Crypto Research
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After stalling yesterday, traditional equity indices have continued their march upwards, with the SPX (+0.86%) surpassing $4,200 and the NDQ (+1.01%) pushing past $14,400. Debt ceiling fears have largely been alleviated as a bill suspending the ceiling passed the House late last night and will now move on to a Senate vote. Crypto markets are not sharing the same optimism as BTC 0.88% (-1.19%) has dropped back below $27k and ETH 1.62% ...
The crypto market has seen a significant reversal of its weekend rally as investors watchfully anticipate the House vote on the debt ceiling agreement brokered between the White House and the House Speaker. BTC 0.88% has fallen below the $27k mark, while ETH 1.62% grapples with maintaining a foothold above $1850, and other altcoins face more considerable downward pressure. Optimism (OP 1.71% ) has seen a roughly 4% decrease in value, hitting its lowest...
After showing gains in after-hours trading, markets retraced on the first trading day after Memorial Day Weekend. President Biden and House Speaker McCarthy struck a tentative deal to raise the U.S. debt ceiling, although markets are ambivalent on whether it can be implemented by the June 5th deadline. SPX and QQQ opened 0.5% and 1.1% higher from last week's close before retracing to 0.1% and 0.9% higher, respectively. Treasury yields...
AI SKEWING THE PICTURE Previous observations highlighted how the decline in crypto prices signaled a temporary liquidity peak, potentially tied to the impending debt ceiling deal. Correlations between BTC, gold, and equities illustrated BTC's sensitivity to liquidity changes. As anticipated, BTC/Gold and BTC/equities (excluding AI-related names) correlations are now strengthening, with gold and equities tracking BTC's lead. Over the past few weeks, our discussions have centered around an observed shift...
Stocks and crypto rebound after a week of negative price action amid optimism of a potential U.S. debt ceiling deal. The S&P is up 1.2%, while the Nasdaq gained 2.3%. BTC 0.88% and ETH 1.62% are up 2.1% over the last day. The top two cryptos are seeing near 5-year lows for supply held on exchanges, indicating optimism and demand from users that want to own and use assets on their respective...
Crypto markets are up slightly today as the majors continue to trade sideways; $ BTC is up 0.26% and ETH 1.62% is up 0.51%. While most altcoins have had an uneventful day, a few standouts exist. A.I.-related altcoins have been performing exceptionally since Nvidia's stellar performance after reporting earnings yesterday (shooting the stock up over 30%). A.I. coins AGIX, FET, and RNDR 3.19% have risen 10.53%, 3.09%, and 3.72%, respectively. Traditional markets...
BRC-20 FEVER Ordinal transactions on Bitcoin have skyrocketed in the last few months, leading to an all-time high for daily transactions and pushing Bitcoin network fees to 2-year highs. The activity throttled BTC’s network so much that Binance was forced to temporarily shut down withdrawals and implement Lightening Network to service outflows without paying excessive fees. There are currently two types of Ordinal transactions on the network: 1) Ordinal NFTs...
Markets are falling today as investors begin to get concerned about a debt ceiling resolution. Equity indices continue yesterdayâs sharp selloff, with the SPY -5.28% and QQQ falling by over 0.85%. In crypto markets, BTC 0.88% (-3.39%) is testing the low $26,000s, while ETH 1.62% (-3.34%) has dropped below $1800. Cross-chain bridge Multichain was experiencing issues this morning where users complained of stuck transactions. Multichain claims the issues are a result of an...
Cryptoassets and equities swapped roles today as the crypto market received a significant boost during Asian trading hours (more on this below). BTC 0.88% reclaimed its position above $27k, while ETH 1.62% made a strong push toward $1850. Among alts, the performance has been mixed. ETH scaling solutions ARB 7.03% , OP 1.71% , and IMX 3.62% all experienced gains of over 2% during the day. Meanwhile, the native token of the decentralized GPU rendering platform, RNDR 3.19% ,...
A NOSEDIVE IN VOLATILITY Equities are not the only asset class undergoing a noticeable decline in volatility. Both Bitcoin and Ethereum are following a similar path. Over the past two months, there has been a significant decrease in the implied volatilities of these blue chip cryptoassets, especially following the fallout from the Silicon Valley Bank (SVB) crisis and the subsequent rally in prices following the Federal Reserve’s intervention. The sense...
DCG Misses $640m Payment, 3AC's NFTs Fetch $2.5m, and Pudgy Penguins Launch Toys on Amazon
Equity markets opened the week with mixed results while bonds yields ticked higher as investors eagerly await updates on debt-ceiling negotiations. Relative to last week's close, NDAQ is trading at -0.2%, SPX is flat (+0.1%), while QQQ is changing hands at +0.4%. US02Y and US10Y are up 1% on the day, reflecting the President's and House Speaker's meeting later today in an effort to avoid a technical default. Digital asset...
