Signature Bank’s crypto-related deposits will be returned to customers directly, rather than being taken over by a unit of #NewYork Community #Bancorp under a deal announced Sunday.
.#Taiwan's Financial Supervisory Commission (#FSC) may become the first official crypto regulator in the country, though local #crypto exchanges are seeking support to resist potential #regulatory pressure.
In the #macro space, sentiment is shaky despite #UBS $3.2bn takeover of #CreditSuisse. #HSBC and #StandardChartered shares are down 5% as investors contemplate writing off risky bonds.
.#European#equity futures and #Asian stocks are all lower at present. #Gold trades above $2,000 and #Crypto majors have held onto the weekends gains. #BTC 28,000 and #ETH 1,775.
And in case you missed it last night, the 6 major central banks announced they will “enhance the provision of #liquidity via the standing U.S. dollar liquidity swap line arrangements.” Their swap lines are moving from 7 day frequency to daily.
In the past 7 days, the floor price of #BAYC fell by more than 8%, and #CryptoPunks rose by 13%. CryptoPunks surpassed BAYC (776,000 ETH) with a market value of about 847,000 ETH. The reason may include the launch of Warpped CryptoPunks on #Blur.
Lots of questions on whether recent Fed actions are QE or a “real” liquidity injection and what’s the transmission to risk
TLDR: It’s not QE but it is a real liquidity injection which pushes investors into risk assets
A Thread🧵
1/n
First point. Mechanistically, it’s not QE
QE is effectively an asset swap - bank reserves in return for treasuries - with a monetary policy objective (to lower interest rates across the yield curve)
2/n
The BTFP and discount windows which were tapped for 300bn last week are short term loans which banks pay to access for liquidity
However, this is a real liquidity injection which can push investors further out the “risk curve” in a similar way to QE
Onto the news…In an interview with Bloomberg, Cathie Wood said the current banking crisis, which will only “attract more institutions” to the #BTC market over time.
According to the Wall Street Journal (#WSJ) Coinbase Global (#COIN) told clients on Monday it’s no longer supporting #Signet, the real-time payments network of failed #SignatureBank.
The #Crypto#Fear and #Greed Index has hit its highest index score this year, reaching levels not seen since #Bitcoin posted its all-time high in November 2021.