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Until the US releases jobs data, due to come on Thursday their time, most investors stayed in wait-and-see mode. Most indexes traded flat or slightly down; I’m talking about equities but bonds, gold or the dollar also traded muted. The only dark cloud might be commodities, which, if there are any indicators of economic health, don’t seem to be doing well.
These days, I notice that the crypto space is less correlated with macro markets and moving at its own pace.
BTC rose about 4% on the session, from $38,200 to now $39,800. On the chart it almost looks like an attempt at a continuation of the recent uptrend we’ve seen last week.
It’s interesting to see that while BTC rose, alts matched the advance and, if anything, outperformed. Amongst the best gains we saw COMP up 15%, followed then by a cohort of other coins like AAVE, DOT, and ETH, all rising about 7-8%. Next in line we had MKR, SNX and SOL all gaining about 5-6%.
A series of charts from The Block offer an interesting view of crypto markets broadly, with regards to the recent massive down move and downtrend we’ve seen from May onwards. Naturally you can see volumes across all exchanges have dropped but also shifts in the market share of FTX, for example, relative to Binance.
It’s also very interesting to see the decrease in stablecoins volumes but, again, the relative growth in market share by USDC, a maybe more institutional or reliable USD equivalent, at the expense of USDT.
Away from data and to news. While Senator Gensler pushed for a deeper review of crypto markets by the SEC, some of its side-effects might very well be a clearer path to a Bitcoin ETF -albeit in a very strict structure. There was also mention of now excluding miners from the definition of ‘broker’ and so alleviating some of the regulatory load they would’ve faced.
A very supportive news for the growth of the crypto space was Google (re)-allowing crypto ads in the US -but with restrictions and guidelines, of course.
Lastly, as a quick information nugget, we’re hearing from a Uruguayan lawmaker proposing a bill to treat crypto as legal tender. The trend is growing.
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