the daily degen 🦍(07Jul23)
handle.fi daily market update
market data
market news
Dow closes more than 300 points lower as hot jobs data raises fears of Fed rate hikes: Private sector jobs increased by 497,000 in June, according to data from payroll processing firm ADP, in the biggest monthly gain since July 2022. June’s increase was more than double the Dow Jones consensus estimate of 220,000 and far better than the downwardly revised 267,000-job addition seen in May. The 2-year U.S. Treasury yield hit a 16-year high in Thursday’s session.
Multichain Bridges Experience Unannounced Outflows of Over $130M in Crypto. Multichain has been under pressure for over a month because of failing tech and its AWOL CEO. The trio of unexplained outflows from Multichain’s Fantom, Moonriver and Dogecoin bridge contracts sparked fears on crypto Twitter that a hack could be afoot. Multichain could not immediately be reached for comment.
Binance senior execs quit over CEO's response to investigations: Fortune - Senior officials at the company including general counsel Han Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie told Zhao they are leaving the company, Fortune said.
around the twitterverse…
market watch
Non-Farm payroll is due out at 830 am ET. 224K is forecasted. The market is weary of a significantly higher number as it means that there is less chance of a recession in the short term and will give permission to the Fed to keep increasing and holding rates.
trade ideas
trade: short ETH/ USD
ETH has lost the diagonal support trend that it has been forming over the past few weeks. Along with the rest of the market ETH has started to sell off. If it is able to reclaim the trend and reach new local highs then the trade would be invalidated. Targets for the trade would be at resistance levels at 1775 and then 1625.
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