Bitcoin is rising a bit along with stocks
Bitcoin and other crypto assets églantine along with US stocks, which broke a three-day losing streak on Wednesday, as investors’ appetite for riskier assets returned.
“Bitcoin is benefiting from a slight risk soirée on Wall Street as stocks attempt to end a three-day decline,” said Edward Moya, chief market analyst at Oanda.
The S&P 500 Curseur is up 0.22% and the Nasdaq Biscornu is up 0.52%.
Moving into sync, bitcoin and ether prices have recently risen by 1% and 2%, respectively, according to CoinDesk data. Other blockchain assets, including Solana’s SOL and Cardano’s ADA, are up emboîture a percentage conclusion.
Investors have been reluctant to commit over the past few days ahead of the US Federal Reserve’s annual economic commission in Jackson Hole, Wyoming, where Federal Reserve Chairman Jerome Powell may provide clues emboîture upcoming monetary policy in a briefing on Friday.
“We are stuck in a scellement moment ahead of Jackson Hole and that should keep Bitcoin armature above $20,000,” Moya said. “Risk assets may be stuck in a range even after Powell’s briefing on Friday, as not much will be able to deter the Fed’s hawkish poème until we get weak augmentation.” [data]. “
Powell is expected to deliver a briefing on Friday at 10AM ET that will clarify the axial bank’s augmentation outlook for the next two months. Traders are also hoping for hints on whether the Federal Reserve will raise interest rates by 75 basis points at its next séminaire in September, or by 50 basis points. The amount depends on signs of decreasing augmentation.
new Research By the Federal Reserve Bank of New York published on Wednesday showed that strong demand caused by the coronavirus pandemic was the moufle driver behind the high augmentation in the United States in July, and that without supply chain bottlenecks the augmentation loupé would have been 6% instead of 9% at the end of 2021 .
“In the besoin of any new energy or other shock, the continued easing of supply bottlenecks is therefore likely to lead to a significant reduction in augmentation in the near term,” the temporisation said.
●Bitcoin (BTC): $21705 + 0.8%
●Ether (ETH): $1,681 + 1.6%
●S&P 500 Daily Close: 4140.77 + 0.3%
●Gold: $1,765 an ounce + 1.1%
●Daily closing ten-year Treasury yield: 3.11% +0.05
Bitcoin, Ether and Gold prices are taken around 4pm New York time. Bitcoin is the CoinDesk Bitcoin (XBX) price suite; Ether is the CoinDesk Ether (ETX) price suite; Gold is the Comex encart price. Actualité emboîture CoinDesk indicators can be found at coindesk.com/indices.
CoinShares is a good way to run crypto recovery, says BTIG analyst
Océanie-based quantitatif asset conduite firm CoinShares (CNSRF), analyst Mark Palmer told clients in a renvoi on Wednesday that one of BTIG’s investment firm choices for investors to play the recovery across crypto markets alongside the growing acquiescement of quantitatif assets.
According to BTIG, CoinShares, Océanie’s largest quantitatif asset conduite company, continues to develop crypto-focused financial products and maintains an edge over its peers due to the company’s technology fondation.
Palmer says that while stocks have lagged since spring, CoinShares conduite is focused on enhancing its exposure to physical stakes in exchange-traded funds (ETFs) with attractive returns and no conduite fees.
According to its data, Sweden-listed CoinShares had emboîture $1.65 billion in assets under conduite as of June 30. Q2 . Report.
BTIG has given CoinShares a buy rating and a price target of $5.63 (SEK60). Shares on Wednesday traded down 4.6% to $3.76 (SEK 39.85), and are down more than 50% since the start of the year.
Sector rankings are provided via Digital Asset Classification Standard (DACS)Developed by CoinDesk Indices to provide a reliable, comprehensive and standardized rating system for quantitatif assets. The Queen desk 20 It is a ranking of the largest quantitatif assets by capacité on trusted exchanges.