FTX Looks to Sell Assets, dYdX Rises

Name: FS Insight
Price range: $$$

Aug 24, 2023

Market Update Crypto and equities are falling today despite the buzz around impressive Nvidia earnings. The S&P is down 0.77%, while the Nasdaq has lost 1.28% at writing. Investors are focused on what may be a pivotal speech from Chair Powell regarding the Fed’s stance on further rate hikes tomorrow at Jackson Hole. U.S Treasury yields are rising, with the 10-year up three basis points at 4.22%, below the 4.35% 16-year high reached earlier this week. Both $BTC and $ETH have followed equities lower, losing 1.8% and 2.0%, respectively. Distributed GPU token $RNDR is the top gainer among a sea of red in the top 100 alts, rising 3.0% over the last day. Nvidia’s robust earnings likely renewed optimism for the outlook on demand for GPU processing, which serves as the backbone of many AI applications. The token of the decentralized derivatives exchange $DYDX, which is gearing up to launch its new appchain, saw a 9% surge in value in the past week. dYdX is the leading decentralized crypto derivatives market. The exchange is close to launching its new Cosmos-based blockchain by the end of September. The current version of dYdX operates on Ethereum using zero-knowledge rollups. The project's migration to an independent blockchain built with Cosmos software developer kit was announce

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