Silvergate Covered $8.1b in Customer Withdrawals, Coinbase Reached $100m Settlement with NYDFS
On the back of hot JOLTs data yesterday, equity markets continued to move lower while the dollar gained strength. $SPX and $NDAQ shed 1.1% and 1.5%, respectively, while $DXY is up 0.8%. Crypto markets maintain their correlations to traditional markets, albeit with a lower beta. $BTC and $ETH have been trading flat over the past day, ranging between $16.5k – 17.0k and $1.15k – $1.25k for the past three weeks. The muted volatility reflects indifference in the space – digital asset funds saw inflows in 2022 plummet 95% ($9.1b from 2021 to $433m in 2022), corresponding to a 60% decline in Bitcoin price. Bitcoin funds experienced the worst year since 2018, while Ethereum funds alone saw $400m in outflows. Â
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Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the $SPX and $QQQ showing gains today. Crypto performance is mixed so far, with BTC -1.56% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH -1.81% is still hovering just...
U.S. equities are extending Fridayâs rally, with the $SPY and $QQQ both gaining about 0.65%. This weekâs macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and itâll be interesting to monitor if they take a dovish or hawkish tone after Powellâs dovish speech last week. Crypto markets gained over the weekend, with BTC -1.56% ...
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly...
We are finally starting to see some relief in interest rates and the DXY 0.00% following yesterday's FOMC meeting and the Treasury's quarterly refunding announcement. BTC -1.56% has rebounded from yesterday's low of $56.5k and is now trading just above $59k, while ETH -1.81% is attempting to break through $3k resistance. SOL -5.16% has outperformed, gaining 10% compared to BTC yesterday and is now trading just below $140. The market is showing decent breadth...
