Fri, December 1, 2023 | 2:06PM ET

Starknet Airdrop Speculation, Circle Denies BBC Allegations

Name: FS Insight
Price range: $$$

Equities are continuing to climb after closing out a strong November rally. The S&P gained 8.9% for the month, while the Nasdaq advanced 10.7%. Cooling inflation data coupled with a resilient economy drove optimistic sentiment. Jerome Powel commented on the future rate hike this morning, attempting to temper expectations of future interest rate cuts. He stated that it’s too early to assert that the current monetary policies are adequately stringent. Despite Powell’s cautious words, bond yields decreased as investors interpreted his comments to suggest that the Fed might not increase rates further. Consequently, the 10-year Treasury note yield dropped by six basis points to 4.295%. BTC has risen 3.1% to new YTD highs, reaching $38.8k for the first time since May 2022. The price surge is fueled by excitement over a proposed U.S spot bitcoin ETF, coupled with on-chain data indicating that a substantial portion of the asset has been transferred to cold storage. This suggests a strong demand and a reduced likelihood of immediate selling pressure. ETH is performing in line with BTC, rising 3.5% to trade at $2.1k. DYDX is a notable underperformer, with a 3% fall today coinciding with a ~$505 million unlock (81% of circulating supply). The unlock comes from vesting of a 50% allocation to investors, founders, employees, and other insiders. The recent unlock constitutes 30% of this allocation – or 15% of the total DYDX supply.

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