Crypto Research
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Risk assets slid this morning on the release of positive economic data, heightening the probability of continued tightening from the Fed. The November ISM reading came in at 56.5%, much hotter than the expected 53.7%, indicating persistent economic activity. Yields are higher across the board, with the US 10Y rising 2.6% thus far on the day. The DXY has inched 0.6% higher while the VIX is up 6.8%. The QQQ 1.08% ...
ADJUSTING TO A POST-FTX WORLD A couple of weeks ago, we discussed several critical risk vectors remaining in the market and provided our take on each matter. Our near-term view was that it was more likely than not that most of the contagion from the implosion of FTX had been sifted through, but due to the unknown status of Digital Currency Group, investors might not be getting paid enough for...
The Bureau of Labor Statistics' (BLS) November employment report points to a hotter-than-expected labor market, inciting fears of higher rates for longer in markets. Non-farm payroll employment increased by 263k (vs 200k consensus), while the unemployment rate remained at 3.7%. Traditional markets reacted negatively to the news, with ^SPX 1.11% (-0.5%) and QQQ 1.08% (-1.0%) opening lower before rebounding 4,055 and 291, respectively. Crypto markets were equally affected, with BTC (-0.3%) and...
In anticipation of Fed Chair Powellâs speech today at 1:30 pm EST, traditional markets are relatively muted. The S&P 500 is trading just under $3,950 (-0.30%), and the Nasdaq 100 is trading around $11,500 (+0.08%). Investors will be paying attention to Powellâs speech for insight into how high interest rates will need to rise. In contrast, crypto markets are rallying today, with BTC and ETH 4.75% rising 2.12% and 4.13%, respectively,...
Crypto markets rallied today, recovering from yesterday's pullback - BTC is up 1.08%, and ETH 4.75% is up 3.49%. Interestingly, this rally came during Asian market hours (the same time the sell-off occurred yesterday in crypto assets and Asian equities). Markets appear to be moving higher on hopes that the public unrest in China couldlead to a loosening of Beijing's zero-COVID-19 restrictions. SPX and NDQ are down 0.23% and 0.12%, respectively,...
FIGURE: PEPE SIMPSON REMINDING HIMSELF THAT FDV IS NO LONGER A MEME In light of recent events, it’s safe to assume that crypto winter has come to an end and that we have officially entered crypto’s ice age. SBF et al not only defrauded investors of Alameda Research and customers of FTX, their actions also destroyed ~600m in TVL from the Solana ecosystem. FIGURE: SOLANA PROJECTS BY TVL Source: DeFiLlama,...
