Google Wades Deeper into Crypto, Emmer Fights Back Against CBDCs
Feb 22, 2023
Market Update Equities are attempting a rebound following their worst day of the year. The $SPX and $NDQ are both trading 0.3% higher. Yields are also starting to show signs of exhaustion, as both the US 2Y and US 10Y are down over 1.0%. Traders anxiously await the Federal Reserve's latest meeting minutes to gain further color regarding its future hiking agenda. Meanwhile, Coinbase is trading lower on the day, despite beating analyst expectations on both the top and bottom line after yesterday's close, likely due to a continued waning of user numbers (select metrics below). The crypto market is finally showing signs of retreat after posting impressive gains relative to equities last week, with $BTC (-3.0%) and $ETH (-3.3%) lagging behind the bounce in equities. Among the top large-cap performers are $LDO (+2.4%) and $RPL (+2.8%), as well as $STX (+17.6%) and $XTZ (+5.0%), the latter of which is likely benefitting from Google's announcement that it would provide infrastructure to the Tezos network. Figure: Select Coinbase 2022 ResultsAccording to an announcement released this morning, Google Cloud is set to become a validator on the Tezos network, enabling corporate customers to deploy Tezos nodes to build Web3 applications on the network. The move is a positive development for