ALSO: Graphics chip manufacturer Nvidia’s powerful GPUs were well-suited for bitcoin mining but they now seem primed to boost the company’s sales because of their usefulness in artificial intelligence technology.
Unemployment and productivity data arrived stronger than expected but investors seemed focused narrowly on the ongoing negotiations that will determine if the U.S. government has to default on its debts.
As Ethereum has shifted from PoW to PoS, the economics of supply and demand underlying the two cryptocurrencies will continue to diverge, one observers said.
Deribit’s forward-looking ether volatility index (ETH DVOL) hit lifetime lows over the weekend. Expectations for price turbulence appear underpriced considering the lingering macroeconomic uncertainties.
The U.S. dollar has been heavily shorted since early October in hopes for a so-called dovish Fed pivot and looks ripe for a short squeeze, a move higher driven by unwinding of bearish positions. Bitcoin tends to move in the opposite direction of the dollar.