Morning Brief

Morning‌‌ ‌‌Update—Macro and Crypto Markets—May 5th

May 5, 2021
If you invest in the stock market, then you always look at interest rates: They guide risk appetite in a very real way. After Treasury Secretary Yellen commented that rates might have to rise somewhat to keep the economy from overheating, a general risk-off tilt took over Wall Street. While indexes fell, they eventually closed back at ‘OK’ levels.

 In the crypto space, the pain seemed to linger.

BTC fell 5.4% on the session, from $57,000 to $54,000. Mind you, those are not bad levels to be at, but clearly a reaction to traditional market moves.

Interestingly enough, the BTC Dominance, which typically rises in sell-offs, continued to drop, now at 46.6. ETH is indeed holding up much better, falling about 3.9%, in its first ‘down day’ in about 10 sessions. 

Alts offered a different, more varied picture, with some underperformance and some outperformance. LINK is boldly breaching new highs, rising 11% and getting freakishly close to $50. LTC rose about 6%. UNI gained as well. Other alts, such as STX, BCH or DOT, are more in line with ETH and BTC.

Away from pure price action, there’s plenty of interesting news to look at.

While less shocking, in very relevant news for cryptocurrency normalization, the S&P Dow Jones Indices is launching crypto indices for BTC, ETH, and a diversified large cap index.

It was interesting to see Deribit’s tweet on the growth of ETH’s options, saying: “We have no opinion on an ETH-BTC flippening but our ETH options volume did flip BTC options volume for the first time. $1.4B notional.”

Lastly, in regards to Ethereum and thanks to a Glassnode chart, we can see a large amount of coins presumably being directed from exchanges (where the reserves are diminishing) and into smart-contracts or DeFi (where supply is growing). 

One last news nugget—did you hear about eBay’s CEO? Apparently, he’s exploring NTF’s and  payment options, including cryptocurrencies. It seems like more and more people are jumping on the bandwagon.

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—May 5th

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