The crypto market faced challenges this week as crypto-friendly bank Silvergate's stability raised concerns. Despite the Nasdaq Crypto Index™ (NCI™) managing to stay on the positive side with a 0.9% NCI™ increase in February, March's first week saw a decrease of 4.6% for the NCI™ with BTC dropping 4.8% and ETH falling 4.1%.
The US 10-year yield surpassed 4.0%, indicating macro headwinds
The likelihood of a fourth 25bp rate hike in July now exceeds that of a pause, and the probability of a fifth hike in September has increased with the recent resilience shown in many key indicators giving the Fed more room for “higher-for-longer” rates.
Silvergate stock drops over 50% as crypto clients flee
Silvergate notified the US SEC of potential delays in submitting its annual report and the possibility of being undercapitalized. The crypto-friendly bank is a very significant industry player that works with major market makers and exchanges.
Robinhood Wallet rolls out on iOS with Android support to follow
Robinhood's extensive client base of investors could give its new wallet a competitive edge in terms of adoption, while also facilitating the onboarding of new Web3 users.
NFT weekly trading volume on Ethereum rises to highest level since May
After a long hiatus from the spotlight, NFTs are once again making headlines with the launch and airdrops of BLUR, a new and innovative NFT marketplace challenging the undisputed leader, OpenSea. This comes as Yuga Labs, creator of one of the most famous NFT collections, announced its participation in the recent Bitcoin NFT trend.
From Hashdex: SEC’s punches keep crypto prices sidestepping
After a strong start to the year, February was relatively stable for crypto asset prices. The NCI™ had a modest increase of 0.9%, while the S&P 500 and Nasdaq 100 stock indexes fell 2.5% and 0.4%. Read more in our monthly letter.
What to watch this week: Fed Chair Powell and ECB President Lagarde will give speeches on Wednesday as the payroll and unemployment report on Friday could help set the tone for future Fed behavior with regard to interest rates.
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