tl;dr
There is more going on than meets the eye. The US bond market is tanking, CBDCs are still playing catch up to stablecoins-wise and the turmoil in the Middle East is wreaking havoc on oil markets. Here is what is on my mind today.1. The US bond market is experiencing a three-year downturn with soarin...
There is more going on than meets the eye. The US bond market is tanking, CBDCs are still playing catch up to stablecoins-wise and the turmoil in the Middle East is wreaking havoc on oil markets. Here is what is on my mind today.
1. The US bond market is experiencing a three-year downturn with soaring yields, driven by high inflation, rising interest rates, and concerns of a sovereign debt crisis. BlackRock, the world's largest asset manager, is avoiding long-term US bonds, expecting yields to climb further due to persistent inflation, higher rates, and growing debt levels. The 20+ Year Treasury ETF has plummeted by 46% since the close of 2020, while 10-year Treasury yields have surged from 0.92% to 4.72%. This bond market decline is the most severe in US history.
2. The French central bank says that CBDCs must be handle to handle tokenized assets or they will fall by the wayside as stablecoins continue growing in the market. Not everything in the future of finance is going to be related to tokenized assets. However, the bank cites that if governments do not learn to adapt to emerging technologies, those involved in such transactions may turn to alternative settlement assets, such as stablecoins. Being stablecoins are already capable of handling such transactions, I think CBDCs are going to have a hard time gaining steam without countries forcing adoption.
3. I just gave you great news involving Bitmain yesterday with their deal with Iris Energy. Well, that does not seem to be enough for the company to stave off the suspension of employee pay. Several employees have leaked the information. Looking at this situation, I wonder what companies could be looking to pick up this well-known manufacturer at a discount. If you recall, I reported that Galaxy Digital snatched up a crypto mining facility from Argo Blockchain, back on December 28th.
4. Bitstamp could be headed toward a major windfall. The company's CEO of the Americas and Chief Commercial Officer, Robert Zagotta, says the company has interest from three banks about their Bitstamp-as-a-service offering. Although he did not drop names, he did say the banks are household names in Europe. With an eye on markets in the Americas, Bitstamp also has a strong standing when it comes to regulatory compliance being one of the few companies to hold a BitLicense in New York
5. Binance launches copy trading for futures, allowing users to mimic experienced traders' strategies. It offers two modes: fixed amount and fixed ratio for flexible investment management. Lead traders can share their strategies on Binance Feed and earn a 10% profit share and trading commission rebate. Users can follow up to 10 lead traders simultaneously, accessing portfolio insights for informed decisions. This move aligns with Binance's mission to enhance financial access and comply with regulations.
6. Ripple's CFO jumps ship. I am pretty sure this was a planned move for her. It may not have been expected, or maybe it was, but it is not all the time that you walk out of one gig at that level straight into another. Think about the interview process. Mind you, she is also leaving the industry to go into the healthcare space. Either way, Ripple is in need of a new CFO. Better start dusting off those resumes.
7. VanEck says Avalanche is in trouble and I agree. Once a top Ethereum competitor, Avalanche has been in the red if you look at their YTD numbers, down 10.74% as of this morning. Compared to Ethereum you are looking at what could be a catastrophe with an over 40% gap between the two. Compared to Solana, another Ethereum competitor, there's a huge 140% gap. They've had exciting news, says VanEck. Not to mention, all bets are off in a bull market. I would be looking to do the math on that group of assets before investing.
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