DWV Market Daily | Bitcoin briefly rebounded above the 67,000 mark, S&P and Nasdaq rose over 1% for consecutive days, and the dollar index hit a new low in over a week
Market Performance:
On Tuesday, the S&P erased last week's losses, the Nasdaq rose over 1% for two consecutive days, and the Dow Jones increased for four straight days to a two-week high. U.S. Treasury yields hit a daily low, with the two-year yield retreating from a five-month high; the dollar index reached a new low in over a week, and the offshore yuan fell more than 100 points during the day, breaching 7.26. Crude oil rebounded nearly 3% from lower levels, gold futures nearly erased a nearly 2% decline, and silver futures, which had dropped nearly 2%, turned positive. U.S. PMI data prompted a slight adjustment in market expectations for Federal Reserve rate cuts, with the GDP and PCE reports on Thursday and Friday expected to have a greater impact on interest rate expectations.
In the cryptocurrency sector, Bitcoin briefly rebounded over $1,000 to surpass the $67,000 mark, before retreating slightly. Yesterday, the U.S. Bitcoin spot ETF saw a net inflow of $32 million, marking three consecutive days of net inflows. The average seven-day USDT holdings across major cryptocurrency exchanges reached $568 million, a nearly one-year high. The balance of Bitcoin on exchanges continues to decrease. Bitcoin's dominance remains high.
As of 10:00 AM on April 24, the top five cryptocurrencies by percentage change in the past 24 hours are:
HBAR up 81.57%, BONK up 32.35%, 1000BONK up 32.34%, MEW up 23.78%, VELO up 19.92%;
PRCL down 17.98%, ZBCN down 15.68%, ZEUS down 12.12%, LAI down 11.89%, ONT down 10.84%.
The top three cryptocurrencies by market capitalization, BTC, ETH, and BNB, have price fluctuations within 24 hours, quoted at $66,743.5, $3,238.92, and $605.38, respectively. Today's Fear and Greed Index is 72 (up from 71 yesterday), indicating a slight increase in greed, maintaining a greedy level.
Bitcoin ETF Flow
Tracking Crypto Hot Events
1. ArchLoot Code Change and Migration: ArchLoot announced it will change its stock code from ALT to AL and migrate from the BEP20 blockchain to the ERC20 standard.
2. Binance Launches REZ Launch Pool: Binance announced it will soon launch the REZ launch pool, with trading activities scheduled to start on April 30.
3. Chiliz Testnet "Dragon8": The CEO of Chiliz announced a testnet called "Dragon8," aimed at testing a new token economic model, expected to launch in a few days.
4. @selfchainxyz Mainnet Release: @selfchainxyz announced it has entered the final preparation stage for the mainnet release, signaling the upcoming rebranding from FRONT to SELF.
5. Voyager: Ascension Release: The game Voyager: Ascension from @rflxtstudio will be released on GalaChain.
6. GuildFi Rebranding and Token Conversion: GuildFi announced it will rebrand to @ZentryHQ, with its GF token converting to ZENT at a ratio of 1:10, starting the conversion process on April 25.
7. Hedera Partnerships: Hedera announced partnerships with ArchaxEx and OwneraIO to advance the tokenization of BlackRock U.S. Treasury bonds.
8. Jupiter Mobile App Beta Testing: Jupiter stated that its mobile app beta version is planned for release in May.
9. Lisk Migration Snapshot Date: The Lisk team has set the migration snapshot date for LSK on May 21.
10. "Heroes of Mavia" User Acquisition Campaign: "Heroes of Mavia" announced it will launch a second large-scale user acquisition campaign on social platforms like Instagram, Facebook, and TikTok.
11. PORTAL Presale: The first official Launchpad presale for PORTAL by @playsomo will start at 3 PM UTC on April 25.
12. themachinesgame Open Beta and Airdrop Plan: The open beta for @themachinesgame has been released, and according to @jihoz_axy, the Play 2 airdrop plan is about to launch.
13. WorldCoin Supply Increase: WorldCoin announced plans to increase its circulating supply by 19% over the next six months.
Crypto Market Data
1. Exchange Bitcoin and Stablecoin Balance Changes:
2. BTC Liquidation Line:
3. BTC, ETH Binance Spot Orders:
4. On-chain Public Chain and Protocol TVL Changes:
5. On-chain Smart Money Movements:
Stock Market Tracking
【U.S. Stocks】
S&P closed up 1.2% at 5,070.55 points; Nasdaq closed up 1.59%, rising over 1% for two consecutive days, at 15,696.64 points; Dow Jones closed up 263.71 points, an increase of 0.69%, at 38,503.69 points.
【U.S. Treasuries】
The 10-year benchmark U.S. Treasury yield was about 4.60% by the end of the bond market, down less than 1 basis point during the day, marking three consecutive days of decline; the 2-year U.S. Treasury yield, more sensitive to interest rate outlooks, was about 4.93% by the end of the bond market, down about 4 basis points during the day, marking two consecutive days of decline.
【U.S. Dollar】
At the close of U.S. stocks on Tuesday, the dollar index was slightly below 105.70, having fallen nearly 0.4% during the day after two consecutive days of flat closing.
【Gold】
At the close of U.S. stocks, spot gold was above $2,320, down about 0.2% during the day; COMEX June gold futures closed down 0.18%, at $2,342.1 per ounce, refreshing the closing low since April 5, which was about 2.8% lower on Monday.
Macroeconomic Dynamics
The preliminary value of the U.S. April S&P Global Manufacturing PMI recorded 49.9, the lowest in four months; the preliminary value of the U.S. April S&P Global Services PMI recorded 50.9, the lowest in five months; the preliminary value of the U.S. April S&P Global Composite PMI recorded 50.9, the lowest in four months, pushing the euro against the dollar to a new high since April 12.
