expected. The survey also showed consumer outlook for inflation over the next 5 years has reached the highest level since 2008, with 3.2% inflation expected....
This morningâs initial jobless claims came in at 264k vs. 245k expected, marking the highest level since October of 2021, further supporting the notion that the Federal Reserve is seeing what they need to pause rate hikes going forward. Equity indices are mixed following this morningâs data, with the S&P 500 declining 0.23% and the Nasdaq 100 rising 0.26%. Crypto markets are underperforming compared to equities, with BTC (-1.51%) and...
Crypto prices rebounded today after a cooler-than-expected CPI print of 4.9% (vs. an expected 5.0%). The index for shelter was the largest contributor to the CPI increase, followed by increases in the index for used cars and trucks and the index for gasoline. At the time of writing, BTC is up 2.03%, and ETH is up 1.71%. After declining for the past few weeks and erasing much of their 2023...
Binance Adds Support for Ordinals NFTs, Goldman Sachs Crypto Survey Reveals Mixed Results
Equity markets slid lower today as investors await CPI data tomorrow and discussion over the debt ceiling later today. ^SPX -0.01% and QQQ -0.35% are trading at -0.4% and -0.6% relative to yesterday's close after opening lower, whilst DXY and US10Y are up by 0.3% and 0.4% on the day. Digital asset markets are also following suit, with BTC and ETH sliding by 1.5% and 1.0% over the past day. Many have pointed...
WHAT ARE ORDINALS? Ordinals, commonly called “Bitcoin NFTs,” have been one of the most exciting developments in the Bitcoin ecosystem this year. Technically, Ordinals are a way of attaching or “inscribing” data to individual sats or satoshis (the smallest unit of a Bitcoin at 1/100,000,000) on the Bitcoin blockchain. The term “Ordinal” is derived from Ordinal Theory, a recently developed system for numbering sats in the order they are mined....
Interest rates experienced a slight increase this morning, with the US 2Y and US 10Y inching higher by 5 bps while the DXY stayed relatively stable. Major equity indices, including the SPX and QQQ, maintained their ground, remaining flat thus far today. Cryptoassets, on the other hand, faced a decline in the past 24 hours, with BTC dropping 2% and falling below the $28k mark and ETH decreasing by 30...
LOOKS LIKE A PAUSE The Federal Reserve approved its 10th interest rate increase in just over a year, raising the Fed funds rate by 0.25 percentage points to a target range of 5%-5.25%. Many interpreted the Fed's comments as signaling a potential pause in the tightening cycle, mainly due to the removal of a sentence in the post-meeting statement. The statement no longer mentioned that "the Committee anticipates that some...
