Binance Regulatory Woes Continue, TradFi Announce Foray Into Digital Asset Businesses
Equity markets pulled back today amidst doubts about the global economy, stalling the recent rally that has seen equities de-couple from crypto. US Housing in both single and multi-family projects came in far higher than expected, China experienced trimmed loan prime rates for households and businesses (4.3% –> 4.2%) but whether it is sufficient to bolster its economic recovery remains to be seen, while US10Y slipped to 3.756% from 3.768% on Friday. ^SPX -0.12% and QQQ -0.06% are down by 0.35% and 0.10%, respectively. Digital asset markets are outperforming traditional markets, with BTC and ETH up 1.74% and 0.26% in the same period. While last week’s Blackrock Spot ETF has been one of the major developments in a while, markets seem to have absorbed the catalyst with relatively unimpressive price action, prompting further optimistic caution in our view.