IBIT Options Approved, Stablecoin Market Cap Surpasses $170 Billion
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MARKET UPDATE Yesterday’s FOMC meeting resulted in the Federal Reserve reducing interest rates by 50 bps, and Fed Chair Powell striking an optimistic tone about the state of the U.S. economy. Risk assets are rallying today, with crypto leading the charge. BTC -1.35% has gained to $63.7k and ETH 1.91% is approaching $2,500. Altcoins are seeing outsized rallies, with TIA 1.23% and DYM 2.93% outperforming, with both gaining over 14% today. APT -0.11% has similarly...
MARKET UPDATE Crypto has gained sharply ahead of tomorrow’s FOMC meeting, at which the Fed is expected to begin its easing cycle. There is still uncertainty on the magnitude of the first rate cut, with markets pricing a 61% probability of 50bps as of this morning. BTC -1.35% has risen from $58k to $61k and ETH 1.91% has risen from the high $2,200s to $2,370. SUI 6.66% is outperforming today following news that...
CRYPTO MARKET UPDATE The most notable market development over the past 24 hours has been the sharp increase in rate cut probabilities for next week’s FOMC meeting. After falling to just a 14% likelihood of a 50bps cut, the odds jumped to over 40% in after-hours trading following a large trade betting on two cuts. This shift may be linked to the optimism around the potential for two cuts conveyed...
CRYPTO MARKET UPDATE CPI came in slightly above market expectations, primarily driven by persistent shelter costs, though these were partially offset by deflationary energy prices. As a result, rate cut expectations for next week’s FOMC meeting have dropped to 25 basis points. Following the CPI release, crypto markets, along with other risk assets, initially sold off as the market digested the data. However, prices have since rebounded, with BTC -1.35% trading...
