Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 10th

March 10, 2021
Buyers and holders of risk assets will be happy today. With a Fed meeting coming next week and investors expecting accommodating policies, the 10-year yield retraced slightly, now back at 1.53%. Equities had a field day with the S&P and the Nasdaq, up 1.35% and almost 4%, respectively. Gold also enjoyed a reversal, rising almost 2% on the session.

The only loser seemed to be the dollar. On the session, it lost against its peers. It’s worth noting that on a longer-term basis, however, it seems to have bounced off support and could be due for some further upside.

Unsurprisingly, the crypto space benefitted as well. BTC rose about 5% on the session, closing the day at $45,500. With the recovery of the spot price, derivatives traders are picking up, as seen through the open interest and the futures basis gradually increasing from what were very low levels. Investors seem happy to buy and to do so with some leverage.

Looking at alts, they’re doing great as well. The BTC Dominance index remains below 61, down from its position last week and the week before.

ETH rose just 2% and is now above $1,800, very close to the 2K mark chartists will be looking at. DOT rose almost 10% on the session, back above $38. XTZ continued its ascension. We also saw older privacy coins DASH and ZEC make massive moves up, up 12% and 8%, respectively.

As a side note, as a part of the whole NFT craze, Twitter CEO Jack Dorsey minted one of his tweets and put it up for auction. The proceeds will immediately be converted to BTC and given to charity. The highest bid for the NFT is currently at $2.5 million.

Written by: Justin d'Anethan, Sales Manager

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