Shiba L2 Nears Launch, Binance.US Wins Court Approval to Acquire Voyager

Mar 8, 2023
Market Update Equities are recovering after selling off following Fed Chair Powell’s hawkish congressional testimony yesterday. The S&P and Nasdaq are up 0.28% and 0.66%, respectively. Powell acknowledged a recent string of strong economic data releases, which he stated could potentially lead to a higher peak interest rate than expected. He also said accelerating the pace of rate hikes was not off the table, reiterating the Fed’s data-driven approach to taming high inflation. Market expectations for future rate hikes repriced dramatically, now showing a 79% probability the Fed will increase rates 50 bps at the next FOMC meeting, doubling from a 30% chance last week. The 2-10 year yield curve inversion reached its steepest level since 1981 (-103bps), with the 2-year yield now trading near ~5.04%, its highest yield since 2007. The U.S. dollar had its biggest rally since November 3rd yesterday, as investors began to see the Fed as the most hawkish among central banks. $BTC (~$22.1k) and $ETH ($1.5k) continue to trade in a narrow range, down 0.47% and 0.27%, respectively. Both continued their downtrend since mid-Febuary and have made lower local lows following Powell’s testimony.Shiba Inu’s team announced its layer-2 scaling solution Shibarium is nearing launch, leading $SHI

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