Market Overview

The crypto market capitalisation rose by 0.8% to $2.49T as it attempted to hold above the 200-day moving average. The rebound in cryptocurrencies was smaller than that in US equities, which is unusual and suggests it was technical in nature. Such caution hints at the possibility of a fresh downward turn at any moment, and we attribute this to sentiment surrounding the technology sector and the increasingly uncertain prospects for Anthropic’s IPO. On the other hand, the halt in the sell-off and the rebound from the 200-day moving average suggest a readiness to defend the upward trend. Also on the bulls’ side is a fairly broad recovery, with the ratio of gainers to losers over the past 24 hours at 9:1. The recovery…