Trading Desk Market Update: 4/22

April 22, 2022

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. 

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