MKR as Collateral for DAI Proposal, L2 Interoperability Competition Heats Up
Traditional markets opened sharply lower today following higher YoY PCE data (5.4% in January vs 5.3% in December). With the Fed looking at PCE as their preferred gauge of inflation, the higher print incites fears that they will likely have to do more to cool price pressures. ^SPX 1.10% and QQQ 1.34% have opened and subsequently bled lower from yesterday’s close, trading at -1.5% and -2.0% at the time of writing. With correlations to traditional markets tightening again, BTC and ETH are also down 2.2% and 3.0% over the last day. Amongst the top 100, STX 0.33% has appreciated the most in the past week, gaining 124%. Ordinal NFTs have brought excitement back to the bitcoin space, with Stacks well-positioned as a smart contract L2 to capitalize on it. While STX 0.33% has certainly moved, the valuation multiple of ETH versus its most dominant sidechain MATIC perhaps suggests that it has more room to go.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 4.57% falling to $60k and ETH 7.59% approaching the low $2,300s. Aptos (APT -0.17% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE 7.81% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 4.57% climbing back above $61,000 and SOL 8.45% moving above $145, while ETH 7.59% is lagging, trading around $2,400. Among today's outperformers is SUI 7.36% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 1.10% and QQQ 1.34% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC 4.57% briefly dropping below $62k and ETH 7.59% below $2.5k. Among altcoins, SUI 7.36% is showing...
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