good morning to you all
CDN MORNING NUGGET☀️ is here.
market takeaway: softer US jobs data supports risk assets and rate-cut expectations, but elevated yields and $100+ oil are keeping financial conditions tight. the real signal this week is in rates, liquidity, and crypto policy.
quiet weekend for prices. here’s what matters:
Crypto
btc $84,802 and eth $2,692 as of 5:59 am lagos time, up 0.3% and 0.6% over 24h.
sol is at $120.62 (+1.2%), while xrp sits around $1.49.
bitcoin briefly pushed toward $87k after friday’s weak US jobs report before giving back most of the move and returning to around $84.8k.
bitcoin dominance is back near 60%.
bitcoin ETFs pulled in roughly $2.5b during september, although btc, eth and sol ETFs all saw outflows on the final trading day of the quarter.
Web3 & policy
→ the SEC proposed new crypto custody rules that could give investment advisers and funds more flexibility in holding digital assets.
→ blast is shutting down. the ethereum L2 once held more than $2b in assets, but its assets have fallen roughly 98%.
→ banks are challenging crypto-related national trust charters, while BNY is reportedly discussing an infrastructure partnership with kraken’s parent company.
→ the $3.8m taken in the NEAR Intents exploit has been fully returned and the investigation is closed.
→ circle is pushing the EU to reconsider its stablecoin reserve requirements, arguing for a liquidity-based framework.
Macro
the US added just 29k jobs in september vs 85k expected, while unemployment rose to 4.2%.
the weak report sharply changed rate expectations, with traders now pricing less than a 23% chance of a fed rate hike this month.
the 10-year treasury yield briefly hit ~5.35%, its highest level since 2002, before falling after the jobs report and recovering toward 5.28%.
brent crude settled around $102.25 as geopolitical tensions continue to keep oil volatile.
stocks rallied friday:
nasdaq +1.19%
s&p 500 +0.73%
dow +0.49%
Nigeria 🇳🇬
the cbn absorbed roughly ₦6.6t of liquidity in september through omo bills after accounting for maturities.
this came in the same month the cbn cut its policy rate from 26.5% to 23%.
on the crypto side, the sec admitted three more firms into its regulatory sandbox, bringing the total to 14.
the cbn has also opened its second sandbox cohort, including a dedicated track for crypto service providers.
what to watch this week
→ fed september meeting minutes on october 7
→ US treasury 3-year, 10-year and 30-year auctions
→ bond yields and oil prices
→ crypto ETF flows
→ further developments around crypto regulation
The setup: softer labor data supports risk assets, but sticky yields and $100+ oil could keep financial conditions tight.
watch liquidity, not just price.
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