"Bitcoin's rally has been short-lived, trading down to the $103k level on the day. Broader risk markets are down as well, and bitcoin cannot escape its tango with the Nasdaq 100. BTC has been up to a 70% correlation level to the Nasdaq earlier this year, shifting from the once popular inflation hedge trade made popular by Paul Tudor Jones."
"Z-Cash began November with an absolute bang, trading up to $740 per coin on November 8th. This has been a 20x from the end of August, a massive outperformer in crypto. Unfortunately, this rally has cooled off, and is now down two days in a row. ZEC is trading below $500, which could prove to be an accumulation level and reignite the rally."
"With minimal market making activity and derivatives, a pure spot rally on a major crypto is remnant of the past. Hyperliquid's book for ZEC perpetual futures is not insignificant, with over $700m in 24 hour trading volume and over $270m in open interest. Funding remains positive at near 10% annualized. Z-Cash continues to inspire and remind us all of the original cypher punk movement that started this whole thing."
Bitcoin traded to about $103k amid broader risk-market weakness and remains tied to equity moves. Correlation with the Nasdaq reached roughly 70% earlier this year; bitcoin alternates between trading like a risk asset and behaving like gold. ETF flows showed net outflows around -$9m yesterday. Markets look set to be choppy this week with no clear catalysts; September nonfarm payrolls next week could act as a catalyst if weak. Z-Cash surged to about $740 on November 8, roughly 20x since late August, then cooled and now trades below $500. Hyperliquid reports over $700m in 24-hour ZEC volume, about $270m open interest, and funding near 10%.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]