Crypto Fundamental Investor/Analyst

Josh Du

Crypto

<ul>
<li>Crypto complex rose mid-week but ended the week down after Powell confirmed market's expectation of 50bps hike in May </li>
<li>Uncorrelated to the rest of market, <a href="https://www.smartkarma.com/entities/apecoin" target="_blank" data-smartkarma-citation="entities:35876:1" rel="noopener">ApeCoin (APE CURNCY)</a>  continues to grind higher in anticipation of Yugalab's Land mint event on April 30th, possibly the largest NFT mint in history </li>
<li>
<a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase (COIN US)</a> launched a beta version of its NFT marketplace as direct competition to the $13bn dollar Opensea; and much more</li>
</ul>


Crypto complex rose mid-week but ended the week down after Powell confirmed market's expectation of 50bps hike in May 
Uncorrelated to the rest of market, ApeCoin (APE CURNCY)  continues to grind higher in anticipation of Yugalab's Land mint event on April 30th, possibly the largest NFT mint in history 

Coinbase (COIN US) launched a beta version of its NFT marketplace as direct competition to the $13bn dollar Opensea; and much more


Crypto Weekly: The Fed, ApeCoin, Coinbase and More

<ul>
<li>The CPI print was the highest in 40 years which will inevitably lead to rate hikes and quantitative tightening</li>
<li>QT is extremely negative for any long-duration assets such as crypto and growth stocks </li>
<li>Nonetheless, the underlying growth of crypto is helping BTC to defend 40k and ETH to defend 3k</li>
</ul>


The CPI print was the highest in 40 years which will inevitably lead to rate hikes and quantitative tightening
QT is extremely negative for any long-duration assets such as crypto and growth stocks 
Nonetheless, the underlying growth of crypto is helping BTC to defend 40k and ETH to defend 3k


Crypto Weekly: Inflation Continues to Pressure Crypto

China and US Equity Analyst

Roger Xie

Cross Asset Strategy

<ul>
<li>SEC rejected several applications to offer bitcoin spot ETF, and Grayscale Investment is considering suing the agency turns down its long-running proposal to convert its bitcoin trust to an ETF.</li>
<li>FED offered a balanced view on risk and reward of potential US central bank digital currency (CBDC), which could imply that FED might intend to issue CBDC in the future.</li>
<li>We estimated crypto trading volumes are down over 40% quarter-over-quarter on the back of lower prices and volatility. Bitcoin spot price was down as much as 27% in 1Q22.</li>
</ul>


SEC rejected several applications to offer bitcoin spot ETF, and Grayscale Investment is considering suing the agency turns down its long-running proposal to convert its bitcoin trust to an ETF.
FED offered a balanced view on risk and reward of potential US central bank digital currency (CBDC), which could imply that FED might intend to issue CBDC in the future.
We estimated crypto trading volumes are down over 40% quarter-over-quarter on the back of lower prices and volatility. Bitcoin spot price was down as much as 27% in 1Q22.


Crypto: Bitcoin Spot ETF And Fed Digital Currency Report

Independent Research, Cryptocurrencies, Carbono Insights

Carbono Insights

Independent Research, Cryptocurrencies

Advisory Firm Specialized in Cryptocurrencies

Carbono is an advisory firm specialized in cryptocurrencies that helps clients navigate the economic and financial innovations derived from the rise of digital assets. Our investment fund, Abacus Carbono, is designed to be an on ramp for investors interested in cryptocurrencies and projects born under the crypto-economy principles.

<ul><li>The Ronin Network was Axie’s response to Ethereum’s low speed and high transaction fees</li><li>Ethereum’s scalability issues came in the way, so Axie built their own blockchain: the Ronin Network was created as an Ethereum’s sidechain to help speed up transactions</li><li>Ronin was one of the main improvements responsible for the subsequent boom that led Axie to onboard hundreds of thousands of players and become a milestone in crypto history</li></ul>

The Ronin Network was Axie’s response to Ethereum’s low speed and high transaction feesEthereum’s scalability issues came in the way, so Axie built their own blockchain: the Ronin Network was created as an Ethereum’s sidechain to help speed up transactionsRonin was one of the main improvements responsible for the subsequent boom that led Axie to onboard hundreds of thousands of players and become a milestone in crypto history

Turning a $623M Exploit into a Lesson in Crypto Building Blocks

Macroeconomic and Investing, The Macro Compass

Alfonso Peccatiello (Alf)

Macroeconomic and Investing

The Macro Compass

Actionable investment ideas and unique global macro insights. From the desk of a former Head of $20 bn Investment Portfolio straight to your inbox.

Actionable Investment Ideas

Macroeconomics

<ul>
<li>I am not sure everybody has grasped yet how important was the message Jerome Powell sent yesterday during the FOMC press conference.</li>
<li>While market commentators are focusing mostly on the mere 25 bps hike and the lack of details on Quantitative Tightening, I believe they are missing the point: the forward guidance was very hawkish, and very clearly so.</li>
<li>
<p>Powell is becoming more and more hawkish as time goes by. I identified 4 key hawkish messages he conveyed</p>
</li>
</ul>


I am not sure everybody has grasped yet how important was the message Jerome Powell sent yesterday during the FOMC press conference.
While market commentators are focusing mostly on the mere 25 bps hike and the lack of details on Quantitative Tightening, I believe they are missing the point: the forward guidance was very hawkish, and very clearly so.

Powell is becoming more and more hawkish as time goes by. I identified 4 key hawkish messages he conveyed



The Fed is Hitting The Brakes: Are You Wearing your Seatbelt?

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Bitcoin (XBTUSD CURNCY)

Crypto Weekly: The Fed, ApeCoin, Coinbase and More

Powell confirms the 50bps hike for May and markets fell once more for the week. However, idiosyncratic situations developing in ApeCoin and the...

Josh Du

Crypto Weekly: Inflation Continues to Pressure Crypto

Despite fundamental growth in crypto ecosystem, inflationary pressures are keeping a lid on crypto prices. Rate hikes continue to be negative for...

Josh Du

Crypto: Bitcoin Spot ETF And Fed Digital Currency Report

We estimated crypto trading volumes are down over 40% quarter-over-quarter on the back of lower prices and volatility. But our long-term view on...

Roger Xie

Turning a $623M Exploit into a Lesson in Crypto Building Blocks

The Ronin Network was Axie’s response to Ethereum’s low speed and high transaction fees. Ethereum’s scalability issues came in the way, so Axie...

Carbono Insights

The Fed is Hitting The Brakes: Are You Wearing your Seatbelt?

I am not sure everybody has grasped yet how important was the message Jerome Powell sent yesterday during the FOMC press conference.

Alfonso Peccatiello (Alf)

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