ImmutableX

$IMX

The trading day began on a positive note, with rates decreasing and risk assets rallying following disinflationary pricing data from the latest ISM services PMI report. However, equity indices relinquished their gains and dipped into the red late in the trading session, influenced by comments from Fed President Neel Kashkari, which implied the Fed was concerned over persistently high inflation. Crypto rallied along with equities in the morning, and has...

MARKET SHRUGS AT HOT CPI The latest Consumer Price Index (CPI) data indicated a hotter inflationary environment than forecasted for February. Despite the surprise in the numbers, market participants appeared largely unmoved, suggesting that the potential impact had already been factored into their calculations prior to the release. This resilience reflects a broader sentiment that a rates-driven selloff, in response to the CPI figures, is not a significant near-term risk....

Equity markets are under pressure this morning, with the QQQ and SPX indices dropping over 1% and approximately 0.70%, respectively. This downturn occurs amidst a backdrop of a declining DXY and lower rates, underscoring a continued decoupling between risk assets and the bond market since early January. The crypto market is also experiencing a pullback, following Bitcoin's premarket attempt to surpass the $53k mark and Ethereum's notable weekend achievement of...

Monday morning picked up right where yesterday left off, with $BTC surging toward $50k, momentarily touching the key level across several exchanges. The rally appears to be driven by spot market demand, as evidenced by a significant spike in spot volume while funding rates remain muted (see chart below). A substantial portion of this volume is likely entering the market via spot ETFs chasing the positive weekend price action. Concurrently,...

WEEKLY RECAP After multiple weeks of total funding near $300 million, things have cooled slightly, with this week’s total falling to $155 million across 19 deals. Metaverse & Gaming was the leading category due to a $100 million fundraise by MapleStory Universe, our Deal of the Week. Infrastructure was the most popular category from a deal count perspective, tallying eight deals totaling $14 million. Seed rounds were the most common...

On Sunday evening, the perps market experienced a low liquidity liquidation cascade, eliminating about $2.7 billion in open interest (source: CoinGlass) across all coins. We interpret this as a healthy purge of some overleveraged traders, and any immediate market weakness should be viewed as an opportunity to buy on dips. $BTC found support at last week's low and has since recovered about half of last night's dip. Today, our focus...

U.S. equity indices are relatively flat today after shaking off hotter-than-expected PPI data (2.2% YoY actual vs. 1.6% expected), with the SPY declining 0.07% and the QQQ rising 0.23%. $BTC (-2.72%) is on pace for its fourth consecutive negative day, falling to $26.7k. $ETH is experiencing less of a decline, falling 0.76% to trade at $1,555. Immutable ($IMX), a blockchain gaming platform, has announced a partnership with Amazon Web Services...

Cryptoassets and equities swapped roles today as the crypto market received a significant boost during Asian trading hours (more on this below). $BTC reclaimed its position above $27k, while $ETH made a strong push toward $1850. Among alts, the performance has been mixed. ETH scaling solutions $ARB, $OP, and $IMX all experienced gains of over 2% during the day. Meanwhile, the native token of the decentralized GPU rendering platform, $RNDR,...

Markets moved slightly higher this morning, with $BTC and $ETH up 0.08% and 0.49% and SPX and NDQ up 0.01% and 0.12% today. This move comes as the dollar (DXY) reverses, down 0.20% today. While most altcoins are flat or slightly down today, there are a couple of standouts. ImmutableX ($IMX) is up 9.79% after the Ethereum gaming platform teased an announcement last night on Twitter, and $LTC has also...

VENTURE CAPITAL DEALS Espresso Systems is a new layer 1 blockchain protocol that uses Proof-of-Stake consensus with zero-knowledge rollups in order to maintain user privacy while also improving transaction speed and costs. The project raised $32 million in a seed round led by Greylock Partners and Electric Capital, with Sequoia Capital, Blockchain Capital, and Slow Ventures also participating in the round. Espresso’s differentiator is its smart contract application that allows...

Social platforms raise $12.9 million and energy efficient projects raise $3.9 million this weekToken sales raised $36.4 million; Bit2Me raised $23.9 million while Immutable X raised $12.5 millionOur Deal of the Week, Cardano’s commercial and venture arm, EMURGO Ventures will invests $100 million in NFT, DeFi, and Blockchain education.Most featured investors include AU21, Huobi Ventures, Alameda Research, and GBV ------------------------- VENTURE CAPITAL DEALS GREEN BELI’S mission is to promote an...