Morning‌‌ ‌‌Update—April 22nd—Macro and Crypto Markets

Morning‌‌ ‌‌Update—April 22nd—Macro and Crypto Markets

I was expecting some dip buyers in equity markets, but not by this much. Yesterday’s session walked back on almost two days of losses. The S&P and the Dow rose more than 1% and the Nasdaq rose over 1.5%. Bond yields steadied. Gold continued a very bullish run, now just a tad under $1,800.

In this kind of risk-on environment, you’d expect people to load on crypto even more, but that just wasn’t the case. BTC fell more than 4.5% on the session, from $56,500 to now a bit under $54,000. It very much looks like some enthusiastic buyers rushed in and that some larger—and more patient—sellers pushed things right down.

For the chartists out there, you can see we’re at a very tough juncture: the RSI bearish divergence seems to be playing out while prices walk at the lower edge of an Ichimoku cloud. Will we break down… or up?



Chartists will also enjoy looking at the BTC Dominance index. It’s hard to believe, but we’re down even further, currently at 51.6. That means that out of the whole crypto market cap, alts have now taken up, well… almost 50%.



ETH is closing the session slightly up, after intraday highs that took us to $2,470. Aside from that, other large cap alts fell, just at a smaller scale than BTC. A flurry of newer, more DeFi-focused coins performed well: I’m thinking of MKR, SOL, AAVE, COMP, etc.

You can also see that the non-Bitcoin+Ethereum market (i.e. all the other alts) has more than doubled its market share, rising from 16% to 36%, just in the last three months. Undoubtedly related, we can also see that the 7-day volume on Uniswap just crossed $10B for the first time.



Following up on that, thanks to a Messari chart, we can see that the transactions settled on the Ethereum blockchain crossed $1.5T in Q1 of this year alone—that’s more than its previous 7 quarters combined. Unsurprisingly, sophisticated investors are picking up on that and, for example, you can see the CME ETH Futures trading at record volumes recently.



Lastly, it was very nice to see the BTC hashrate pick up strongly. There were concerns about miners in China shutting off (as they changed their locations to more accommodating facilities/regions). Despite the recent massive drop, we’re already seeing it bounce. That’s supportive for the markets.



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Justin d'Anethan
Justin d'Anethan

Sales Manager at Diginex and EQUOS. Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

Daily Market Update
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.

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