Daily market Brief

Apr 25, 2024

Daily Market Brief 240425

Peter Chung
Min Jung
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  • During the US hours, $BTC experienced a sell-off and broke the $64,000 mark, now trading back at $64,285. Early reports indicate that $GBTC outflows have returned to three digits, with a $130 million outflow.

  • This week’s macro headlines include US manufacturing PMI declining to 49.9, below the estimated level of 52, Tesla shares jump after Musk says the company aims to start production of an affordable new model, and Meta plunging on weak revenue guidance.

  • Notable news in the crypto market includes ezETH briefly depegging, the start of trading for Hong Kong spot Bitcoin and Ether ETFs on April 30, and the Department of Justice recommending a 3-year sentence for CZ.

  • With the sell-off, the only cryptos in positive territory were $WIF, $LEO, and $BNB. Yesterday’s biggest gainer, $HBAR, became the biggest loser, followed by $TAO and $GRT.

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Peter ChungHead of Research
Min JungResearch Analyst