Morning‌‌ ‌‌Update—April 14th—Macro and Crypto Markets

By Justin d'Anethan | Daily Market Update | 13 Apr 2021

Up. This is how markets felt late yesterday and early this morning. Any buyer of risk is a tad richer today than they were the day before.

In traditional markets, with optimism on economic recovery and positive earnings, equities rose with the S&P reaching new records and the Nasdaq still below all-time highs but getting closer. Along with the 10-year yield, the dollar is retracing.

While fiat currencies lose value, crypto markets are boldly marching on. Again, if you’re holding BTC and any of the large cap alts, your USD balance is up.

BTC is closing the session 5.5% up, at $63,200 after reaching a new all-time high, at $63,775. Along with King Coin, ETH also broke new records, at $2,315, and closing the day 7% up.

Typically, when BTC makes new highs, other coins get pushed to the side for a while but, looking at the BTC Dominance index, we can see that, along with ETH, altcoins are holding on well. Aside from BNB, ADA, LTC, LINK, DOT, BCH, XLM and even XRP are decidedly in the green. Smaller cap coins are just flat or slightly retracing -and that’s relatively common, capital flows from the large cap coins first and then only venture into more speculative coins.

Along with the enthusiasm generated by higher prices, there’s plenty of fundamental supporting crypto markets.

There are currently eight Bitcoin ETF active applications and that suggests plenty of providers receiving some kind of demand from clients for easy exposure into digital assets.

Naturally, both crypto and traditional markets are eyeing the Coinbase IPO which will be an interesting play for anybody believing in the space, or not. Right now the FTX pre-IPO contract prices imply a ~160 billion valuation.

Lastly, more focused on on-chain data, Glassnode published this very nice chart showing the amount of bitcoins destroyed and it suggests that the activity/transactions happening right now are nowhere near the previous cycle tops… We have room to go higher.

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Justin d'Anethan

Head of Exchange Sales at EQONEX. Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

Daily Market Update

A quick market update (1-2min read). Every week day, morning in Asia, I go over major moves in macro and crypto markets, linking fundamentals to price action.