Morning Brief

Morning‌‌ ‌‌Update—Macro and Crypto Markets—May 6th

May 6, 2021
Today we saw interesting market dynamics. With positive earnings and positive expectations, along with good job numbers, the real economy seems to do better than tech stocks. The Dow rose and remains at record levels while the Nasdaq continues to retreat. While that’s happening, rates are actually going down (with bonds being bought), after Yellen clarified some of yesterday’s comments.

In the crypto space, along with the general market and yields retracing, we’re up. 

BTC walked back on previous losses and marched on, rising almost 8% on the session. ETH rose over 8%, currently at its all-time high. But, as investors often do, buyers had cycled their capital from BTC to ETH, and now from ETH to other alts, where you see the real outperformance. 

BCH is up by a spectacular 50%. ZEC rose a massive 20%. A flurry of other coins are making similar moves: XTZ, LTC, ADA, and DOT are up between 18% and 14%. As a result, the BTC Dominance index is edging even further down—as it’s been doing for the past months, now at 46.

This is all feeling positive and, in my opinion, a result of the positive fundamentals outlined in this very briefing throughout the past few weeks and months. BTC is up, ETH is up more, and alts are picking up in a substantial fashion. The stablecoin supply is at an all-time high, there are fewer coins being kept on-exchange, and people seem to be ‘hodling’ now more than ever… the set-up is clear.

Away from price action, let’s keep up with news in the crypto space:

Galaxy Digital, a massive firm that had already invested in cryptocurrencies and offers crypto services themselves, is set to buy custodian BitGo for $1.2B—the first intra-crypto billion dollar acquisition.

In a play from a more traditional player, Goldman Sachs is leading a $15 million Series B funding round for Coin Metrics. 

More impactful in the short run, Latin American e-commerce giant MercadoLibre just disclosed a treasury Bitcoin buy, equivalent to $7.8 million. This is just another move from corporates looking to diversify some of their cash holdings into BTC.

By the way, CoinShares is tracking the inflow of capital into BTC and ETH ETFs: Last week alone saw  $489 million pour in, the biggest weekly inflow since February.

Written by: Justin d'Anethan, Sales Manager

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