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Bitfinex Alpha | Bitcoin markets stabilize amid mixed outlook as Fed continues to fight inflation
The current macroeconomic outlook is mixed, with some challenges still to be overcome. In a recent speech, Fed Governor Philip Jefferson made it very clear that the US central bank is committed to addressing high inflation while remaining steadfast in minimizing the adverse impact on the US economy.
In the U.S. housing market, a rise in pending home sales provided optimism for buyers entering the market, but the homebuilding sector remained subdued. High mortgage rates and tightening lending standards have created uncertainty about the future of the housing market. A weaker housing market could have a bigger impact on any economy, given the perceived wealth effect that people have in relation to their home values. People tend to be happier if house prices rise, but if they fall, the effects can be far-reaching.
Jobless claims rose slightly, driven by lower spending on services and corporate profits, and GDP growth slowed, suggesting the economy is weakening. Indeed, concerns about the possibility of a recession were reflected in the latest University of Michigan survey of consumer sentiment, which showed a decline in March, the first decline in four months.
However, the Fed's preferred measure of inflation, spending and income figures for February all cooled in the face of the data, suggesting the central bank's efforts to combat inflation are making progress.
Slowing inflation helped stocks gain for a third straight week, with the Nasdaq Composite up more than 17% in the first quarter of 2023. Stocks posted impressive quarterly gains despite the banking crisis and changing interest rate outlook.
This optimism is also reflected in some Bitcoin indicators, but not others. Bitcoin addresses with non-zero balances surged to new records, but some key on-chain metrics weakened, suggesting the market is in transition. Both the number of active addresses and the number of daily transactions declined. While this is not a bearish indicator, it points to a worrisome short-term market outlook amid range-bound trading conditions.
By contrast, CME's BTC and ETH options open interest hit record highs, suggesting increased institutional trading activity, but Bitcoin's recent price performance has also brought its correlation closer to the S&P 500 again, sparking speculation about its Questions of vulnerability. Low liquidity in the cryptocurrency market has also raised concerns about increased price volatility and market stability. Current market conditions call for caution with regard to over-leveraging or heightened risk appetite during this transitional period in the cryptocurrency market.
The CFTC filed a lawsuit against Binance alleging multiple violations of the Commodity Exchange Act (CEA), including KYC and AML laws. Binance CEO Changpeng Zhao has denied the allegations. A U.S. district court also blocked Binance US’s takeover of troubled Voyager Digital, casting doubt on the deal’s future. FTX founder Sam Bankman-Fried now faces bribery charges in a new indictment accusing him of bribing Chinese officials; Galaxy Digital reports a $1 billion loss in 2022, which founder Mike Novogratz calls the company's "growth period." In more positive news, Michael Saylor's MicroStrategy continued its Bitcoin buying mechanism, accumulating 6,455 BTC. Tether’s USDt stablecoin dominance soars in March 2023, reaching an all-time high of 57.5% of the total stablecoin market share; Ethereum’s Shapella upgrade will launch on April 12 and promises to significantly improve transaction processing, security and network efficiency .
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Bitfinex will list PRMX, the native token of the PREMA platform
Bitfinex announced that it will list PRMX, the native token of PREMA. PREMA is a comprehensive NFT integration platform that provides users with access to multiple blockchain networks.
The PREMA platform describes itself as a "gateway to the blockchain" and consists of NFT marketplace PREMA X and PREMA Wallet, a multi-chain wallet that allows users to seamlessly manage, send and receive digital assets across different blockchains. PREMA is also focused on connecting NFTs to the virtual world (such as Web3 games) and the real world (such as physical entities or locations).
Through the PREMA project, users can simplify the process of creating, buying, selling and exchanging NFTs. Users can even take advantage of the project to own and operate their own NFT store and receive PREMA customer service support.
PRMX is the native token of PREMA and supports the ecosystem of the PREMA platform. The token can be used for gas fee payment in the PREMA chain and as one of the acceptable payment methods in the PREMA platform. As of this writing, PREMX has a total and maximum supply of 100 billion tokens and a market cap of $3,439,935.
“We are excited to introduce PRMX to our growing client base,” said Henry Child, Head of Tokens at Bitfinex. “Mass adoption of cryptocurrencies is impossible without strong utility and real-world applications. PREMA’s focus on using NFT technology to bridge the gap between real-world and digital assets is impressive.”
Bitfinex will open PRMX deposits around 10AM UTC on April 4th. Trading of PRMX will begin around 10:00 AM UTC on April 6th, with available trading pairs for the US dollar (USD) and the Tether token (USDt)
https://blog.bitfinex.com/media-releases/bitfinex-to-list-prmx-native-token-of-the-prema-platform/
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Bitfinex will start distributing the remaining 70% of the LUNA 2 airdrop
Bitfinex announced that the remaining 70% of the Terra Luna (LUNA 2 ) airdrop distribution has begun. Previously on May 26, 2022 and May 28, 2022, Bitfinex has announced that the first 30% of the LUNA 2 airdrop will be distributed to eligible holders of Terra Luna Classic (Luna) and TerraUSD (TERRAUST).
Bitfinex will distribute the remaining 70% of the airdrop tokens in 20 equal distributions between April 2023 and November 2024 (after Bitfinex receives the airdrop distribution according to the Terra network airdrop distribution plan).
In order to receive the LUNA 2 airdrop distribution, clients need to have and maintain their accounts with Bitfinex. If a customer stops maintaining their account with Bitfinex before the end of Bitfinex's distribution of LUNA 2, they will lose the LUNA 2 that would have been distributed to that user.
Eligible Bitfinex customers can expect to automatically receive airdropped tokens in their Bitfinex accounts on the first Wednesday of every month, starting May 4, 2023 and ending November 13, 2024.
Snapshot time and airdrop distribution ratio:
- Pre-Attack Luna Classic (Luna) holders
Snapshot: block height 7544910 (2022-05-07 14:59:37 UTC)
Distribution ratio: 1: 10 034735071
- Post-Attack Luna Classic (Luna) holders
Snapshot: block height 7790000 (2022-05-26 16: 38: 08 UTC)
Allocation ratio: 1: 0.000015307927
- Post-Attack TerraUSD (TERRAUST) holders
Distribution ratio: 1: 02354800084
https://www.bitfinex.com/posts/904
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Bitfinex to Support Ethereum Network's Shapella Upgrade
Bitfinex will support the Shapella upgrade of the Ethereum network. The Shapella network upgrade is expected to take place on the Ethereum network at 22:27 UTC on April 12.
