Markets Await Fed Decision, ARB Airdrop
It is another wildly consequential week in global markets as the worldwide banking system continues to fend off liquidity concerns, and traders brace for a decision from the Fed on interest rates following their meeting on Wednesday. Bitcoin is coming off one of its best weeks in history, closing the week up 35% and moving north of $28k for the first time since last June. This afternoon, BTC 5.74% (+0.4%) is trading relatively flat compared to 24 hours ago, while ETH 7.67% (-1.8%) and other large-cap cryptoassets are seeing some slight pullback. The large-cap outperformer is SOL (+5.4%), while MATIC (-5.4%) trades in the opposite direction. Bitcoin layer 2 STX -1.04% (+3.8%) continues to perform remarkably well, likely benefitting from the outperformance in BTC as well as the official launch of Stacks 2.1 yesterday. Meanwhile, major equity indices ^SPX (+0.2%) and QQQ 0.77% (-.7%) are turning lower on the day as traditional markets are still witnessing incredible rate volatility. The MOVE -6.01% (+7.2%) index is back above 180 as the US 2Y is back to 3.9%, approximately 30 bps higher than where it started in the early morning hours.
