Bitcoin stages nice recovery
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 11th April 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Despite Inflation Stunner, Bitcoin Rebounds
Inflation ran hotter than expected, stock prices took a bath but Bitcoin held firm. It even pulled off an impressive rebound.
Yesterday, between roughly 9 a.m. and 10 a.m. (EST), BTC tumbled from $69,000 to $67,600 following the release of CPI numbers showing year-over-year "headline inflation" for March was 3.5% as opposed to being 3.4%, as most economists had forecast. By nightfall, the most gigantic of digital assets had steadily climbed to $71K. BTC was roughly $70,500 as of Thursday at 7:30 a.m. (EST).
Total crypto assets reached $2.76 trillion on a 1.7% gain in 24 hours, according to CoinGecko.
What else. Toncoin hit a new ATH today. It's currently $7.43. That reflects a 9% gain in 24 hours.
TON's record high of $7.63 came during the wee hours of this morning. TON is now the No. 10 coin in terms of total market capitalization ($25.7 billion), bumping Cardano to the No. 11 spot.
Toncoin is the native asset of a Telegram-community-tied project juiced by a potential coming IPO for the messaging app, as well as some new momentum coming from recently launched TON futures contracts on Binance. And now comes word that TON Society developers are launching a proof-of-personhood program which aims to incentivize users to verify their identity using palm-scanning technology (Cointelegraph).
Ethena (ENA) also hit a new high, just now. ENA is the governance token of Ethena Labs’ hype-garnering, ETH-leveraging stablecoin ecosystem. Since its debut nine days ago, ENA has jumped from $0.60 to $1.50. CoinGecko notched ENA's new ATH at $1.51 shortly before 6 a.m. (EST). ENA is the 59th-largest digital asset, per CoinGecko.
Meanwhile, we're watching JasmyCoin at the moment in the midst of a startling move. JASMY is currently the No. 99 digital asset, and the coin of a realm that is being developed by Jasmy, a personal data protection provider, in collaboration with tech giant Panasonic. The project seeks to create a Web3 platform to connect personal data on the Internet-of-Things (IoT).
JASMY has soared 19% since this time yesterday. It's sitting at about two cents, or triple what it was last year at this time.
What's down
DeFi Darling Dumps
U.S. stocks fell on Wednesday. Pesky inflation was to blame. Stock futures are down today.
Traders for a good part of Q1 held out hopes for a rate cut at some point, say, maybe this spring?
Yeah, probably not happening, or so suggests the CME Group’s FedWatch barometer. After yesterday’s CPI print, the rate-change odds-making tool swung dramatically, reflecting now only a slim chance that there will be a rate cut at the June meeting.
Turning to the DeFi sector, a distinctly dour situation now surrounds Uniswap. The pioneer DEX's governance token, UNI, has plunged 18% in 24 hours. UNI, No. 23, was above $11 at this time yesterday. It's now clinging to $9.
CoinDesk reports that Uniswap has received a formal notice from the SEC alerting the exchange to some form of probe taking place, and possibly looming regulatory action.
Hayden Adams, Uniswap CEO, announced the receipt of the Wells notice on social media, saying he was "annoyed, disappointed and ready to fight.”
What's next
Signal Spotters Keep Watch On The Grayscale Door
With respect to inflation, the phrase "running hot" is a touch … inflammatory. Sure, U.S. inflation ticked a little higher than anticipated, but it's hardly Zimbabwe circa 2008 or post-WW2 Hungary.
The Fed could still cut rates this year, after all. On the decentralized Polymarket prediction platform, there's a solid cadre of punters (18%) in the camp of "three cuts this year."
And then there is Pythagoras, a quantitative trading firm, asserting that this week's rate-expectations re-set would seem to underscore how risk assets, including BTC, are coming to terms with the prospect for ultimately at least two rate cuts for the remainder of 2024.
"Bitcoin exhibited strength against a hawkish CPI report," Pythagoras' Semir Gabeljic told CoinDesk.
Compared to the S&P 500 (and gold for that matter), BTC staged a rather impressive recovery after the unwanted inflation surprise.
Possibly playing a part in the bullish-turning drama was some data showing slower-than-usual outflows from the Grayscale Bitcoin Trust. Only $18M exited GBTC yesterday.
