Week of Potential Catalysts, Lido Hit By Fake SEC Rumors
Mar 6, 2023
Market Update Equities opened higher this Monday morning on the back of easing bond yields. The $SPX and $NDQ are trading 0.6% and 1.0% higher, respectively. However, the U.S. 02Y has turned higher since this morning, now pushing back towards 4.9%. The $DXY has moved lower, assisted by increased hawkish rhetoric from the ECB. The crypto market rallied slightly in concert with equities but is stalling in the face of rate strength. The majors are marginally higher compared to 24 hours prior, with $ETH and $BTC both trading 0.3% higher. Among the top performers is $GMX (+4.8%), which performed exceptionally well throughout the deeper parts of the bear market due to the actual usage of its decentralized perps application. Among the weekend underperformers was $LDO, which, as we will touch upon below, was the victim of an unfortunate market narrative, decreasing over 10% on Saturday afternoon. We are keeping an eye on several key things this week, including Fed Chair Powell's testimony before Congress, new jobs data, and the commencement of oral arguments in Grayscale's lawsuit against the SEC to convert GBTC to a spot Bitcoin ETF. Powell's testimony before Congress on Tuesday and Wednesday and Friday's jobs data is expected to provide new signals on whether the U.S. central bank cou