Magic Eden to Support Bitcoin NFTs, Sushi CEO Served SEC Subpoena

Equities and Crypto are mixed today, with the S&P rising 0.16% while BTC gained 1.77% over the last day. All eyes are on the Fed, set to deliver their next interest rate decision at 2 pm this afternoon. This will be the first decision following instability among regional banks and several high-profile bank failures. The Fed is in a tough spot as it weighs risking further financial sector instability against tightening liquidity conditions to continue fighting 6% YoY CPI inflation. As of this morning, there is an 86% probability that the Fed will hike 25 bps and a 14% chance that the Fed does not hike at all. Expectations have repriced dramatically in the last few weeks, and many market analysts have stated that a pause could make sense given the tightening of liquidity conditions that will result from regional banks. The Fed also plans to release its updated dot plot, although rumors are swirling that this may be withheld given the uncertainty of the rate path going forward. Its last projections released after the December meeting showed a midpoint on the bank’s target range at about 5.25% by the end of this year, while investors expect an end-of-year midpoint of 4.625%.