Drift Adds Prediction Markets, Tether Launching on Aptos
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CRYPTO MARKET UPDATE BTC -2.12% continues to trade in a tight range, hovering just above $58K after retesting $60K over the weekend. Similarly, ETH -2.62% is moving sideways, currently just under $2,600, while SOL -2.84% is trading just over $142 after revisiting the mid-$130s late last week. Using perpetual futures funding rates as a gauge for market sentiment, it seems market participants remain cautious, with BTC's open interest-weighted funding rate flipping negative again...
Uniswap Sponsors $2.5 Million Audit Competition, Flexa Launches Crypto Point-of-Sale Toolkit
MARKET UPDATE EQUITIES ARE SHOWING SLIGHT INCREASES TODAY AS INVESTORS WEIGH DISAPPOINTING HOUSING DATA AGAINST IMPROVED CONSUMER CONFIDENCE AND STEADY INFLATION EXPECTATIONS. The SPY -0.17% and QQQ -0.21% have both increased by approximately 0.2%. Crypto assets are mixed with BTC -2.12% and ETH -2.62% gaining following yesterday’s late-day selloff, while altcoins are broadly lower. Net flows this week have been muted for both Bitcoin and Ethereum, with Bitcoin ETFs seeing $3.5 million in outflows...
CRYPTO MARKET UPDATE THE GOLDILOCKS ECONOMIC SCENARIO, WHERE INFLATION RECEDES WHILE THE ECONOMY AVOIDS A RECESSION, IS BACK IN VIEW AFTER STRONG RETAIL SALES DATA AND LIGHTER-THAN-EXPECTED JOBLESS CLAIMS HAVE EASED FEARS OF A FED POLICY ERROR. The SPY -0.17% has gained to $552, and the QQQ -0.21% has surged to $473, erasing all of August’s declines. Crypto assets are also increasing, with BTC -2.12% approaching $60k and ETH -2.62% trading near $2,670. Chainlink...
CRYPTO MARKET UPDATE CPI came in slightly cooler than expected, with core CPI at 0.17% month-over-month, compared to the consensus estimate of 0.19%. In our view, this is the best-case scenario, as it temporarily removes the "Fed policy error" trade from the market. This is evidenced by Fed funds futures, which have priced out cuts for this calendar year following the CPI release. Initially, crypto rallied alongside other risk assets,...
