Compromised Ledger Software Sparks Flash-Crash, FASB Publishes "Fair-Value" Accounting Standards for Digital Assets
U.S. equity indices are mixed following yesterday’s FOMCâs meeting, which confirmed board members are forecasting multiple rate cuts throughout 2024. The meeting was more dovish than expected, sparking significant moves down in the DXY and Treasury yields. Crypto markets had a scare this morning when a Ledger software issue was detected (more below) causing Bitcoin to drop over 3% in three minutes, with sharper drops in altcoins. Assets have since recovered most of the move, with BTC (+0.12%) now trading at $42.9k and ETH (+1.23%) hovering around $2,290. Decentralized infrastructure tokens are outperforming today, with HNT and RNDR rising 18.49% and 10.41%, respectively. As the world becomes increasingly digital, demand for infrastructure services may exceed companiesâ scaling capabilities, causing them to explore decentralized solutions.