- September CPI data was released earlier this morning, sparking volatile price action across markets. YoY CPI came in at 8.2% and MoM at 0.4%, exceeding consensus expectations. The hot inflation readings led to traditional markets selling off early in the day, followed by a strong bounce, leaving the $SPX at $3,656 (+2.22%) and $NDQ at $11,005 (+1.98%) around mid-day. Crypto markets shared the early-day sell-offs but have not been able to regain positive territory, as $BTC and $ETH are down 0.15% and 1.69%, respectively. Uniswap Labs, the parent company behind the largest decentralized exchange Uniswap ($UNI), has raised $165 million in a Series-B funding round led by Polychain Capital. The funds are earmarked for expanding Uniswap’s product offerings, such as an NFT marketplace and a digital wallet. The latest fundraising values Uniswap Labs at $1.66 billion.
- Offchain Labs, the company responsible for the layer 2 network Arbitrum, stated they are adding to their team by acquiring Prysmatic Labs. Prysmatic Labs is one of the engineering teams responsible for working on the Ethereum network’s shift from proof-of-work to proof-of-stake. Layer 2 networks have become popular as the scaling solutions offer users faster and cheaper transactions than Ethereum. Harry Kalodner, the CTO of Offchain Labs, stated that the transaction is less of a formal acquisition and that the Prysmatic team will continue working on their current projects while slowly integrating into Offchain Labs as their bandwidth frees up over time. The addition of the Prysmatic team brings the total headcount of Offchain Labs to over 60 people, and together the team will continue building the execution layer for the Ethereum network.
- The Financial Accounting Standards Board (FASB) unanimously voted to require companies to account for crypto assets at fair-value compared to current accounting requirements that account for crypto assets at historical cost basis minus impairment expenses. Under current accounting principles, adding digital assets to corporate balance sheets is not practical as it requires intraday price tracking and the incursion of impairment charges on assets every time the price dips below cost basis, ultimately hurting bottom-line earnings. The switch to fair-value accounting is a welcomed change, hopefully spurring increased additions of digital assets to corporate balance sheets going forward. Although the FASB vote has passed, it will still take some time for the changes to take effect. The new accounting principles are expected to be fully in place within the next six months.
Crypto Daily Report – October 13
Oct 13, 2022
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