Kyle Davies Ordered to Respond to Subpoena, SBF Pleads Not Guilty
Markets continue pushing higher on slowing PCE data, pointing to signs of slowing economic momentum ahead of the banking crisis. Consumer PCE increased 0.2% in February (vs. January’s 2%). After adjusting for inflation, however, spending actually fell 0.1% MoM in February. ^SPX 0.13% and QQQ have opened higher on the news before trading 1.0% and 1.1% higher at the time of writing. Digital asset markets have followed suit, with BTC and ETH trading 1.1% and 2.7% higher than the past day. Over the past week, Stacks (STX) has been the worst performer in the Top 100, retracing 22%. With fundamentals unchanged, our valuation catch-up remains intact, and hence we view this dip as an opportunity to gain exposure to the most prominent L2 on Bitcoin.