Market Wrap: Cryptoassets go back slightly, stocks rise after Fed minutes

Market Wrap: Cryptoassets go back slightly, stocks rise after Fed minutes

Important stocks and crypto systems remained largely unchanged on Wednesday - although the Federal Reserve points out that further interest rate increases on the horizon are likely.

Bitcoin was traded in a relatively narrow spell, surrendered from $ 20,000 from $ 19,000 overnight - to a high of $ 20,2000 - and finished 1.44 % at the end of the stock trading. Ether fell by 0.7 % to $ 1,150 in the same period.

The day started with the cryptocurrency company Voyager registered bankruptcy. Cryptocurrencies worth an estimated $ 1 to $ 10 billion are now in the floating. The step took place only a few days after the crypto loan had suspended the trade and withdrawals. The hedge fund company Three Arrows Capital (3AC)-the Voyager $ 650 million $ 650 million-had previously made an application for chapter 15.

retailers have today's protocol of the FED session from 14th to 15th June closely observed. Since the futures markets are largely priced in, the political decision-makers agreed that interest rates may have to be raised by 50 or 75 basis points this month.

"Many participants were of the opinion that a considerable risk that the committee is now facing is that an increased inflation could solidify if the public began to question the determination of the committee, to adapt the attitude of politics as justified," says the minutes.

The betting markets have a probability of about 93 % for an increase of 75 basis points and a probability of about 7 % for an increase of 50 basis points Data from the CME Group .

The large US stock markets were unmoved: the Dow Jones rose by 0.23 % at the conclusion of the trade, while the S&P 500 increased by 0.36 % and the Nasdaq by 0.35 %.

Tuesday marked the long -awaited decline in crude oil prices. The Ice Brent Crude Futures-Contract for delivery in September fell by 2.31 % to $ 100.40. Jeffrey Halley, a senior market analyst at Oanda, wrote in a note on Wednesday that the price movement overnight "more indicates panic and forced liquidation than a structural change in the worldwide tense offer/demand situation".

It is worth noting that some of the decentralized financial platforms (DEFI) offer crypto lending and toborrowing services that have survived turbulence well. AAVE rose by 2.93 %, while Maker recorded an increase of 4.52 % in the last 24 hours.

Top stories

Coinshares receives official approval to take over Napoleon Asset Management

• Coinshares announced on Tuesday that it has completed the takeover of the EU -regulated crypto company Napoleon Asset Management and thus drives its ambitions to market its products and services throughout the region.
• The transaction has been in the consultation process since Coinshares has concluded a purchase contract to assume the entirety of Napoleon and its subsidiaries for $ 14.5 million last November.
• "According to the recent events in the digital asset sector, it was never clear that a strong regulation is necessary so that crypto can thrive," said Jean-Marie Mogetti, CEO of Coinshares, in the explanation and referred to the latest market turbulence that was triggered by the bankruptcy of the crypto creditor. Leastings.

Celsius reorganized the board in the middle of liquidity problems

• The finance manager David Barse and Alan Jeffrey Carr were appointed new directors at Celsius Network on June 28th and 29th.
• The crypto credit company also released Gilbert Nathan, John Stephen Dubel and Laurence Anthony Tosi as directors at the end of June.
• Celsius said it was working on stabilizing the liquidity and operation after the interruption of the withdrawals and transfers on its platform.

The NFT markets experienced a month of the roller coaster ride

• The largest NFT marketplace, OpenSea, acted a volume of $ 646.6 million in June, which corresponds to a decline of more than 65 % compared to the previous month, while the Solana NFT marketplace (not fungible tokens), Magic Eden, recorded a trading volume of almost $ 111 million, which corresponds to a decrease of $ 63.5 % compared to the previous month Intervall.
• The entire NFT market capitalization rose from USD 35.6 billion in the second quarter to USD 22.3 billion. Since the number of dealers decreased by 14 %, the number of NFT owners has increased steadily.
• "The reduction of the ETH price has eliminated commercial barriers for many dealers," Boris Rebo, Research Analyst at Dappradar, told Blockworks.

bring the best crypto and findings of the day into your inbox every evening. .

The Post Market Wrap: Cryptoassets Dip Light, Equities Rise After Fed Minutes is not a financial advice.