By Tuesday, the cryptocurrency market was back to a peaceful trading day. At the same time, economic data revealed sharp declines in consumer confidence and job openings. Cryptocurrency Bitcoin, which is on a rocket ride of its own, trading at just under $95,400—up 1% in the past 24 hours.
The CoinDesk 20, an index of the broadest performance of the digital asset market, was up 1.1%. Bitcoin Cash (BCH) led the way to the upside, spiking 6.3%. Similar story with Janover (JNVR), which continued its upward trajectory taking the market up another 16% after implementing a SOL accumulation strategy. Old school equities are hot hot hot! The S&P 500 and the Nasdaq followed, increasing by 0.55% as the stock market continues to reliably move out of the economic cellar early April tariffs created.
Economic indicators presented a mixed picture. Consumer confidence data has hit its lowest levels since May 2020. At the same time, consumer sentiment has fallen to its lowest level since 2011. Job openings came in lower, at 7.19 million in March, under the expected 7.5 million.
Overall, despite these worries, a few crypto-related stocks flourished. Coinbase (COIN) rose 0.9% while another Bitcoin play, MicroStrategy (MSTR) gained 3.3%.
"Hard to fathom how blind the market really is." - Jeff Park
"A Fed cut means nothing if U.S. creditworthiness is permanently impaired by the global community as resulted by dollar weaponization." - Jeff Park
"That's the mispricing we are talking about here." - Jeff Park
"The myopic focus on whether [we] are getting a fed cut in May/June is completely irrelevant if the notion of the risk-free as we know it is fundamentally challenged forever, which means cost of capital globally is going higher." - Jeff Park
