MARKETS DAILY: Crypto Update | Bitcoin Resilience in the Face of Macro Turmoil

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CoinDesk

Business News, News, Daily News, Tech News

4.7 • 698 Ratings

🗓️ 4 October 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores the bond market alarm, bitcoin resilience, Ripple, jobs and more. Today's episode is sponsored by CME Group. Today’s Stories: SEC’s Motion to Appeal Loss in Ripple Case Is Denied Ripple Says Singapore License Formally Approved Could Sam Bankman-Fried's Saga Happen Without Crypto? - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer: This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group.
0:08.2	It's Wednesday, October 4th, 2023, and this is Markets Daily from CoinDesk.
0:15.1	My name is Noah Acheson, CoinDesk collaborator, and author of the Crypto is Macro Now newsletter
0:20.0	on Substack.
0:21.4	On today's show, we're talking about bond market alarm, Bitcoin resilience, ripple, jobs, and more.
0:32.1	And just a reminder, CoinDesk is a news source and does not provide investment advice.
0:38.8	So you don't miss an episode,
0:44.3	be sure to follow the podcast on your platform of choice. Now, a markets roundup.
0:51.5	Debt markets around the world are in turmoil. But before we talk about that and why it matters for crypto, it's worth talking about how well crypto markets are holding
0:55.6	up. Given the meltdowns and melt-ups going on in traditional assets, you'd expect them to be
1:01.6	down by even more. According to Coin-desk indices, at 10 a.m. Eastern time this morning, Bitcoin
1:07.9	was trading at $27,428, down half a percent over the past 24 hours.
1:15.6	Ether was at $1,636, down 1.4%.
1:20.8	Bitcoin continues to lead the market.
1:23.8	Its dominance index, known as BTC.D, measures Bitcoin's market cap relative to the total
1:29.9	crypto market cap. When Bitcoin is outperforming the rest of the market, this goes up. Yesterday,
1:36.9	it climbed yet again and is now at 50.5%. Bitcoin now accounts for more than half of the whole crypto market.
1:48.1	Bitcoin's strength is surprising given the colossal tightening effect of rising bond yields around
1:53.7	the world, a rising dollar, and a rising oil price.
1:58.3	Tightening especially impacts risk assets, and crypto assets are arguably
2:03.1	the riskiest in that bucket. Were typical correlations to hold, Bitcoin would be suffering,
2:10.0	but so far it isn't. It is easily outperforming most stock indices, even those considered less
	...

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