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 4.75% is trailing behind, currently down about 1% to $2170. Although altcoins are broadly lower at the start of the day, select ones like STX -0.27% , a Bitcoin layer 2 network, are performing well, likely...
WEEKLY RECAP Crypto funding remained elevated for the third consecutive week, totaling $271 million, a slight drop from last week’s $289 million. The most funded category was Web3 and NFTs, largely due to a $140 million round closed by Line Next, the Web3 unit of the Japanese messaging app Line. Crescendo Equity Partners, a Peter Thiel-backed private equity firm, led the investment round. Infrastructure was the most popular category from...
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 4.75% is performing in...
In this week's Crypto Comments video, we discuss the liquidation-driven sell-off to start the week, tailwinds for mining stocks, and the improving macro picture with the Fed pause and declining dollar. Click HERE for our full Crypto Strategy note. https://vimeo. com/894741001/cb46931153? share=copy
OI RINSE TO START THE WEEK This week the crypto market started off with a bang, marked by a liquidations-driven downturn on Sunday evening. The perpetual futures market witnessed a low liquidity liquidation cascade that wiped out approximately $2.7 billion in open interest across all cryptoassets, according to data from CoinGlass. At the time, we perceived this event as a normal cleansing of overleveraged weekend positions and viewed any immediate...
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 4.75% (-1.22%) falling to $2,200. Gaming tokens are showing...
BITCOIN (BTC) “CRYPTO-WINTER” LOOKS TO BE OVER. A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course. The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...
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...
