MARKETS DAILY: Crypto Update | What's Fueling Solana's Outsized YTD Performance?

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CoinDesk

Tech News, Business News, Daily News, News

4.7 • 698 Ratings

🗓️ 2 November 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores market uplift, an investor survey, Solana, the U.S. Federal Reserve and more. Today's episode is sponsored by CME Group and PayPal. To get the show every day, follow the podcast here. Today’s Stories: CoinShares Digital Asset Fund Manager Survey October 2023 Solana Surges to 14-Month High; Sell Pressure Lingers as FTX Unstakes $67M Tokens https://x.com/solana/status/1719310929593057720?s=20 How a Ph.D. Student's Research Paper Turned Celestia Into $345M Blockchain Project Overnight - 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. - PYUSD, a stablecoin made for Payments. 1USD = 1PYUSD. Introducing PayPal’s new digital currency, PayPal USD (PYUSD), a stablecoin backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Buy, sell, hold and transfer it in our app or site and explore Web3 with a payments brand that has been trusted for over 20 years. Get started now at paypal.com/pyusd. - 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 and PayPal.
0:09.2	It's Thursday, November 2, 2023, and this is Markets Daily from CoinDesk.
0:15.7	My name is Noel Acheson, CoinDest collaborator and author of the Crypto's Macronow newsletter on Substack.
0:21.5	On today's show, we're talking about market uplift, an investor survey, Salana, the Fed, and more.
0:33.2	Be sure to follow the podcast on your platform of choice and turn on notifications so you don't miss an episode.
0:39.3	And just a reminder, CoinDesk is a news source and does not provide investment advice.
0:44.3	Now, a markets roundup.
0:46.8	Crypto markets are lively today, as risk-on sentiment seems to be back.
0:51.5	At 8 a.m. Eastern Time this morning, Bitcoin was up 2.8% over the past 24 hours,
0:56.7	trading at $35,387. Ether was up 2%, trading at $1,836. Other tokens did even better.
1:07.9	Solana and Uniswap were up 13%, Avalanche's Athax token was up 9%. Cardano and Pocodot
1:14.4	are up 8%. Stock markets around the world also did well. In the US, the S&P 500 was up 1% yesterday,
1:22.2	NASDAQ rose 1.6%, and the Dow Jones climbed 7 tenths of a percent. Futures today are pointing to further gains.
1:30.9	In Europe, the German Dax and the broader Eurostock 600 were up around 3 quarters of a percent
1:36.5	yesterday. The Futsi 100 was up 3 tenths, and so far today, all have registered gains of well
1:43.1	over 1%.
1:44.4	Asia saw similar moves.
1:47.2	Japan's Nikai Index jumped to 1.1%, and the Hangseng climbed 3 quarters of a percent.
1:53.3	China's Shanghai composite bucked the trend, with a drop of almost half a percent,
1:57.6	as investors digested a surprise contraction in Chinese manufacturing activity.
2:02.9	Why is risk sentiment back? To a large extent, it's due to relief triggered by yesterday's
2:09.0	FOMC meeting. Let's unpack that a bit, because it is surprising. In a move that surprised
	...

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