Daily market Brief

Apr 16, 2024

Daily Market Brief 240416

PC
Peter Chung
MJ
Min Jung
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  • Dip buying continued during the Asian hours, driving $BTC to briefly touch $66.8k after the approval of spot Bitcoin ETFs in Hong Kong. However, as US hours commenced, $BTC and other risk-off assets sold off, with $BTC now trading around $63,411. 

  • On the macroeconomic front, retail sales surged by 0.7% for the month, surpassing the consensus of 0.3%. This added to a “no rush to cut rates” scenario, leading to a sell-off in US 10-year yields by 11 basis points and 2-year yields by 2 basis points. 

  • As highlighted by our desk, the Hong Kong spot Bitcoin ETFs were approved yesterday. Although the exact launch date has not been announced, street predict to be next week. Following the news, China-themed cryptos like $ONG and $NEO rallied. 

  • The top weekend gainers, $IMX, $TAO, and $WIF, shifted to yesterday’s top losers, while $CORE, $OKB, and $XMR stood out as the top performers.

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PC
Peter ChungHead of Research
MJ
Min JungResearch Analyst