
Crypto Market Pulse - June 11, 2024

LAST WEEK RECAP:
- U.S. adds 272K jobs in May, much better than 190K expected, but the unemployment rate rose to 4%, higher than the expected 3.9%.
- U.S. average hourly earnings increased 0.4% MoM and 4.1% YoY, higher than 0.3% and 3.9% estimated.
- Bank of Canada cuts rates by 25 bps to 4.75%.
- European Central Bank (ECB) cuts interest rates for the first time since 2019.
- Robinhood acquires global crypto exchange Bitstamp for $200M.
- Bybit opens up platform for the overseas Chinese community.
- US BTC ETFs recorded 19 consecutive days of inflows.
- “Roaring Kitty” hosted his first live stream, during which the GME price crashed.
LEGACY MARKETS – DXY

DXY is still trading just under the top of the range. For markets to go higher, it would be better if DXY failed and traded lower into the larger 100-106 range.
LEGACY MARKETS – VIX

VIX also got some strength from the lows. However, for now, it’s still well contained within the 12-14 range.
BTC WEEKLY VIEW

BTC is still within the 60-73k range. For now, it’s just a waiting game till BTC exits this large price range.
ETH WEEKLY VIEW

Same thing for ETH consolidation right under resistance. Also, here, it’s just waiting till ETH clears the 4k area.
ETH/BTC

ETH/BTC has seen some retracement since the ETF news. This likely picks up once there is more clarity on when the actual ETFs start trading.
TOTAL3 USD MARKET STRENGTH

Alts are still slow. Likely waiting on BTC to clear the larger range before making bigger movements.
TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC also has gotten weaker, with BTC still being in that large range on ATHs. The green area is still a good zone to pick up alts in anticipation of alts outperforming later on.
SUMMARY
- The market is slow; altcoins are bleeding while BTC is getting compressed before volatility expansion.
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
This post is prepared by Kairon Labs Traders: Joshua van de Kerckhove and Patrick Li.
Edited by: Marianne Dasal
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact
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