Crypto Research
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Equities are rising this Monday afternoon following their worst week of the year. The ^SPX -0.93% and NDQ are trading 0.4% and 0.7% higher, respectively. Interestingly, the US 2Y yield pushed higher in the early morning hours to reach its highest level in over 15 years but has since retreated to below 4.8%. The crypto market rallied following the local peak in rates this morning but has since retraced some of those...
BULLS OUT OVER THEIR SKIS IN THE SHORT TERM This was obviously a disappointing week for the bulls. We have yet to see the rollover in yields that we were anticipating in the near term, and as a result, crypto is starting to catch up with global equities. We can see below that an apparently overzealous derivatives market exacerbated the lack of follow-through in the spot market. Below we map...
Traditional markets opened sharply lower today following higher YoY PCE data (5.4% in January vs 5.3% in December). With the Fed looking at PCE as their preferred gauge of inflation, the higher print incites fears that they will likely have to do more to cool price pressures. ^SPX -0.93% and QQQ -1.39% have opened and subsequently bled lower from yesterday's close, trading at -1.5% and -2.0% at the time of writing. With correlations to...
Traditional indices have continued their fall this week, with the ^SPX -0.93% (-0.33%) falling below $3,980 and the NDQ (-0.25%) trading just above $12,000. Initial jobless claims came in slightly lower than expected as the market continues to look for signs that the Fedâs hiking cycle is affecting the labor market. Tomorrow at 8:30 AM, the latest PCE data will be released, giving investors more insight into inflation trends. Crypto markets...
Equities are attempting a rebound following their worst day of the year. The ^SPX -0.93% and NDQ are both trading 0.3% higher. Yields are also starting to show signs of exhaustion, as both the US 2Y and US 10Y are down over 1.0%. Traders anxiously await the Federal Reserve's latest meeting minutes to gain further color regarding its future hiking agenda. Meanwhile, Coinbase is trading lower on the day, despite beating...
Markets cooled off today after a long holiday weekend. BTC and ETH -4.55% are down 0.61% and 1.68% and SPX and NDQ have dropped 1.17% and 1.32%. Most altcoins have held up weaker than bitcoin and ethereum on this pullback, MATIC is down 5.73%, LDO is down 5.26%, and SOL -5.22% is down 4.00%. An exception to this is ANKR, which has risen 43.6% today after an announcement of a Microsoft partnership...
REGULATORY THREATS MORE BARK THAN BITE (TO ASSET PRICES) Last week we discussed that more regulatory actions would be coming – and they certainly were. On Monday morning, Paxos was ordered to shut down its services surrounding Binance’s BUSD stablecoin on the grounds that it might be deemed a security. There were worries that there would be additional regulatory action against other centralized stablecoin issuers, but as the week progressed, it...
Traditional indices are extending yesterdayâs fall on the back of higher terminal rate expectations after a couple of hot economic data points this week. The SPY -0.93% (-0.91%) is holding above $400 while the QQQ -1.39% (-1.54%) has fallen just below $300. After a violent dump leading into yesterdayâs close, BTC (+3.52%) and ETH -4.55% (+3.49%) have rallied back to $24.3k and $1.69k, respectively. Liquid staking derivatives (LSDs) are outperforming today with LDO...
