Polygon
$MATIC
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Wintermute Calls Out Near Foundation, HSBC To Launch Digital Asset Custody Platform
U.S. equity indices are showing mild losses, with both the SPY and QQQ declining about 0.20% at the time of writing. Treasury yields are continuing yesterdayâs retreat, with the US10Y approaching 4.50%. Crypto markets are mixed, with BTC -1.63% (-0.19%) sitting above $35k and ETH -0.18% (+0.61%) hovering just below $1,900. Large-cap altcoins are showing strength today, with LINK -5.65% (+7.29%) and MATIC -3.58% (+6.54%) being two of the best performers in the top...
It's a new day, but the script is pretty much a repeat of the last several weeks, characterized by rising interest rates, particularly at the long end of the curve. The U.S. 10-Year Treasury yield is inching toward 4.8%, while the 30-Year yield is nearing 5%, spurred by higher-than-expected JOLTS figures released this morning. Alongside this, the DXY is gaining, gold prices are declining, and equities are in the red...
After Ripple's victory over the SEC yesterday, token prices experienced a rapid increase, with XRP surging by 65% in the past 24 hours, making it the fourth largest token. BTC -1.63% is up 1.1% while ETH -0.18% gained 2.1%. Tokens alleged to be securities by the SEC, like MATIC -3.58% , ADA -7.12% , and SOL -5.71% , have outperformed, with gains ranging from 20% to 30%. In addition, Coinbase's stock (COIN) saw a significant jump of 24%...
Crypto markets are sharply rising after a judge has ruled that Rippleâs sales of XRP -5.21% do not constitute an offer of investment contracts. XRP -5.21% is up 35% following the announcement, and BTC -1.63% (+2.41%) has surpassed $31k and ETH -0.18% (+3.46%) is nearing $1,950. MATIC -3.58% (+9.80%) is outperforming today after a proposal was submitted to make MATIC a multipurpose token used to validate multiple blockchains. The proposal would have the token rebranded...
Japan Implements Crypto Friendly Tax Policy and HSBC Hong Kong Lets Customers Trade Crypto ETFs
Crypto markets pulled back today, BTC -1.63% is down 1.44% and ETH -0.18% is down 2.81%. Altcoins took a bigger hit, especially those that Robinhood is delisting and expected to sell later this week amid the SEC's crackdown (Cardano, Solana, and Matic). ADA -7.12% , SOL -5.71% , and MATIC -3.58% are down 4.01%, 4,13%, and 3.62%, respectively. Interestingly, many of the "DeFi 1.0" tokens (DeFi protocols launched in 2019 and 2020) saw large gains over the weekend. AAVE -5.97% ,...
SEC EMPTIES THE CHAMBER It’s only Wednesday, but the SEC has pulled out the big guns. Conveniently following the release of a rather comprehensive crypto oversight bill by the House Financial Services Committee on Friday, the SEC dropped their mightiest hammer to date on the crypto industry. On Monday, the SEC took legal action against Binance, accusing the exchange of offering unregistered securities to the public. The SEC's lawsuit alleged...
PMIS SHOW SLOWING ECONOMIC GROWTH There was a significant amount of economic data released this week, with particular attention given to the PMI data, which is considered a reliable indicator of economic activity. In May, the manufacturing sector in the US experienced its seventh consecutive month of contraction, as indicated by the Manufacturing ISM Report. The Manufacturing PMI for May was recorded at 46.9, a data point that suggests a...
AI SKEWING THE PICTURE Previous observations highlighted how the decline in crypto prices signaled a temporary liquidity peak, potentially tied to the impending debt ceiling deal. Correlations between BTC, gold, and equities illustrated BTC's sensitivity to liquidity changes. As anticipated, BTC/Gold and BTC/equities (excluding AI-related names) correlations are now strengthening, with gold and equities tracking BTC's lead. Over the past few weeks, our discussions have centered around an observed shift...
A NOSEDIVE IN VOLATILITY Equities are not the only asset class undergoing a noticeable decline in volatility. Both Bitcoin and Ethereum are following a similar path. Over the past two months, there has been a significant decrease in the implied volatilities of these blue chip cryptoassets, especially following the fallout from the Silicon Valley Bank (SVB) crisis and the subsequent rally in prices following the Federal Reserve’s intervention. The sense...
