Despite truly disappointing jobs numbers on Friday, markets ended on an upbeat note. The S&P rose to fresh new highs, above $4,230. The Dow hit records too, at $34,777. Tech stocks are a distance away from all-time highs but up on the session. Interestingly, gold is also marching on and up, now at around $1,835.
While this is happening, one won’t be surprised to see the dollar losing value against its peers.
If you’re a diversified crypto holder, you are richer today than you were on Friday. This is to say, most coins are either steady or doing well.
ETH rose 12% over the weekend, breaching record levels. The new all-time high is $3,985. If you’ve been reading/watching this update for a while, you’ll know we were looking at 4K even before we crossed the 3K mark. The fundamentals are as supportive as ever for ETH and point at even higher levels.
BTC is also up, over the weekend, but just by 3-4%, back at $58,400. The BTC dominance seems to be settling in at 45.50, a very low level. Don’t underestimate the possibility of a bounce back up (in this case, BTC gaining strength over alts). This is either a profit taking opportunity (from alts into BTC) or, for more aggressive investors, an alt buying opportunity, later, if/when BTC gains.
Looking at alts, LTC is performing surprisingly well, alongside ADA. It’s also a pleasure to see LINK breaching new highs and closing above $50.
Away from price action and to look at the news:
Goldman launched a crypto trading team (it was a long time coming but now it’s public). Citi bank reports thinking about doing the same along with launching custody services.
BitFarms, a Canadian bitcoin miner, is approved for a Nasdaq market listing.
Lastly, but maybe more important, VanEck (the ETF provider) has filed an application for an Ethereum ETF.
Speaking of ETH, which really seems to be the belle of the ball these days, the Block is tracking search volumes. Right now it hit an unprecedented high. Is this too much excitement or the beginning of even more capital flowing in?
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