Rate Hike at 75bps Brought the Markets Lower

$BTC 24 Hour High $19,950 / Low $18,150 | $BTC -2.6% Past 24 hours; -9.0% Past 7 days

Overall crypto markets were down alongside equity markets immediately after the rate decision. Ethereum underperformed again, effectively erasing all outperformance against Bitcoin in the last 2 months leading up to the merge. The US House proposes a two-year ban on algorithmic stablecoins. Kraken’s CEO Jesse Powell stepped down to focus on other products of the firm. 


Equities, Commodities & Macro 

US markets closed lower with Asia markets looking to follow. Fed Chair hinted at an additional 100bps to 125bps rate hike for the rest of the year. US dollar index hits 20year high.


Digital Assets Market

  • Total crypto market capitalization stands at $935B, -2.8% from yesterday
  • $BTC is -0.41% at time of writing; 24H liquidations and funding rates: 145.99M, 0.01476%
  • $ETH is -0.30% at time of writing; 24H liquidations and funding rates: 92.05M, 0.01122%
  • Stablecoins market dominance: USDT 44.92%; USDC 33.02%; BUSD 13.57%; DAI 4.24%

Alts and DeFi watch

  • DeFi TVL: $52.59B (-0.33% over last 24 hours)
  • $SOL -3.2% in the last 24 hours, -9.9% in the past week
  • $SHIB -2.4% in the last 24 hours,-14.9% in the past week
  • $ADA -3.8% in the last 24 hours, -9.1% in the past week
  • $ENJ -4.9% in the last 24 hours, -10.3% in the past week

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OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam & Kevin Lee.

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