Weekly Market Insight: May week 2

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Atualizações do mercado

06 May 2024

Headline News

- Bitcoin dropped to below $56,000 last Wednesday due to increasing market concern of stagflation and possibility of further hawkish measures from the Fed due to sticky inflation data.
- Bitcoin rebounded 6.45% on Friday affected by potential pension funds starting to explore Bitcoin investment and increasing probability of rate-cut sooner due to worse than expected unemployment rate released on Friday. The possibility of a 50bps cut in 2024 increased from 40.2% to 61.8% after the job report was released.
- Spot Bitcoin ETFs had net inflow of $378.24 million on Friday, including the first ever recorded net inflow from Grayscale accounting $63 million.

Macro-Outlook

- The Fed held the interest rate unchanged and tapers its balance sheet run-off starting on June 1st by cutting the maximum amount of Treasury securities being removed from $60 billion to $25 billion per month. The cap of mortgage-backed securities (MBS) remains unchanged at $35 billion, any excess MBS principal payment will roll into Treasuries. Despite disappointing inflation data in 2024, Jerome Powell indicated that rate-hike is unlikely, same goes to stagflation risk. He stated there is risk of cutting rates too soon as well as cutting too late. The Fed will focus on its dual mandates.
- US non-farm payrolls increased 175,000 in April, falling short of market expectations of 243,000 increase. At the same time, the unemployment rate edged up to 3.9% in April, compared to the market estimation of 3.8%.
- The upcoming inflation data will be crucial for determining future yield projections.

Weekly-Cryptos-Overview

- Blackrock and Fidelity see pension funds are starting to explore Bitcoin investment.
- EigenLayer has released its token whitepaper which introduced EIGEN as the universal intersubjective work token. The team allocated 15% for airdrop, splitting into 3 seasons. The token is currently non-transferable.
- AltLayer introduced reALT, an auto-compounding token that earns additional rewards from LaunchPools and MACH.
- MakerDAO introduced new tokens for DAI and MKR with NewStable (NST) and NewGovToken (NGT). MKR holders will have the option to convert 1 MKR for 24,000 NGT. The upgraded tokens allow holders access to new features and farming products. More details are expected in the future.
- Uniswap partnered with Robinhood to enable crypto purchases via debit card, bank transfer, or directly from Robinhood balances in the Uniswap mobile app.
- Aave introduced its v4 roadmap including a unified liquidity layer money market, automated interest rate model, liquidity premium for high risk assets, soft liquidation for GHO and many more.
- Friendtech has launched its V2, featuring Keys for private chat that can be purchased with ETH and Money Club for group chat that anyone can open with FRIEND, its newly launched token.
- Stacks delayed the Nakamoto upgrade for an additional eight weeks to deploy a more advanced signer elasticity/recovery system.
- Cardano's founder posted a poll on X suggesting using Bitcoin Cash into a Cardano Partnerchain with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech.
- Fetch.ai minted an additional 1.4 billion FET tokens to support the ASI Token Exchange Mechanism.
- Sturdy Subnet is live on the Bittensor mainnet, leveraging miners to develop the best asset allocation algorithms for maximised yield strategies.
- Zetachain introduced Omnichain Smart Contracts, which allow tokens and applications to be called from any connected chains.
- Blur is live on Blast.

Upcoming Alpha: Token Unlock, Governance

- Jito is reported building restaking infrastructure for Solana.
- LayerZero had taken its first snapshot on May 1st. Airdrop event is expected within Q2.
- Sei V2 audit has been completed.
- APT token unlocked on May 12th, amount representing 2.64% of the token supply.
- STRK token unlocked on May 15th, amount representing 8.79% of the token supply.
- CYBER token unlocked on May 15th, amount representing 5.98% of the token supply.

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