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Bitfinex Alpha | Rates Continue to Rise, But Holders Keep Buying
A still-resilient U.S. economy offers a glimmer of hope for a soft landing. The PMI (Purchasing Managers Index) output data showed the economy was still growing despite the Federal Reserve’s aggressive rate hikes starting last year. Services PMI output improved markedly to 50.5, pointing to expansion, while manufacturing also improved but remained in contraction territory. A sharp drop in supplier delivery times added to optimism about a moderation in inflation - although it also reflected lower input prices in manufacturing and services.
However, while the PMI gave personal consumption expenditures (PCE) and inflation data, its role was lost. The PCE, the Fed's preferred measure of inflation, climbed in February, with both core and headline figures topping analysts' expectations. Consumer spending also hit its highest level in two years. Market expectations that rate hikes will be paused at a peak of 5.25% earlier this year have faded. We now expect rate hikes to continue until the June FOMC meeting, and the possibility of a 50bp rate hike as early as March remains open.
In stark contrast to the macro headwinds, the Bitcoin market remains bullish. Our short-term predictions proved correct when BTC prices fell to $22,800 last week. While short-term data can be volatile, long-term statistics point to good market health for Bitcoin and the overall cryptocurrency market. The strong conviction we are seeing exhibited by Bitcoin whales is similar to late bear/early bull market behavior as we continue to see massive inflows into whale Bitcoin wallets. Long-term holders have amassed as much as 18,000 bitcoins over the past week.
In an increasingly constructive environment for BTC prices, Coinbase announced the launch of an L2 blockchain called Base, while Ethereum developers announced that its next upgrade — Shanghai-Capella — will take place on February 28. Binance is also continuing its process of regulatory compliance, as it recently closed 500 of its clients’ derivatives positions, which subsequently sparked an investigation by regulators. We also saw news that the US Department of Justice had indicted the founders behind a company called Forsage for operating an alleged Ponzi scheme in the form of a decentralized financial investment platform. Cryptocurrency hedge fund Galois also announced it was closing its doors as half of its assets remain trapped on FTX, while co-founder and former CEO Sam Bankman Fried himself was charged with four new criminal counts.
https://blog.bitfinex.com/uncategorized/bitfinex-alpha-rates-to-keep-rising-but-hodlers-keep-buying/
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Bitfinex will delist 10 tokens including ALBT, ANC, IQ, KAI
Bitfinex will delist Alliance Block (ALBT), Anchor Protocol (ANC), Everipedia (IQ), KardiaChain (KAI), Mirror Protocol (MIR), Oxygen (OXY), Oasis Network (ROSE), BLOCKv (VEE), Xriba ( XRA) and Zus (ZCN).
