Q9 Markets | Stick a Fork in Your Eye

  • BTC ends 7-week losing streak
  • Do Kwon proposes Luna hard-fork
  • Regulators focus their gaze on stablecoins
  1. Interoperability between traditional currencies and crypto. Using regular dollars to buy crypto can be difficult as settlement is slow and the price of currencies such as Bitcoin can change significantly. Traders instead purchase stablecoins with traditional currencies (fiat) before they can trade.
  2. A safe harbour for crypto traders from volatility. Cryptocurrencies such as BTC and ETH are notably volatile. Stablecoins allow investors to easily switch between crypto and an asset pegged to a real world asset and provide shelter from exuberant markets.
  3. Efficient global payments. Sending cash cross-border through traditional payment rails can be slow and expensive, especially when concerning emerging market currencies. Stablecoins allow for instant payments at low or zero cost to any wallet anywhere in the world.
Source: Q9 Capital
  • BTC bounced back posting weekly gains of +4.4% while ETH rose +2.9% respectively on the week (8am). At the time of writing the total market cap of the crypto market was north of $1.25tln mark and Bitcoin dominance was just shy of 45%.
  • Among other majors, SOL rallied +16.9% this week. Among top DeFi names AAVE rose +18% and MANA led the metaverse large cap posting a standout +59% rally week on week
  • Realised volatility (annualized) in crypto markets subsided this week, rose above 40% for BTC and 44% for ETH
  • US Equities (SPX) dropped -0.7% week on week as markets continue to worry about an economic growth slowdown in a high inflation environment
  • The US Dollar index retraced -1.8% week on week
  • 10 year US treasury yields fell 4bps and the Gold & Silver index rallied +6.4% on safe-haven bids
  • Our client pad was skewed towards sellers (9.5x sellers vs buyers) during last week
  • Flow dominated by sellers in BTC & ETH and SOL buyers
  • Buying activity in FTM on modest volumes

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Q9 Capital

Q9 Capital

Buy, sell, and store digital assets with ease. Invest with the trust of an established financial services provider with 40 years of group history.