Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto

Morning‌‌ ‌‌Update—February 3rd —Macro and Crypto Markets

With Google seeing record growth, Amazon’s performance rising, and then, on a broader level, Democrats in the US pushing ahead with an aggressive stimulus plan, one can’t help but buy into risk.


The S&P 500 rose 1.3%, with financial and industrials leading the charge. The Nasdaq also continued the previous session’s rise. The 10-year yield rose further, now just above 1.10%. Gold and silver both retreated sharply, the latter down 8% on the session.


In the crypto space, we’re up as well—more, actually. BTC rose a healthy 6.2%, currently at $35,500. But, interestingly enough, the BTC Dominance Index continues to edge down, meaning that while BTC rises, alts are still outperforming. 


The outperformance actually comes from ETH, which gained a massive 11.5% on the day, clearly breaking up and through the $1,400 resistance. We have now reached new all-time highs of $1,550. We are undeniably in price discovery mode and it is exciting to imagine the previous resistance could serve as a base for ETH to push ever higher.


While all the focus is on BTC and ETH, alts are also slightly up, all rising between 3% and 5%, so holding up but actually not outperforming. It’s worth remembering the cyclical nature of markets, though, and the fact that after BTC, the focus goes to ETH (the second largest market cap coin), then to steady but more volatile coins, and then to even more speculative projects.


A quick fundamental piece of news: As it has become the norm, it seems, MicroStrategy acquired an additional $10 million worth of BTC. 


Lastly, the ETH options realm is completely dominated by calls, and, while they could be used for hedging, it typically suggests a general bullish tilt. Let’s see if prices push higher.



Sign up on EQUOS via:  

Sign up on YouTube via:


How do you rate this article?


Justin d'Anethan
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
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.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.