SBF is Arrested and Markets Rally after Soft CPI
Crypto and traditional markets rallied today after a softer-than-expected CPI print of 7.1% (the forecasted CPI was 7.3%). BTC and ETH are up 2.77% and 3.06%, respectively, and SPX and NDQ are up 0.59% and 0.83%. The US dollar (DXY) is down 0.88%. BNB, the native coin of Binance Smart Chain and the Binance exchange, fell sharply last night amid concerns over the exchange’s proof of reserves (which we discuss more below) but has since started to recover. BNB was down as much as 7.61% last night but is now down 2.60%. A couple of standout altcoins today are FTM and OP, which have risen 5.57% and 8.52%, respectively. We now have our eyes set on the FOMC meeting tomorrow – the probability for a 50 bps hike is currently 80%, with a 20% chance for a 75 bps hike.Â