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.

Crypto

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

<ul><li>Crypto is not being used massively by Russian authorities and oligarchs to evade sanctions.</li><li>If anything, this first crypto war has become more of a crypto crash course. It is an opportunity to view crypto in context and understand how it works and what it stands for</li><li>It seems evident that crypto can be superior in law enforcement and compliance.</li></ul>

Crypto is not being used massively by Russian authorities and oligarchs to evade sanctions.If anything, this first crypto war has become more of a crypto crash course. It is an opportunity to view crypto in context and understand how it works and what it stands forIt seems evident that crypto can be superior in law enforcement and compliance.

Crypto and Sanctions, Cronje, Biden, Binance and a Little Self-Promotion

<ul>
<li>We are at important global macro crossroads: Central Banks are trying to remove accommodation from markets to tame inflationary pressures right at a point when the impulse of global growth has lost momentum</li>
<li>Over the last few weeks, bond yields have dropped and yield curves continued to flatten across the board</li>
<li>But the most interesting moves are visible once you decompose nominal yields into inflation break-evens and real yields, and focus on forward looking metrics and probability distributions</li>
</ul>


We are at important global macro crossroads: Central Banks are trying to remove accommodation from markets to tame inflationary pressures right at a point when the impulse of global growth has lost momentum
Over the last few weeks, bond yields have dropped and yield curves continued to flatten across the board
But the most interesting moves are visible once you decompose nominal yields into inflation break-evens and real yields, and focus on forward looking metrics and probability distributions


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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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)

Crypto and Sanctions, Cronje, Biden, Binance and a Little Self-Promotion

Crypto is not being used massively by Russian authorities and oligarchs to evade sanctions. If anything, this first crypto war has become more of a...

Carbono Insights

The Bears are Knocking at The Door

We are at important global macro crossroads: Central Banks are trying to remove accommodation from markets to tame inflationary pressures right at...

Alfonso Peccatiello (Alf)

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