Morning‌‌ ‌‌Update—February 5th —Macro and Crypto Markets

Morning‌‌ ‌‌Update—February 5th —Macro and Crypto Markets


Futures are flat this morning in Asia, as most investors wait for the US job report due later today. Yesterday’s session, though, was yet another great day for most indices; both the S&P and the Nasdaq reached new highs. The dollar also rose, still at low levels but continuing a rebound started earlier this year. Interestingly, gold did not benefit from the risk-on move and fell 2%.

 

In the crypto space, BTC whipsawed between $38,700 and $36,100, only to close the day about 1% down, at $37,250. 

 

The BTC Dominance Index continues to edge down, not by much but down nonetheless, currently at 62. There is an enduring feeling that BTC’s resistance in the upper 38K’s and at the all-time high will be hard to break, probably leading investors to coins with maybe more upside potential.

 

While ETH is ending the session down 3.5% investors will be happy about yet another push past previous all-time high and to the new $1,699. It’s worth noting that yesterday, ETH daily transaction fees topped $22M, a new all-time record for crypto fees. 

 

Still looking at ETH, a beautiful chart by Kaiko shows that ETH markets are becoming more liquid, meaning more interest but, also, for traders less slippage even during volatile times.

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Speaking of volatility and liquidity, it’s also great to see ETH options OI on Deribit reach record highs, currently at $2.2 billion.

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Looking at other alts, they are mostly down, led by ETH’s down session, falling by 2-5%, with the exception of XRP, ADA and BNB. Oh, and also DOGE, thanks to yet another tweet from Elon Musk. Can we get another BTC pump, please?

 

 

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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.

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