Morning‌‌ ‌‌Update—April 28th—Macro and Crypto Markets

By Justin d'Anethan | Daily Market Update | 28 Apr 2021

With the dollar gaining against its peers, we saw quite a lot of selling taking place during the US session. Bonds fell, with the 10-year rising closer to 1.6%, and equity indexes pulled back slightly, mostly dragged by tech stocks.

I’m happy to report that in the crypto space, though, we’re decidedly up.

Following the previous strong session, BTC rose almost 2% yesterday, currently at $55,000. While it’s gaining, alts are gaining more. It’s absolutely fascinating to see the BTC Dominance index fall further, now essentially at 50. As a reminder, this means that BTC which at some point represented 100% or 75% of the crypto space, now only accounts for half of it.

Alts are raging on. ETH is up another 4.5% after an already bullish session previously. LINK, LTC and ADA are doing even better, rising over 5%. We’re also still seeing outperformance in newer/smaller altcoins, I’m thinking of AAVE, SNX, VET or GRT. ADA is also holding strong.

Away from market moves but definitely not unrelated, there’s a flurry of positive news coming through, with large players getting more involved in crypto.

Probably the biggest one, in my opinion, is Mastercard planning to launch a credit card with crypto reward. Again, this is not a new idea really, but with large players it can have a global impact and will mean more purchase of crypto.

Iran is set to allow money changers and banks to pay for imports using mined crypto. This again marks a step towards a more global and frequent use of crypto for international trades.

Third, we saw EIB (European Investment Bank) issuing 2-year digital bonds on Ethereum through Goldman, Santander, and Societe Generale.

It was also great to hear yesterday that PayPal CEO qualified the cryptocurrency demand on their platform as “much higher than expected”.

Lastly, away from traditional finance getting into crypto, it’s great to see the massive pick-up on the Ethereum blockchain along with actually a decrease in fees, a direct result of the increased gas limit by miners. It’s looking positive for ETH but also for the whole DeFi/DEX space.

Follow Me On Twitter On: https://twitter.com/justindanethan

Cryptocurrency Bitcoin (BTC) Ethereum (ETH) Crypto News DeFi

How do you rate this article?

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.