Good morning,
Welcome to your daily crypto clarity
WHAT’S HAPPENING
it was a quiet day yesterday, with Bitcoin and Ethereum were flat today, while many smaller altcoins posted losses. This came after the ETFs saw their first set of outflows in a few weeks. Meanwhile, technology stocks marched higher off the back of Nvidia's positive earnings.
KEY STORIES
Crypto Exchange Kraken Files to Dismiss SEC Lawsuit Against It - CoinDesk
Worldcoin, Nvidia Hit Record Highs as AI Hype Fuels Crypto and Stock Market Rally - Decrypt
Coinbase, a16z Take SEC to Court Over 'Unlawful' Crypto Overreach - Decrypt
What happens during the bitcoin halving? - Blockworks
Ether options open interest hits multi-month high with a skew towards calls: analyst - The Block
FEATURED CHART
Below is the quarterly correlation between growth stocks (the Nasdaq 100) and Bitcoin. Values above zero indicate a positive correlation, and the closer to one, the stronger the correlation becomes. While in recent quarters the correlation trend has been more choppy than historical norms, it has moved back into positive territory.
With talks of the Bitcoin halvening intensifying, it’s important to identify that broader liquidity conditions seem to have a more prominent role in the price action of crypto assets.
WHAT TO LOOK OUT FOR
We're monitoring whether this short-term consolidation resolves lower. On the 4-hour candlestick chart, we're looking at 50,500 as this represents the lows of this consolidation that has taken place in the back half of February.
But these are shorter timeframes. There is plenty of support that has been laid down in the mid 40,000s.
TODAY’S EVENTS
It's a quiet day ahead.
The dYdX community votes on whether to add Internet Computer $ICP to their decentralized exchange offerings.
You’re all caught up.
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