Crypto Research
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Binance Enforcement Provides Dip-Buying Opportunity as Global Liquidity Continues to Improve
BINANCE RISK MITIGATED One of the most significant idiosyncratic risks in the crypto market has been the uncertainty surrounding Binance and potential action from the Justice Department against the world's leading exchange. Earlier this year, we anticipated that any disciplinary actions would likely involve criminal charges against Changpeng Zhao (CZ) and a fine against the exchange. From our September note: _Source: Fundstrat_ Today, these views were realized. CZ appeared in...
Throughout 2023, our research team has recommended seven venture-style investments, primarily focused on small-cap tokens. We have compiled brief updates on each of the projects in our portfolio to examine our initial investment theses and ensure they remain intact. Click HERE for the full report. EXECUTIVE SUMMARY
The U.S. Attorney General Merrick Garland and Treasury Secretary Janet Yellen are set to host a joint conference at 3pm EST to announce âseparate but related cryptocurrency enforcement actions.â It is believed they will announce a settlement of the DOJâs criminal case against Binance. Details of the settlement are already beginning to emerge. Binance founder Changpeng Zhao (CZ) has officially stepped down as CEO and is pleading guilty to anti-money...
U.S. equities are rising to start the week ahead of the Thanksgiving holiday. The SPX (+0.45%) is trading at $4,535, while the NDQ (+0.76%) is approaching $16,000. Investors will be watching Nvidiaâs earnings release tomorrow, potentially serving as a catalyst for AI-related names. Crypto markets are rising following news that the U.S. Justice Department is seeking $4 billion in penalties from Binance in exchange for settling its criminal case against the...
WEEKLY RECAP Total funding surged to $383 million this week, more than tripling last week’s total. The majority came from three CeFi deals: Blockchain. com, Fnality International (DotW), and BC Technology Group. They all completed funding rounds of approximately $100 million, making up three of the ten largest deals this year. Infrastructure was the most popular category from a deal count perspective, tallying 10 deals, while the remaining deals were...
In this week's Crypto Comments video, we discuss the October CPI surprise, an improving macro liquidity environment, reasons for underperformance in crypto equities and how they may be gearing up for a catch-up. We also discuss the top performer in our core strategy, Solana, and how we're assessing the rally after a 4x jump in price over the last month. Click HERE for our full Crypto Strategy note. https://vimeo. com/885464644/1ff64aa59a?...
MARKET PRICES IN RATE CUTS The key macro event this week was the release of the October CPI data, which came in notably cooler than anticipated. The year-over-year CPI was slightly lower at 3.2%, just below the predicted 3.3%, while the month-over-month figure remained steady at 0.0%, in contrast to the expected 0.1%. This cooler inflation data spurred a surge in equity indices. It also bolstered investor confidence in the...
Equity indices are flat on the day after weekly jobless claims reached a two-year high and exceeded expectations (231k act. vs 220k exp). Treasury yields are falling following the data release, and markets are now pricing in a 49% chance of a May 2024 rate cut. Crypto markets are retracing some of yesterdayâs gains, with BTC (-4.22%) trading at $36.3k and ETH -4.55% (-3.10%) trading slightly below $2k. ETH/BTC is showing...
U.S stocks are slightly higher from yesterday's close despite increasing interest rates following mixed economic reports. Inflation figures have reinforced the encouraging trend in yesterday's U.S CPI release, with the UK CPI and US PPI coming in better than expected. October's PPI data fell 0.5% compared to estimates of +0.1%, a big miss that favors the soft landing camp. BTC has recovered from its post-CPI dip yesterday, rising 0.5% to...
Equity indices are soaring on the back of softer-than-expected CPI data, with both the SPY and QQQ up over 2%. YoY CPI was 3.2% vs. 3.3% expected, while MoM CPI was 0.0% vs. 0.1% expected. Additionally, YoY and MoM Core CPI came in below expectations, giving investors confidence that the Fed is likely finished with rate hikes. Crypto markets are not responding as positively to the data, with BTC (-1.33%)...
The crypto market is currently consolidating, following last week's rally buoyed by positive developments like BlackRock's application for a spot ETH ETF. Bitcoin is hovering around $36.8k, while Ethereum aims to break above the $2100 mark. Amidst this sideways price action in the majors, select altcoins such as TIA, Celestia's data availability layer token, and FIL, Filecoin's native token, continue to exhibit strength. The potential SEC approval of 19b-4 applications...
