Crypto Research
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Despite March Non-Farm Payrolls blowing expectations out of the water (303k vs 214k exp.), equity indices are rebounding, with the SPY and QQQ gaining 1.23% and 1.50%, respectively. Although crypto assets held up during yesterdayâs equity sell-off, they fell overnight, with BTC (-1.06%) reaching the low $66,000s before rebounding to $67.7k at the time of writing. ETH (-0.53%) is trading slightly above $3k as the ETHBTC ratio has fallen below .05%,...
Flows Turn Positive and Coinbase Premium Returns, PayPal Enables Free International Transfers with PYUSD
The trading day began on a positive note, with rates decreasing and risk assets rallying following disinflationary pricing data from the latest ISM services PMI report. However, equity indices relinquished their gains and dipped into the red late in the trading session, influenced by comments from Fed President Neel Kashkari, which implied the Fed was concerned over persistently high inflation. Crypto rallied along with equities in the morning, and has...
Rates are continuing yesterdayâs rise after ADP Employment showed 184k jobs vs. 150k expected. The US10Y hit a high of 4.3% before paring gains after March ISM Services data showed lower-than-expected prices, employment, and orders. U.S. equity indices are rebounding, with the SPY gaining 0.42% and the QQQ rising 0.60%. Crypto assets are showing more pronounced gains, with BTC (+1.28%) reclaiming $66k and ETH (+1.56%) rising above $3,300. Synapse (SYN)...
Risk markets are experiencing a broad decline today, largely attributable to the surge in rates following the impressive PMI figures released yesterday. The US 10-year yield briefly reached 4.4%, marking its highest level since November. The crypto market was particularly affected in the early US hours today, with over $400 million in futures liquidations and BTC moving from nearly $70k to just below $65k. Following suit, the wider crypto market...
Tether Attains SOC 2 Compliance and Adds to Bitcoin Holdings, Telegram Enables Ad Purchases with TON
The ISM Manufacturing Survey was released this morning, exceeding expectations and showing the first expansion since September 2022. The data has helped the DXY (+0.48%) surpass $105 and cause treasury yields to surge across the curve as investors rethink the potential timing and amount of rate cuts this year. Crypto assets are selling off to start the month, with BTC (-3.28%) dropping to $68.8k and ETH (-5.38%) falling below $3,450....
WEEKLY RECAP Despite a short week in observance of Good Friday, weekly funding rose 17% from $228 million to $268 million across 31 deals. March funding totaled $960 million (with three days remaining), representing the highest figures since March ’23. Monthly deal count has reached 142 thus far, similarly marking the highest tally since 2022. Gaming companies had a strong week of funding, raising $114 million, being slightly edged out...
U.S. equities are flat on the day heading into the holiday weekend. The SPY has risen 0.07%, holding above $523, while the QQQ is down 0.06%, trading at $444. Although the market is closed tomorrow, the February PCE report will be released, and Fed Chair Powell will speak at the Macroeconomics and Monetary Policy in San Francisco. Surprises at either event could have an impact on markets. Crypto assets are...
Court Partially Dismisses SEC's Lawsuit Against Coinbase, Kucoin Charged by DOJ and CFTC for AML Violations
Crypto markets are declining following news that most of the SECâs lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...
WHAT IS BITCOIN MINING? Bitcoin is known as a proof-of-work (PoW) network. PoW networks require “miners” to solve computational puzzles to add blocks to the blockchain. Miners who supply more computational power to the network have a higher chance of processing a block, and successful miners are compensated with Bitcoin tokens. Transactions on the Bitcoin network are grouped into blocks, and then block data is put through a cryptographic algorithm...
FTX Selling Two-Thirds of Anthropic Stake for $884 Million, SWIFT Announces Phase 2 Results of Tokenization Experiments
U.S. equities are rising in Tuesday trading, with the SPY and QQQ both gaining approximately 0.21%. U.S. durable goods orders rose 1.4% in February, bouncing back after dropping 6.1% in January. The DXY (+0.04%) is flat on the day but remains above $104, while rates are showing modest gains across the curve. Crypto markets are showing slight declines, with BTC (-0.22%) trading at $69.7k and ETH (-0.72%) holding above $3,550. It...