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Bitcoin

• Bitcoin is gaining traction, and some observers see this as a crucial first indicator of a demand recovery.
• Bitcoin has gained 9% in the last week, closing at roughly $41,700. The value of Ethereum has increased by 15%. Altcoins also awoke from their slumber and outperformed the market, rising from 5.8% (Binance Coin) to 17.33%. (Solana).
• According to CoinGecko, the overall capitalisation of the crypto market increased by 11.2 percent during the same time, reaching $1.99 trillion.
• Last week, the crypto market had its most significant gain on Friday, when bitcoin surged by 10% in a matter of hours towards the conclusion of the day.
• Even solid statistics on the US labour market, which came out a few hours before the leap, had little effect on the rise.
• It’s worth remembering that the Nonfarm Payrolls report might drive the Fed to tighten monetary policy more quickly. In light of this, the yield on 10-year Treasuries surged above 1.93 percent, setting fresh two-year highs, indicating that stock market sales may be on the way. If cryptocurrencies are able to hold their ground and continue to rise, this will be a significant trend reversal.
• Just as on Friday, when investors bought BTC to safeguard their investments from inflation. Bitcoin has already gained 17 percent since then, entering an aggressive rising phase.
•  Technically, the first cryptocurrency broke through the falling corridor’s obstacle. A strong bullish momentum may be seen in the acceleration of growth and consistent buying during the weekend. The 50-day moving average is currently being tested by cautious investors. Previously, consistently fixing above this line signalled the start of a multi-month rally.
• It’s possible that this will be gone now as well. As a result, despite expectations of a rate hike, some participants see this surge as an essential early indicator of a revival in risky asset demand. Meanwhile, billionaire Ray Dalio has warned that cryptocurrency may be banned by a lot of states. The Russian Federation’s government is considering imposing a tax on miners of at least 15%.
•  The tax on all players in the crypto market, according to the authorities, may bring in up to 1 trillion rubles to the government. Meanwhile, the Fed has released the Digital Dollar White Paper, but the timing of its debut has yet to be determined.

Dollar

• The dollar has been more volatile so far today
• The euro has slipped lower to begin the new week.
• The major currencies are essentially unchanged, with commodities currencies seeing a little gain while others aren’t moving anything at all. Despite rising regional rates, the euro is somewhat weaker. ECB policymakers Kazaks and Knot indicated earlier today that raising rates by the middle of the year would be a bit premature. That might be one of the reasons for the euro’s depreciation.
• The EUR/USD pair is now trading at 1.1425, testing its 100-day moving average.
• A break below that level will be a blow to buyers, and attention will go to the Fib retracement levels as well as the 100-hour moving average, which is now at 1.1355.
• The aussie and the loonie are holding up nicely, with the USD/CAD down 0.3 percent to 1.2730, but still holding off earlier lows of 1.2710. Since last week, the AUD/USD has risen 0.3 percent to 0.7100, with some signals of pushing and pulling. Overall risk sentiment is more cautious on the day, with European shares up slightly and US futures indecisive and flattish for the most part. Meanwhile, Treasury rates are a little lower, which is keeping things a little more cautious following the increase in yields at the conclusion of last week.

European equities

Eurostoxx +0.6%, Germany DAX +0.8%, France CAC 40 +0.6%, UK FTSE +0.4%, Spain IBEX +0.6%, Eurostoxx +0.6%, Eurostoxx.

This is due, in part, to a catch-up to last Friday’s advances in US markets. If anything, today’s market environment suggests more cautious optimism than anything else. Futures on the S&P 500 are up 0.1 percent, Nasdaq futures are up 0.3 percent, and Dow futures are unchanged.

Bond rates are taking a respite following last week’s climb higher, which is helping the mood. 10-year Treasury rates are presently down 2.9 basis points to 1.903 percent.