CMC Market Pulse:The Essential Weekly Crypto Briefing
Welcome to this week’s CMC Market Pulse newsletter!
CMC Market Pulse delivers actionable market insights, giving you all the key narratives and developments you need in under 5 minutes.
Let's dive into this week.
Market Overview 📈
Bitcoin (BTC) had a strong week, cracking above the 80K level, rising 8.49%, while Ethereum (ETH) railed slightly behind, jumping 8.17% in the same period. Total crypto market cap lagged slightly as well against Bitcoin, but still rose 7.89% to $2.9T, from $2.66T the week before.
With the sharp reversal upwards last Friday and a continuation this week, weekly liquidations took out heavy short positions, clearing close to $900M in short positions on Monday. Interestingly, funding rates across majors dipped over the week, perhaps reflecting a more defensive positioning.
Michael Saylor’s Strategy has acquired 950 BTC and repurchased another $174M in STRC, bringing their total holding to 846,000 BTC and $6.09B in assets.
Blockchain.com and NYSE Group signed an MOU to give users access to tokenized U.S.-listed stocks and ETFs.
CME Group announces plans to expand their derivatives suite to include UNI and BCH futures.
Yields seize the narrative as the 10Y taps 5.20%, a new high, alongside rising oil prices, shaking both crypto and equity markets. Nevertheless, both remain resilient, with crypto breaking out higher, despite bouts of intraday volatility. The S&P 500 closed 0.61% up this week, while the Nasdaq closed at an impressive 3.21% higher than the week prior.
