Crypto Research
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U.S. equities are under further pressure in Wednesdayâs trading, with the SPY (-0.31%) and QQQ (-0.88%) trading lower as investors anxiously await Nvidiaâs earnings later today. Crypto markets are showing more pronounced losses, with BTC and ETH 4.75% falling 2.37% and 3.57%, respectively. Despite the declines, Bitcoin and Ethereum remain above their respective levels of $51k and $2.9k. AI-related tokens are cooling off after an impressive few weeks, as TAO and...
Equity markets are under pressure this morning, with the QQQ and SPX indices dropping over 1% and approximately 0.70%, respectively. This downturn occurs amidst a backdrop of a declining DXY and lower rates, underscoring a continued decoupling between risk assets and the bond market since early January. The crypto market is also experiencing a pullback, following Bitcoin's premarket attempt to surpass the $53k mark and Ethereum's notable weekend achievement of...
BREAKING AWAY While we maintain that macro conditions are still the most critical factor in assessing the medium/long-term trajectory of BTC prices, daily returns of the leading cryptoasset continue to exhibit a lack of defined correlation with any major macro asset. To us, the biggest reason for this sustained lack of correlation is the advent of the spot BTC ETF. A prime example of how ETFs are influencing BTC's performance...
WEEKLY RECAP Crypto funding rose 59% week over week from $85 million to $135 million, while deal count held steady at 21 total deals. DeFi was the most funded category from both a fundraising and deal count perspective, raising $70 million across eight deals, including a $14 million strategic round completed by Ethena Labs and led by Dragonfly Capital. Ethena is striving to create a yield-bearing synthetic dollar by leveraging...
Markets are reacting to this morningâs January PPI data coming in higher than expectations. The report showed a MoM increase of 0.3% vs. 0.1% expected, and core PPI rising 0.5% vs 0.1% expected. In conjunction with a similarly hot CPI report this week, the data has shifted market expectations of the Fedâs first rate cut to June. U.S. equities are declining following the data release, with the SPY, QQQ, and...
Coinbase reported earnings this afternoon after market-close. In today's Crypto Comments video, we examine the stellar report showing Coinbase beating top and bottom-line estimates, presenting an optimistic outlook for the exchange in 2024. https://vimeo. com/913527994/a640c5b846? share=copy
Telefonica Forms Strategic Partnership with Chainlink Labs, Citibank Completes Tokenization Pilot on Avalanche
A flurry of economic data this morning has provided mixed signals for markets. On one side, retail sales decreased 0.8% MoM versus an expected 0.2% decline. On the other side, jobless claims came in lower than expected and the Empire State manufacturing survey showed higher than expected prices paid. U.S. equities are mixed, with the SPY gaining 0.29% and the QQQ showing a modest decline of 0.05%. BTC (+0.75%) continues its...
Starknet Foundation Announces Airdrop Details, Taurus and Lido Partner for Institutional Liquid Staking
After yesterdayâs sell-off following January CPI data, U.S. equity indices are rebounding, with both the SPY and QQQ rising approximately 0.40%. BTC showed resilience yesterday and continues to demonstrate strength today, surging 4% and briefly eclipsing the $52k mark. ETH 4.75% (+3.96%) is showing similar gains, rising above $2,750, the highest level since May 2022. Robinhood, a stock and crypto trading platform, beat earnings expectations yesterday, largely due to 10% year-over-year growth in...
In today's Crypto Comments video, we discuss Bitcoin's resilience despite risk-assets turning lower following a hotter-than-expected CPI report. We also explore Stacks' relative strength and our view on Coinbase's upcoming earnings. https://vimeo. com/912760107/b1ac374b9b? share=copy
Monday morning picked up right where yesterday left off, with BTC surging toward $50k, momentarily touching the key level across several exchanges. The rally appears to be driven by spot market demand, as evidenced by a significant spike in spot volume while funding rates remain muted (see chart below). A substantial portion of this volume is likely entering the market via spot ETFs chasing the positive weekend price action. Concurrently,...
In today's Crypto Comments video, we discuss this week's outperformance of Bitcoin miners, examining how recent price movements reaffirm the sustained high beta relationship with bitcoin. Additionally, we explore considerations regarding mining cost profiles post-halving. https://vimeo. com/911710626/cfe0571c1f? share=copy
