Memes Become Windfall for Miners, Binance Resumes Withdrawals

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.