THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 10th

June 10, 2021

While global investors seem to believe we’re in a recovering economy, the inflation data that came through earlier today in the US, left most selling risk assets for now. Stocks retreated and bonds were bought, pushing the 10-year yield below 1.5%. Gold also edged lower.

I suspect there are interesting dynamics affecting the crypto markets in relation to the macro markets, namely the rotation of capital from crypto gains to tech stocks that had previously been sold massively and, more recently, the pick-up in inflation.

On the session, crypto decidedly bounced back from the day before yesterday. BTC was the leader and outperformer, rising more than 11% and taking us from $31,000 back above $37,000.

The BTC Dominance index rose, showing that alts didn’t match the advance. They’re still up, though. ETH gained almost 4%. It’s worth noting that ETH wasn’t sold off as much as BTC was, and so the asset probably had less impetus for a massive move up. ZEC rose almost 10% along with other privacy coins, perhaps due to the Chinese crackdown or the global pick-up in regulation. DOT and LINK both advanced around 5%.

As for news, El Salvador officially made BTC legal tender. This is a truly historic and momentous event for both the country and the crypto space. It means Salvadorian people will be able to accept BTC for commercial transactions and will have the right to hold, account, and pay taxes in BTC. It’s worth noting that they have the choice to stick to USD if they so choose. I think this type of adoption can happen slowly and then all at once, and we might see more countries making similar moves in the future.

While they might not be countries, it was great to also hear from two large financial firms looking to enter the space, I’m talking about Interactive Brokers which should offer crypto trading sometime this summer and also Victory Capital (a massive asset management firm with $160 billion in AUM) announcing that they plan to allocate to crypto.

That being said, China is still cracking down on crypto, by blocking search engines from showing crypto exchange websites and also arresting a large number of people on crypto related money laundering charges.

To finish with some interesting data, Glassnode’s binary CDD, which looks at the on-chain movement of old coins relative to previous periods, seems to show we are back into ‘pre-bull’ accumulation, suggesting we might be forming a base for longer term holders.


Written by: Justin d'Anethan, Sales Manager
Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 10th

Related Articles

November 18: Daily BTC Analysis

November 18: Daily BTC Analysis

November 19, 2021

Matt Blom

The natural ebb-and-flow of price, has replaced the bullish moves seen through October and early November

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

November 17, 2021

Justin d'Anethan

It looks like crypto isn’t correlated to traditional markets, at least not during this past session.

Daily BTC Analysis: The Weekender

Daily BTC Analysis: The Weekender

November 15, 2021

Matt Blom

One of the big factors contributing to bitcoin’s expansion over gold is that millennials are becoming more knowledgeable of the investing world.

THE EQONEX CRYPTO GUIDE AND LEARN HUB

Bringing digital assets to the world.

EQONEX is a digital assets financial services company focused on delivering a full, digital asset ecosystem that offers innovative, trusted, and transparent products and services.

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

© 2022 EQONEX Capital Pte Ltd
All rights reserved.

IS 749075