Arbitrum Announces Airdrop, Cathie Wood Raises Private Crypto Funds

Mar 16, 2023

Both traditional and crypto markets are rallying today as fears of systemic banking collapses have dissipated slightly. The SPY 0.81%  (+1.52%) and QQQ 1.05%  (+2.22%) are showing impressive gains, with higher growth names outperforming, as expectations for higher for longer rates are declining in light of recent financial turmoil. BTC (+1.49%) continues to show relative strength, with BTC.D reaching 45.71%, while ETH/BTC is approaching November 2022 lows. Layer-2 network Arbitrum has announced its token airdrop (more below) and has sparked a rally in the ecosystem’s alt-coins. Tokens such as GRAIL, JONES, and RDNT 5.02%  have rallied 41%, 44%, and 22% over the last 24 hours. It will be interesting to watch if airdropping ecosystem participants tokens will drive increased inflows into smaller projects.  

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CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 3.88% climbing back above $61,000 and SOL 5.65% moving above $145, while ETH 7.56% is lagging, trading around $2,400. Among today's outperformers is SUI 6.35% , 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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