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Magic Eden Rewards Launch, UMA and Flashbots Partner on MEV Product

Jan 24, 2024
Market Update Stocks are rising following China's decision to lower the reserve requirements for banks, coupled with strong early earnings from technology firms like Netflix and ASML. Meanwhile, the cryptocurrency market has stabilized somewhat, recovering slightly from its recent decline. $BTC has reclaimed $40k gaining 2%, while $ETH gained 1% to reach $2.2k. Bitcoin's recent drop below the $40k mark appears to have been sparked by news that Mt. Gox is confirming Bitcoin addresses for paying back its creditors, potentially releasing a significant 142-200k BTC into the market. On a brighter note, the People's Bank of China has unexpectedly reduced the Reserve Requirement Ratio by 50 basis points. Additionally, the Chinese government has proposed a substantial $278 billion plan to bolster Chinese stock markets. This news has led to a 7-8% increase in Chinese stocks from their lowest points, which may have also lent some support to riskier assets today, including cryptocurrencies. As mentioned in yesterday's Crypto Comments, we are closely monitoring the upcoming FOMC meeting on January 31st, where further details are anticipated regarding the pace of balance sheet reduction, as well as the Quarterly Refunding Announcement from the US Treasury.Magic Eden, a major cross-chain NFT

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