Crypto Daybook Americas: Your Daily Morning Briefing on Crypto Markets
Get ready for a new and improved morning routine starting next Monday with Crypto Daybook Americas. Formerly known as First Mover Americas, this daily briefing will provide you with all the essential insights into the crypto markets overnight and what to expect during the day ahead. Published at 7 a.m. ET, Crypto Daybook Americas will kickstart your day with comprehensive information that you won’t want to miss.
Key Market Data:
– CoinDesk 20 Index: 3,108.77 (-9.55%)
– Bitcoin (BTC): $92,029.63 (-6.72%)
– Ether (ETH): $3,319.02 (-4.95%)
– S&P 500: 5,987.37 (+0.3%)
– Gold: $2,632.36 (+0.57%)
– Nikkei 225: 38,442.00 (-0.87%)
Top Stories:
The crypto market correction led by bitcoin has entered its third day, with BTC losing a further 6% in the past 24 hours, dropping below $93,000. Profit-taking on the expected pullback has caused BTC to pare its weekly gains from over 10% to less than 1%. Other major tokens like SOL, BNB, ADA, and DOGE have also experienced declines of up to 7%. The CoinDesk 20 Index (CD20) is down nearly 3%, with analysts predicting a natural correction of up to 10% from the peak while maintaining a short-term target of $100,000 per BTC.
Indicators suggest that BTC’s price correction may continue, possibly dropping as low as $90,000. The 25-delta risk reversal, which measures the volatility premium of out-of-the-money calls relative to puts, has turned negative, indicating a bias for protective puts. Traders have been selling call spreads and buying put options tied to BTC in preparation for a potential extension of the price slide.
Ether, on the other hand, is showing signs of a resurgence after a prolonged downtrend relative to bitcoin. ETH climbed to over $3,500 for the first time since June, outperforming the broader market which has lost over 8%. The ETH/BTC ratio has improved, gaining 15% since hitting its weakest point in March 2021.
Chart of the Day:
– Leverage magnifies both profits and losses, as seen in the Defiance Daily Target 2x Long MSTR ETF, which has crashed 41% in three days.
– The ETF seeks to deliver twice the daily performance of MicroStrategy shares, which have dropped 20%.
– Source: TradingView
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