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Bitcoin ($BTC) and the broader crypto market are staging a recovery after a week of bearish price action, with altcoins facing particularly excessive pressure. Bitcoin has successfully bounced off its key 200-week moving average around $25,800 and is now hovering around $27,400. Ethereum ($ETH), meanwhile, remains stable above the $1,820 level. Notable standout performers include altcoin $LDO, up 12% on the day, potentially driven by improved withdrawal capabilities and short...

Crypto and Equities are rising, with the S&P up 1.07% while $BTC gained 3.82% over the last day. No news is good news as investors regain comfort that the financial sector has stabilized each day that passes without another crisis. Core PCE inflation is scheduled to be released this Friday. Known as the Fed’s preferred measure of inflation, it could either strengthen or weaken the market’s conviction that the Fed...

After January's total number of job openings came in higher than expected yesterday, initial jobless claims spiked this morning to 211k versus 195k expected, giving markets a slight boost. The $SPY and $QQQ are up 0.13% and 0.53%, respectively, at the time of writing. Crypto markets are mixed today, with $BTC trading at $21.5k (-1.03%) and $ETH trading at $1.53k (-0.27%). After being some of the biggest winners in the...

Traditional indices have continued their fall this week, with the $SPX (-0.33%) falling below $3,980 and the $NDQ (-0.25%) trading just above $12,000. Initial jobless claims came in slightly lower than expected as the market continues to look for signs that the Fed’s hiking cycle is affecting the labor market. Tomorrow at 8:30 AM, the latest PCE data will be released, giving investors more insight into inflation trends. Crypto markets...

Traditional indices are extending yesterday’s fall on the back of higher terminal rate expectations after a couple of hot economic data points this week. The $SPY (-0.91%) is holding above $400 while the $QQQ (-1.54%) has fallen just below $300. After a violent dump leading into yesterday’s close, $BTC (+3.52%) and $ETH (+3.49%) have rallied back to $24.3k and $1.69k, respectively. Liquid staking derivatives (LSDs) are outperforming today with $LDO...

FIGURE: PEPE EXPLORING THE CANTO ECOSYSTEM & ITS NFTS From L to R: Cantillionaires, Speranza, Pepe, Canto Longnecks, Shnoises INTRODUCTION & CONTEXT 2021 saw the rise of numerous VC-backed Layer 1s, the most prominent of which includes Solana, Luna, and Avalanche, known to many in the fold as ‘SoLunAvax.’ Their meteoric rise was partially attributable to the large ecosystem funds deployed [1] [2] [3] and the incessant marketing by large...

Traditional markets opened higher despite the headline risk of more layoffs within the tech sector. Google parent company Alphabet announced 12k layoffs, joining Amazon (18k), Microsoft (10k) and Meta (11k). Reflecting the market's confidence in leaner tech's lower OPEX, SPX, QQQ and NDAQ are trading 0.8%, 1.5%, and 0.3% higher than yesterday's close. Digital asset markets are also continuing their leg up after perceiving Bitzlato's money-laundering charges as a no-event on Wednesday...

FIGURE: FARMER PEPE REKT BY DE-PEGGED ALGO STABLES In the last issue of DeFi Digest, we discussed the need for stablecoins to have utility to maintain their pegs, before diving deep into the different kinds of stables. Now that we have a lay of the (stables) land, we extract essential lessons from stable projects which have come and gone before us. Then, we take a step back to examine the...

Figure: Pepe Meditating to Peg the Universe of DeFi Stablecoins FINDING STABILITY FIGURE: MARKET CAPITALIZATION OF PROMINENT STABLECOINSSource: CoinMetrics. io Stablecoins (‘stables’) are cryptocurrencies that aim to peg their prices to another cryptocurrency, fiat money, or commodities. For the stables primer below, we specifically refer to stablecoins pegged to currencies, the most widely adopted of which is the U.S. Dollar. Many stablecoin projects try to maintain the peg to their...