Crypto loses battle in DC but is well-positioned for the war; Recap of weekly price performance; BTC Surpasses 200-Day SMA; Update on EIP-1559; Key data points suggest we are early in this upward trend; The future of gaming lies in crypto
Crypto loses battle in DC but is well-positioned for the war
Last week, we covered the infrastructure bill under deliberation in the Senate due to a crypto provision that was snuck into the bill at the eleventh hour. To recap: the bill had cited a $28.0 billion "pay-for" sourced from tax revenue paid by crypto brokers. This was not a novel concept for the crypto industry, as reputable centralized brokers do, and will continue to, pay the appropriate taxes and meet whichever regulatory requirements Uncle Sam decides to bestow upon them.
The area of concern was related to the broad definition of “broker" used within the bill, which left many in crypto circles to believe that this leaves parties such as wallet developers, miners, and node operators subject to the same tax reporting requirements as centralized brokers. Such requirements would not only be unnecessary (considering said parties are not, in fact, brokers) but would also be entirely impractical as many of the aforementioned entities are individuals or small businesses that do not have the time or resources to file the requisite paperwork to meet said requirements. Consequently, this leaves the door open for possible future regulatory determinations by the SEC and IRS that could render these entities incapable of ...Reports you may have missed
Fiscal Dominance, Flows from China, Plus Some Thoughts on Global Conflict (Core Strategy Rebalance)
WHAT BTC SHRUGGING OFF CPI SAYS ABOUT CURRENT FISCAL SITUATION The most significant piece of macro data this week was the CPI. Headline CPI registered at 3.5%, surpassing the anticipated 3.4%, while core CPI remained steady from last month at 3.8%, also above the expected 3.7%. This increase was largely attributed to rising costs in auto insurance and shelter. Consequently, interest rates saw a sharp rise, with the 10-year Treasury...
INFLOWS RESUME On Monday, market sentiments were rattled by a surprisingly strong manufacturing PMI figure, marking the first expansionary reading in 18 months. This led to a rise in rates, with risk assets across the board experiencing selloffs amid renewed inflation concerns and fears that the Federal Reserve might need to implement further measures to cool the economy. However, in our crypto comments video on Tuesday, we outlined a couple...
Adding RON and IMX As a Different Flavor of ETH-beta and Gaming Exposure (Core Strategy Rebalance)
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....
Articles Read 1/1
🎁 Unlock 1 extra article by joining our Community!
You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.
Already have an account? Sign In fd2b9b-ff589d-e9b7f9-f9f169-ac61d2
Already have an account? Sign In fd2b9b-ff589d-e9b7f9-f9f169-ac61d2
