Chart of the Day
Eye on ETH. We’ve pretty much focused on Bitcoin for the past few days. With the recent BTC rally reaching a standstill, perhaps it is time to finally spare a thought for Ether, which has quietly hit another all-time high above $2,700 on April 28, pushing its market cap over $310 billion — almost on par with the net worth of PayPal.
Fundamentals are strong as well: Ether’s single-day spot volume reached a staggering $68 billion last week. Meanwhile, as the price of ETH continues to push to new highs, leverage on derivatives markets is surprisingly decreasing, demonstrating that the current rally is driven primarily by spot interests.
Talk of the Town
Thou shalt not rise, yet. Powell gave his usual “It’s not time yet” speech on Wednesday, affirming the Fed’s stance on maintaining its current pace of asset purchases and holding its key interest rate near zero. “As indicators of economic activity and employment have strengthened,” the Fed is sanguine about inflation, claiming it as a result of “transitory factors”. The last time U.S.10-year Treasury yields edging towards an all-time high knocked the wind out of Bitcoin’s bull momentum.
