Traditional Markets
Stocks are mixed today with some indices red and some green. Many analysts are looking at Lyft (NASDAQ:LYFT), which is having a very shaky IPO. Many IPOs come online at a value which is higher than the current value of the company and so it seems was the case here.
Not sure if this is telling us much about the broader market but it has captured the focus of traditional investors. Will be interesting to see when and where it will find the floor.
Crypto Rally
There's a lot of excitement in the crypto market this morning as bitcoin jumped nearly 23% in less than an hour, its largest move in a very long time.
The move happened during the Asian session when the United States was fast asleep and Europe was just waking up. So based on the timing we can say that it was probably driven by China, Japan, and/or South Korea.
The rally seems to be purely technical in nature as there wasn't any notable news that came out during this time. As we discussed in an interview with CoinTelegraph yesterday traders were eyeing the key level of $4,200.
Indeed, momentum has been building in the crypto market for a while now. We've been discussing alt season since early February and many value investors have been pouring into their favorite projects, some of which have been looking quite cheap.
Today, Bitcoin is back in the driver's seat and has demonstrated quite clearly that it is the backbone of the crypto industry.
eToro, Senior Market Analyst
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