Crypto Research
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Citadel, Susquehanna, and Soros buy Silvergate, and Bitcoin's Average Block Size hits All-Time-High
Crypto rallied following today's CPI report that showed that inflation grew at a 6.4% annual rate, slightly higher than expected. BTC and ETH rose 1.53% and 2.93%, respectively, while SPX and NDQ were down 0.14% and up 0.23%. Interestingly, more traditional finance giants have acquired shares of Silvergate (SI). Citadel Securities disclosed a 5.5% stake in the crypto-friendly bank, Susquehanna Advisors Group disclosed a 7.5% stake, and George Soros's fund...
Equity markets are rising today ahead of the latest CPI reading due at 8:30 AM tomorrow. The S&P 500 and Nasdaq 100 are up 0.85% and 1.22%, respectively, while the US Dollar and US Treasury yields are showing slight declines. Crypto markets were rallying this weekend but were stopped short after Paxos announced the termination of their relationship with Binance surrounding BUSD (more below). BTC (-0.96%) is holding around $21.6k...
KRAKEN DOWN ON STAKING AS A SERVICE On Wednesday, Brian Armstrong, the CEO of Coinbase, tweeted that he heard rumors that the U.S. Securities and Exchange Commission (SEC) might ban retail investors from engaging in cryptocurrency staking. In his tweet, he expressed concern about this possibility and said that he believes it would be a terrible path for the U.S. if that were to happen. Then on Thursday, Kraken, another...
Digital asset markets took a dive late yesterday after the SEC announced its $30m settlement with Kraken's staking service and investigation into stablecoin issuer Paxos. BTC and ETH retraced 4.0% and 6.3% in the past day, while ^SPX -0.38% and QQQ -0.77% are down 0.30% and 1.3% since yesterday's close. In response to the SEC's crackdown on centralized staking services, liquid staking derivative RocketPool (RPL) performed well relative to the market, up...
Following large intraday swings yesterday after Jerome Powell's speech at the Economic Club of DC, traditional indices have picked a direction, with the SPY -0.37% (-1.07%) and QQQ -0.77% (-1.72%) both falling today. BTC (-1.30%) and ETH (-1.36%) continue to trade around $23k and $1.65k as many altcoins are cooling off following impressive gains over the past month. Popular Arbitrum tokens GMX and MAGIC are down 9.05% and 13.83%, respectively. The Sandbox...
FS Insight members now have access to the Crypto Core Strategy, a crypto portfolio and allocation tool for investors looking to explore this emerging asset class. Sean Farrell answers your most common questions about the Crypto Core Strategy, including:How should I allocate to bitcoin, ethereum, altcoins, and stablecoins?What digital assets are included in this portfolio and are there limitations?What % of an investment portfolio would you recommend allocating to the...
Crypto and traditional markets began to recover from their pullback yesterday. BTC and ETH are up 0.97% and 1.52%, respectively, while SPX and NDQ are up 0.15% and 0.57%. Outperformers today include INJ, up 12.67%, and LDO, up 14.0%. Lido's rise comes after the protocol unveiled its upgrade plans for v2 ahead of Ethereum's Shanghai upgrade. There are two major focuses of this upgrade: an introduction of a new staking router and...
Equities declined Monday morning, likely prompted by caution over increased hawkishness from the Fed following the strong US jobs report on Friday. The ^SPX -0.38% is down 0.4%, while the NDQ is trading 0.5% lower. Bond yields increased, with the 10-year yield rising by 9 BPS and the 2-year adding 14 BPS. The DXY (+0.5%) and the VIX (+6.0%) have also ticked higher on the day. Meanwhile, the crypto market is...