Markets Await Fed Decision, ARB Airdrop
It is another wildly consequential week in global markets as the worldwide banking system continues to fend off liquidity concerns, and traders brace for a decision from the Fed on interest rates following their meeting on Wednesday. Bitcoin is coming off one of its best weeks in history, closing the week up 35% and moving north of $28k for the first time since last June. This afternoon, BTC (+0.4%) is trading relatively flat compared to 24 hours ago, while ETH (-1.8%) and other large-cap cryptoassets are seeing some slight pullback. The large-cap outperformer is SOL -4.14% (+5.4%), while MATIC (-5.4%) trades in the opposite direction. Bitcoin layer 2 STX 0.05% (+3.8%) continues to perform remarkably well, likely benefitting from the outperformance in BTC as well as the official launch of Stacks 2.1 yesterday. Meanwhile, major equity indices ^SPX 0.37% (+0.2%) and QQQ 0.65% (-.7%) are turning lower on the day as traditional markets are still witnessing incredible rate volatility. The MOVE -9.39% (+7.2%) index is back above 180 as the US 2Y is back to 3.9%, approximately 30 bps higher than where it started in the early morning hours.
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