Memes Become Windfall for Miners, Binance Resumes Withdrawals

May 8, 2023
Market Update Interest rates experienced a slight increase this morning, with the US 2Y and US 10Y inching higher by 5 bps while the DXY stayed relatively stable. Major equity indices, including the SPX and QQQ, maintained their ground, remaining flat thus far today. Cryptoassets, on the other hand, faced a decline in the past 24 hours, with $BTC dropping 2% and falling below the $28k mark and $ETH decreasing by 30 basis points to just above $1850. This was seemingly driven by Binance temporarily halting BTC withdrawals twice within 12 hours, likely causing concern among some market participants. Most altcoins also moved lower in value. Additionally, the meme craze observed over the past couple of weeks may be losing steam, as seen in $PEPE's 50% drop from its all-time high. Following last week's FOMC meeting and job numbers, investor attention now turns toward this week's CPI and PPI data releases, which are the most consequential releases to date as the market will have a better idea of the probability of a Fed pause in June.Figure: Miner Revenue from Fees (Source: Glassnode)As our weekly note on Friday touched upon, the BRC-20 token standard is a technical specification for creating and deploying tokens on the Bitcoin blockchain. Recently, the popularity of BRC-20 tokens has

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CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH 3.67% ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC 3.83% to Bitstamp, leaving about 90k BTC 3.83% remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC 3.83% is trading around $66.5k,...

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