CFTC Sues CZ, Polygon zkEVM Launches, MSTR Buys More Bitcoin

Mar 27, 2023
Market Update Major equity indices opened higher on Monday morning, initially responding well to the announced acquisition of SVB by First Citizens Bank, which brought some life to bank stocks. However, the indices have since retraced their gains, with the S&P 500 trading 20 basis points higher and the Nasdaq turning negative, down 70 basis points since market open. The market continues to face rate volatility, with the U.S. 2Y and U.S. 10Y moving substantially higher. As a result, bond volatility, as reflected in the MOVE index, continues to rise, surpassing 170. Meanwhile, the crypto market is digesting the news of a CFTC lawsuit against crypto exchange Binance and its CEO CZ for willful evasion of U.S. laws (more on this below). Despite a sharp drop following the announcement, $BTC is holding above the $27k level, down 2.3% since yesterday, while $ETH is trading above $1.7k with a 2.4% decrease. Most altcoins are also trading lower in line with large-cap assets. On-chain derivatives names such as $GMX and $DYDX appear to be catching a bid in the wake of the Binance news.  The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance, the world's largest crypto exchange. The regulator alleges that the exchange has offered illegal leveraged trading

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Equities are relatively flat in Friday’s trading after yesterday’s sharp surge. The SPY has gained 0.16%, while the QQQ is down 0.09%. Crypto assets are underperforming compared to equities with BTC 0.32%  (-0.47%) briefly dropping below $50.7k and ETH 3.52%  (-1.20%) retreating to the low $2,900’s. Reddit filed for its S-1 yesterday, indicating that it had invested some of its excess treasury funds into Bitcoin, Ether, and Polygon. Following the disclosure, MATIC -1.49% ...

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