Crypto Research
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Markets cooled off today after a long holiday weekend. BTC and ETH are down 0.61% and 1.68% and SPX and NDQ have dropped 1.17% and 1.32%. Most altcoins have held up weaker than bitcoin and ethereum on this pullback, MATIC is down 5.73%, LDO is down 5.26%, and SOL 0.84% is down 4.00%. An exception to this is ANKR, which has risen 43.6% today after an announcement of a Microsoft partnership...
REGULATORY THREATS MORE BARK THAN BITE (TO ASSET PRICES) Last week we discussed that more regulatory actions would be coming – and they certainly were. On Monday morning, Paxos was ordered to shut down its services surrounding Binance’s BUSD stablecoin on the grounds that it might be deemed a security. There were worries that there would be additional regulatory action against other centralized stablecoin issuers, but as the week progressed, it...
Traditional indices are extending yesterdayâs fall on the back of higher terminal rate expectations after a couple of hot economic data points this week. The SPY -0.21% (-0.91%) is holding above $400 while the QQQ -0.65% (-1.54%) has fallen just below $300. After a violent dump leading into yesterdayâs close, BTC (+3.52%) and ETH (+3.49%) have rallied back to $24.3k and $1.69k, respectively. Liquid staking derivatives (LSDs) are outperforming today with LDO...
Digital asset markets have continued to decouple from legacy markets since Tuesday. BTC (+2.6%) briefly spiked above $25k this morning before retracing right below, while ETH (+2.5%) broke $1.7k and is holding above the level at the time of writing. On the other hand, ^SPX -0.21% (-0.4%) and QQQ -0.65% (-0.4%) opened lower before trading upwards. Markets were spooked by signs of persistent inflation following a higher annual PPI print of 6.0%,...
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 -0.21% and QQQ -0.65% 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...