The unexpectedly deteriorating U.S. PMI data released yesterday prompted investors to reconsider the Federal Reserve's interest rate path, with expectations for a rate cut in June slightly rising and bets on easing for the year recovering.
Saxo Bank stated that the strong rebound in gold prices since mid-February is currently being challenged, as gold is undergoing a delayed, aggressive, but still healthy correction, which helps the market to reconfirm potential demand from investors. The current correction is quite harsh and may dampen some investments and beliefs in further increases.
Analyst Jim Wyckoff believes that the reasons for the decline in gold and silver prices this week include: short-term futures traders are in a losing position, and investors who have taken profits are settling profits and exiting the gold and silver futures market. The sell-off in the gold and silver market this week is mainly a price correction in a bull market. If selling pressure continues, recent technical aspects may be damaged, indicating that a short-term market top has emerged.
Goldman Sachs stated that since the beginning of this year, commodity prices, especially oil prices, have been rising, raising questions about whether the price increase will trigger rising inflation and a shift to a more hawkish policy. We have updated our estimates of the impact of inflation, growth, and rising oil prices on policies for major economies, and believe that rising commodity prices are unlikely to disrupt the global economic outlook. By combining our estimates of inflation and GDP with a simple Taylor rule, it can be concluded that historically, a 10% increase in oil prices leads to about a 10 basis point tightening of policy, with a greater impact on Canada and Latin America, but a smaller impact on Japan and the UK. Although the risks surrounding policy responses may be tougher than these empirical rules suggest, the current inflationary pressures from commodity prices pose limited risks to the policy outlook for most economies.
Today's Focus
Overview of Crypto Regulatory Trends
Philippine SEC Requests Google and Apple to Remove Binance App from Philippine App Stores
Foresight News reports that the Philippine Securities and Exchange Commission has requested Google and Apple to remove the Binance app from the Philippine app stores. This move follows a warning issued in November 2023 and a request to block the Binance website earlier this year.
Philippine SEC Chairman Emilio B. Aquino stated, "The public's continued access to these websites/apps poses a threat to the safety of investment funds for Filipinos. Binance's operations violate Republic Act No. 8799 or the Securities Regulation Code, providing unregistered securities and operating as an unlicensed exchange. The request to remove the app aims to curb Binance's illegal activities within the Philippines."
Crypto Market Hot News
K33 Research: Mt. Gox May Distribute Over $9 Billion in BTC to Creditors Soon
Foresight News reports that according to CoinDesk, cryptocurrency research firm K33 Research has released a report stating that Mt. Gox is preparing to distribute approximately 142,000 BTC (worth about $9.5 billion) and 143,000 BCH (worth about $7.3 million) to creditors. Creditors have recently been able to see their BTC and BCH claims updated in the Mt. Gox claims application system, which may indicate that upcoming payments are earlier than previously expected. Last year, the Mt. Gox trustee set October 31, 2024, as the deadline for repaying creditors.
The K33 report noted that creditors saw similar cash repayment updates in mid-March, with some users claiming they have received transfers.
Bloomberg: FTX Plans to Auction Another Batch of SOL This Week in a Blind Auction Format
Foresight News reports that according to Bloomberg citing insiders, FTX's bankruptcy estate plans to auction another batch of SOL this week in a blind auction format. The auction deadline is Wednesday, with results to be announced on Thursday. Potential bidders include Figure Markets, Pantera Capital, and Abra. In its recent monthly operational report, FTX disclosed that it sold approximately $307.6 million worth of SOL and ZBC tokens in March.
U.S. SEC Delays Decision on Franklin Ethereum Spot ETF
Foresight News reports that the U.S. Securities and Exchange Commission (SEC) has delayed its next steps regarding Franklin Templeton's Ethereum spot ETF, pushing the decision timeline to June 11, 2024.
ZeroLend Hints at Launching Token ZERO on April 29
Foresight News reports that the decentralized lending protocol ZeroLend has released the date "29.04.2024" and the term "$ZERO," hinting at the launch of token ZERO on April 29.
Foresight News previously reported that ZeroLend completed a $3 million seed round of financing in February this year, and Aevo has listed ZeroLend's token ZERO in pre-market trading since April 18.
Jupiter Acquires Ultimate Wallet and Its Mobile Team, Launching Jupiter Mobile Plan
Foresight News reports that the Solana ecosystem DEX Jupiter has announced the acquisition of Ultimate Wallet and its mobile team, with the current Ultimate app set to close on May 22, 2024. Additionally, Jupiter will launch the Jupiter Mobile plan, which will release a beta version in May, allowing users to trade any token with one click, without fees.
Middle East Situation Tracking
Israel-Palestine Conflict:
- Hamas military wing spokesperson: We call for an escalation of actions on all fronts.
- Gaza Health Ministry: Since October 7, Israeli military actions in Gaza have resulted in the deaths of 34,183 Palestinians and injuries to 77,143.
- Israel Defense Forces: Two rockets were fired towards southern Israel, one intercepted, and the other fell within Gaza.
- Israeli Prime Minister claims to have eliminated most Hamas combat camps in Gaza, while the Qassam Brigade denies this.
Others:
- Israeli military claims to have airstrikes on Hezbollah military positions in Lebanon.
- Hezbollah fired 35 rockets at Israel. Hezbollah stated it has attacked northern Israeli positions in Akka.
- The U.S. Treasury has issued new sanctions related to Iran.
- According to the Iranian Islamic Republic News Agency (IRNA): Iranian President Raisi stated that if Israel attacks Iranian territory, "the situation" will change completely.
