Elevated USDC Redemptions Continue, Signature Investigated Ahead of Closure

Mar 15, 2023

Equities are falling today as trouble in the financial sector continues, with Credit Suisse (CS) announcing it had found “material weaknesses” in its financial reporting for 2021 and 2022. Banks led US markets lower today as the S&P fell 1.74%. CS shares are down over 96% from their all-time high as its largest investor, Saudi National Bank, stated it would not provide any financial support. Trading was halted for CS and several other European banks. Treasury yields remain highly volatile as the bid-ask spread on the 2-,10-, and 30-year Treasuries jumped to their highest level in 6 months. The US 2Y yield fell 10%, offsetting yesterday’s temporary rise and reaching a new local low of 3.8% after yielding above 5% just last week. Lower-than-expected retail sales and PPI releases today strengthened the case for a potential Fed pause next week, with probabilities of a pause or 25 bp hike divided between ~48% and 52%, respectively. After hitting a YTD high of $26.5k amid a liquidation-driven short squeeze, BTC has since pulled back to $24.2k, following traditional markets lower. ETH is underperforming, down 4.95% over the last day.

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CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.87% climbing back above $61,000 and SOL -0.02% moving above $145, while ETH -1.27% is lagging, trading around $2,400. Among today's outperformers is SUI 3.09% , 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...

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