Crypto markets (-3.8%) are falling alongside broader markets this morning. Equities, bonds, and crypto all fell yesterday following hawkish comments from Fed Chair Powell that taming inflation is “absolutely essential”, noting that a 50 basis point hike is on the table for the May policy meeting. A strong earnings season has helped to dampen the effects of a more hawkish outlook with equity futures pointing to a modestly down market open.
Other notable news includes: the OCC issued a consent order against Anchorage for compliance failures; Binance US leaves the Blockchain Association to form their own government affairs team; US House Democrats called for scrutiny on crypto mining as an environmental threat; retail bitcoin interest has dwindled according to Google search data; Ukraine banned bitcoin purchases with local currency in attempt to prevent capital outflows; Columbia University professor to head up the new a16z crypto research unit; Tron followed in Terra’s footsteps and revealed plans to launch an algo stablecoin with a 30% APY; Algorand introduced a self-sustaining smart contract that automatically offsets carbon emissions; Kadena launched a $100m grant program to improve the chain’s scalability; Valkyrie launched a new trust holding proof-of-stake tokens; and, Binance recovered $5.8m from the Axie Infinity theft as North Korean hackers attempted channel the loot through more than 86 accounts.
This material is a product of the GSR Sales and Trading Department. It is not a product of a Research Department, not a research report, and not subject to all of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with your interests. The Firm trades instruments discussed in this material for its own account. The author may have consulted with the Firm’s traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have positions in other instruments discussed herein. This material is intended only for institutional investors. Solely for purposes of the CFTC’s rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.This material is provided solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment (except as noted for CFTC purposes), or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. Information is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. GSR will not be liable whatsoever for any direct or consequential loss arising from the use of this Information. Copyright of this Information belongs to GSR. Neither this Information nor any copy thereof may be taken or rented or redistributed, directly or indirectly, without prior written permission of GSR. Not a solicitation to U.S. Entities or individuals for securities in any form. If you are such an entity, you must close this page.