Demand for Bitcoin Blockspace Remains Elevated, Uniswap Vote Stirs Debate
Equities declined Monday morning, likely prompted by caution over increased hawkishness from the Fed following the strong US jobs report on Friday. The ^SPX -2.44% is down 0.4%, while the NDQ is trading 0.5% lower. Bond yields increased, with the 10-year yield rising by 9 BPS and the 2-year adding 14 BPS. The DXY (+0.5%) and the VIX (+6.0%) have also ticked higher on the day. Meanwhile, the crypto market is rebounding quite nicely following a weekend dip, as BTC (+0.5%) pushed back above $23k and ETH (+1.2%) trades around $1,650 after finding support yesterday at the $1,615 level. Alts such as SOL (-1.4%) and ATOM (-2.6%) remain lower compared to 24 hours prior, while LSD providers, including LDO (+10.8%) and RPL (+8.1%), are outperforming the majority of the market. This week is undoubtedly a respite in terms of consequential data points after last week’s onslaught. Fed Chair Powell’s annual interview with David Rubenstein at the Economic Club of Washington on Tuesday is likely to be closely watched for clarification on his views regarding financial conditions and inflation.