Congratulations, L.A. Rams, on your Super Bowl victory, quite an impressive quarter to come back and win the game!
Another winner was crypto, with four crypto-based Super Bowl commercials targeted at some 96.4 million viewers, showcasing top-name celebrities such as Lebron James and Larry David. So, which ad was your favorite? FTX, Coinbase or Crypto.com?
It was a nice escape from our troubles, and even though there are challenges in the week ahead, Banter is here to keep you updated.
Coffee. Banter. Go!
Investors will be closely watching tensions between Russia and Ukraine in the coming days, which could carry significant implications for markets. Any aggression would likely suppress markets in the short-term, whereas any calming of tensions could see them rally with relief.
Fed Surprise meeting
Surprise interest rate hike? We’re not too sure yet, but it’s looking likely with the 7.5% CPI print last Wednesday. Lyn Alden covers the situation in the following tweet.
The previous meetings set off a round of volatility. As a result, traders will be monitoring talks closely for any clues of unexpected future monetary adjustments. The minutes are set to be released on Wednesday at 14:00 EST.
Crypto market update
Bitcoin (BTC) quietly hovered near the 42k area throughout the weekend. The markets are likely standing by for the outcome of the emergency FED meeting and the Ukraine border situation. Bitcoin closed the day at 41k.
Bitcoin dominance (BTC.D) continues to climb, while uncertainty plagued the weekend markets. As we know, BTC acts as a safe haven in crypto, and BTC.D closed the day at 43.28%, up +.20%.
Total Value Locked (TVL) by chain
Interestingly, Fantom (FTM) has surpassed Solana (SOL) in TVL ($8.21b vs $7.7b).
Notable gainers (7d)
Smooth Love Potion (SLP): $0.03 +178%
Injective Protocol (INJ): $6.223 +39% (Launched cross-chain support for Cosmos)
Anchor Protocol (ANC): $1.87 +32%
Shiba Inu (SHIB): $0.000003 +36%
Elrond (EGLD): $197 +23%
LEO: $5.86 +22%
XRP: $.01 +22%
Bitcoin Fear and Greed Index: 50 Neutral
Bitcoin “Google” Trends: 34 (+2)
Bitcoin Options Max Pain: 42k (Mar 26)
Major weekend news
● Major crypto lender BlockFI will pay a $100m settlement, with the Securities and Exchange Commission (SEC) and state regulators over high-yield lending products.
● NFT Marketplace, OpenSea, is launching an investment arm after a $300m raise sees the firm reach a $13b valuation.
● Netflix has bought the rights to the Bitfinex saga – that was quick!
● Saturday, CryptoPunk #5822 sold for 8,000 ETH, worth $23.7m shattering the previous record of $11.8m paid for a CryptoPunk. The buyer, Deepak Thapliyal, CEO of Chain, utilized leverage via DeFi protocol Compound Finance to purchase the punk. Completely jaw-dropping!
● Harmony One (ONE) unveiled a trustless Ethereum bridge (Feb 13th).
● Meta to hold a companywide meeting detailing metaverse plans (Feb 15th).
● Senate Banking Committee: Examining the President’s Working Group on Financial Markets report on stablecoins is also scheduled for Tuesday, Feb 15th.
In the context of the Fed’s emergency meeting, markets are well prepared considering early warnings from officials. Generally, markets disagree with surprises which the Fed seems poised to avoid. Regardless, who didn’t enjoy watching the Coinbase commercial during the Super Bowl? Even better was how the website crashed only moments after – a perfect reflection of user experience!