Stacks
$STX
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LET IT FLOW As we approach the holiday weekend and the final week of the year, which is typically marked by lower liquidity due to many stepping away from their desks, one might expect to see a dialing back of risk and a slowdown in trading volumes. However, contrary to these expectations, most data suggest animal spirits seem poised for a rally through the New Year. CME futures data, the...
Bitcoin Layer-2s Growing in Favor, Marathon Digital Purchases Mining Facilities
The âSanta Clause rallyâ is in full effect within equity markets, as the QQQ (+0.08%) has made a new all-time high, and the SPY (+0.07%) is less than 1% away from doing the same. Crypto markets are joining the fun, with BTC -2.55% (+3.90%) rising to just under $44k and ETH -1.28% (+2.99%) trading near $2,350. Bitcoin layer-2, Stacks (STX -8.86% ), is outperforming today, rising over 26% amid Bitcoin monthly transactions reaching an...
After experiencing an overnight drawdown during Asian market hours, cryptoassets are witnessing a notable bounce at the US market open. BTC -2.55% is at the forefront, rebounding to $41.5k after briefly dipping to $40.5k last evening. Meanwhile, ETH -1.28% is trailing behind, currently down about 1% to $2170. Although altcoins are broadly lower at the start of the day, select ones like STX -8.86% , a Bitcoin layer 2 network, are performing well, likely...
OI RINSE TO START THE WEEK This week the crypto market started off with a bang, marked by a liquidations-driven downturn on Sunday evening. The perpetual futures market witnessed a low liquidity liquidation cascade that wiped out approximately $2.7 billion in open interest across all cryptoassets, according to data from CoinGlass. At the time, we perceived this event as a normal cleansing of overleveraged weekend positions and viewed any immediate...
BITCOIN (BTC -2.55% ) “CRYPTO-WINTER” LOOKS TO BE OVER. A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course. The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...
CHALLENGING THE ACCUSATIONS OF FROTH Amidst the recent sharp rally in the crypto market, investors who weathered the prolonged bear market are understandably cautious, keeping a close watch for any signs of excess. Despite the violence in the most recent rally, we believe it's too early to declare the market as overbought. Our assessment is based on several factors:Perpetual futures data indicates a relatively modest level of long speculation, especially...
Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. BTC -2.55% has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was STX -8.86% , the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the...
RATES DUE FOR A BOUNCE (MAYBE) As the crypto market continues to exhibit strength, and despite eradicating one of the market’s biggest unknowns in Binance just last week, it remains essential to be aware of near-term risks. Recently, the bond market has experienced a significant rally, and there's been a notable decline in the DXY. Combined with nominal stimulus in Asia, these factors have contributed to a substantial increase in...
Traditional markets are stumbling today as the National Bank of Canada unexpectedly raised interest rates by 25 bps, sparking fears that the U.S. will potentially follow suit. The SPX (-0.31%) failed to break through $4,300, while the NDQ (-1.36%) has taken a pause on its recent outperformance. Crypto markets are still digesting the repercussions of the SEC lawsuits against Binance and Coinbase, with BTC -2.55% (-3.15%) trading around $26.3k and ETH -1.28% ...
BRC-20 FEVER Ordinal transactions on Bitcoin have skyrocketed in the last few months, leading to an all-time high for daily transactions and pushing Bitcoin network fees to 2-year highs. The activity throttled BTC’s network so much that Binance was forced to temporarily shut down withdrawals and implement Lightening Network to service outflows without paying excessive fees. There are currently two types of Ordinal transactions on the network: 1) Ordinal NFTs...
Prices slid lower this morning ahead of the Fed's FOMC meeting at 2 pm ET before bouncing back after the Fed's interest rate decision of 25bps was released. Bitcoin and Ethereum are up 0.23% and 0.82%, respectively, while most altcoins are down. ARB -7.32% is down 1.69%, SOL -6.48% is down 2.13%, and LDO is down 3.72%. An exception to this is Bitcoin layer 2 blockchain, STX -8.86% , which is up 5.28% as...
