Another week of low volatility as the Nasdaq Crypto Index™ dips 0.4%, with bitcoin down 0.1% and ether also correcting by 1.5%.
Société Générale obtains France's first license for crypto custody and brokerage
The bank is the first European institution to receive this license, an action that supports our belief that institutions are in crypto to stay.
Inflows into crypto products highest since 2021
Chainlink update will help bridge blockchains with traditional markets
The update reinforces the current interoperability trend in crypto, strengthens the case for a diversified crypto allocation, and may help facilitate banks' exposure to crypto.
What to watch for:
All eyes will be on the FOMC meeting this Wednesday. The CME FedWatch Tool shows a whopping 99.8% market expectation for the Fed to hike another 25 bps this week, setting the target Fed Funds Rate within 5.25 – 5.50. If inflation continues in its year-long cool-off streak, this could be the last interest rate rake for this tightening cycle, reassuring our expectations that macro conditions shift to a more “ordinary” stance in 2023.
Read our take on Ripple’s (partial) victory against the SEC, an undeniable milestone in the legal treatment of crypto assets even as it leaves many regulatory questions unanswered.
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