Mooners and Shakers: Bitcoin JOLTS up; Coinbase launches international exchange
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Bitcoin had a wee boost in the wee hours (AEST) last night, pretty much straight after the latest US JOLTS jobs data came to light. Oh, you weren’t up waiting for that info, either? Fair enough.
Meanwhile, Coinbase has just made an announcement of some significance for its business model, in light of its struggles with regulators in the US. You can read about that, in brief, further below.
As for price action and chart movements, the S&P 500 and Nasdaq closed in the red (which ususally means slumpy crypto prices, too), but Bitcoin and pals ticked up a percentage point or two. The US Dollar Index (DXY), incidentally, has pulled back a fraction (-0.21%).
As our very own non-fungible macro guru Eddy Sunarto pointed out in his early-bird-gets-the-worm Market Highlights roundup:
“Last night’s US JOLTS data provided some optimism that the US labour market is softening, which could allow the Fed to refrain from remaining aggressive.”
Here’s hoping, eh, Eddy?
Those crypto investors who manage to put down the PEPE hopium pipe for half a minute and look around the macroscape might consider that labour markets probably need to cool off for inflation to decline. And that inflation-combatting interest-rate hikes are a pain in the butt for risk assets like crypto (and indeed most assets).
There are plenty of bearish voices about, however, regarding the outcome of the FOMC meeting and what the Fed has in store beyond it.
“Regardless of what is going to be said on Wednesday, I struggle to see how the markets would think that the Fed is definitely done with its hiking cycle,” noted Erik Weisman, chief economist of MFS Investment Management.
Eddy has more details in his must-read roundup.
Why are so many people bearish on FOMC?
Last month, PPI went down which will have direct impact on this month’s CPI.
Less price to produce, less price for the customer.
— Roman (@Roman_Trading) May 2, 2023
We’re still seeing a hell of a lot of difference in opinion out there from crypto swing traders and analysts. And when we say “out there”, we mean on Crypto Twitter.
Here’s Justin Bennett, for example, who has been watching the US Dollar Index closely, which is so very often inversely correlated to the fortunes of risk assets such as crypto. He’s pointing out a “higher high” for the DXY here, which can be a sign of potential continuation in technical analytical land.
— Justin Bennett (@JustinBennettFX) May 2, 2023
“Roman”, meanwhile, has other ideas about it all just at the moment…
Still confirming my theory that this weekly chart is forming a bear flag rather than a DB. Another perfect rejection at the height of horizontal & diagonal multi-year resistances.
— Roman (@Roman_Trading) May 2, 2023
As for another go-to Crypto Twittering analyst, Dutchman Michael van de Poppe, he thinks Bitcoin’s not finished the frisson upwards that’s seen it become one of the best-performing assets so far this year.
— Michaël van de Poppe (@CryptoMichNL) May 2, 2023
Paints a decent short-midterm picture, there. For altcoins, too. Would be nice if it plays out like that.
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Stacks (STX), (market cap: US$1.03 billion) +10%
• Rocket Pool (RPL), (market cap: US$940 million) +5%
• Synthetix Network (SNX), (market cap: US$774 million) +5%
• Optimism (OP), (market cap: US$681 million) +4%
• Conflux (CFX), (market cap: US$653 million) +2%
PUMPERS (lower, lower caps)
• Wojak (WOJAK), (market cap: US$56 million) +157%
• DinoLFG (DINO), (market cap: US$23 million) +110%
• Radicle (RAD), (market cap: US$194 million) +47%
• Cult DAO (CULT), (market cap: US$28 million) +44%
• Radix (XRD), (market cap: US$935 million) -9%
• Render (RNDR), (mc: US$748 million) -6%
• Pepe (PEPE), (mc: US$479 million) -3%
• MultiverX (EGLD), (mc: US$1.02 billion) -2%
• VeChain (VET), (mc: US$1.53 billion) -1%
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
Coinbase, the biggest US-founded crypto exchange, has announced it’s just launched a new exchange entity with BTC and ETH perpetual futures, which it’s dubbed Coinbase International Exchange.
Today Coinbase launched Coinbase International Exchange @CoinbaseIntExch and will begin by offering BTC & ETH perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions outside of the U.S.https://t.co/OzhbgJlZ2K
— Coinbase 🛡️ (@coinbase) May 2, 2023
Speaking of Coinbase…
Remember that seemingly insane US$1 million bet that Bitcoin was going to hit US$1 million per BTC in 90 days? Balaji Srinivasan, the former Coinbase exec who accepted that wager (initially made by one James Medlock) has decided to pay up ahead of time.
“I spent my own money to send a provably costly signal that there’s something wrong with the economy, and that it’s not going to be a ‘soft landing’ like [Federal Reserve Chair Jerome] Powell promises – but something much worse.”
I just burned a million to tell you they're printing trillions. pic.twitter.com/pX5622rjUO
— Balaji (@balajis) May 2, 2023
Srinivasan ended up donating US$1.5 million to three different entities as settlement. And that’s US$500k more than was required – apparently to prove a point. Not short of dosh, then, is the exchange’s ex CTO.
Still on Coinbase for a sec, Cathie Wood’s ARK Invest won’t quit buying the Coinbase COIN stock…
— CryptoSavingExpert ® (@CryptoSavingExp) May 2, 2023
I vote for Elizabeth Warren
— Coin Bureau (@coinbureau) May 1, 2023
— Vikingo (@Vikingobitcoin9) May 1, 2023
💥Be your own Bank💥 #Bitcoin truck outside First Republic Bank
– the second BIGGEST US bank failure ever!
— Bitcoin Archive (@BTC_Archive) May 2, 2023