Coinbase Releases cbBTC, Grayscale Launches XRP Trust
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CRYPTO MARKET UPDATE The most notable market development over the past 24 hours has been the sharp increase in rate cut probabilities for next week’s FOMC meeting. After falling to just a 14% likelihood of a 50bps cut, the odds jumped to over 40% in after-hours trading following a large trade betting on two cuts. This shift may be linked to the optimism around the potential for two cuts conveyed...
CRYPTO MARKET UPDATE CPI came in slightly above market expectations, primarily driven by persistent shelter costs, though these were partially offset by deflationary energy prices. As a result, rate cut expectations for next week’s FOMC meeting have dropped to 25 basis points. Following the CPI release, crypto markets, along with other risk assets, initially sold off as the market digested the data. However, prices have since rebounded, with BTC -0.34% trading...
MARKET UPDATE Equity indices are relatively flat in Tuesday’s trading, with the SPY 0.09% and QQQ -0.49% decreasing about 0.10%. Crypto is showing slight declines, with BTC -0.34% trading around $57k and ETH 0.34% trading in the mid $2,300s. TON -72.33% has been a top performer this week as founder and CEO Pavel Durov has been released from French authorities, and he delivered a statement addressing the situation. TON -72.33% has gained 9.17% so far this...
MARKET UPDATE Risk assets are selling off following the release of Non-Farm Payrolls data this morning, showing 142k payrolls added in August compared to 165k expected, along with June and July numbers being revised sharply lower. The data has fueled recession fears while also sparking uncertainty over the Fed’s policy path and whether they will cut rates by 50bps or 25bps this month. Markets are currently leaning towards 25bps, assigning...
