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Bitfinex Alpha | Mixed economic outlook, market eyes on ETH
Indicators for the U.S. economy have been mixed in recent months, with some signs of slowing growth and others pointing to a sustained recovery. In the labor market in particular, the number of job vacancies fell to a 21-month low of 1.67, although the number of vacancies per job remained relatively high. A ratio close to pre-pandemic levels would help the Fed keep inflation in check.
The recent surprise announcement by OPEC+ of production cuts of more than 1 million barrels per day did not help the US economy's efforts much. This will not only hinder global economic growth, but also lead to higher oil prices. It could also reignite tensions between the U.S. and Saudi Arabia.
Also, key indicators of business conditions in the U.S. services and manufacturing sectors have declined in recent months, pointing to slower growth as the economy comes under increasing pressure from higher interest rates.
Despite these challenges, the March jobs report showed a historically resilient labor market, with total employment rising by 236,000 despite the slowdown. This strength did not lead to a spiral in wage prices, as wage growth began to signal an economic slowdown was coming. That gives the Fed room to strategically pause its efforts to restore price stability this year.
Overall, the indicators point to a mixed picture for the U.S. economy, with some signs of resilience and some signs of deceleration. Monitoring these indicators over the coming months will be critical to assessing the health and direction of the U.S. economy.
In the cryptocurrency market, ethereum experienced considerable price volatility ahead of its Shapella upgrade scheduled for this week. In the options market, the ethereum call-to-call ratio surged to its highest level since May 2022, suggesting that bearish bets could be accumulating due to an expected ethereum network upgrade.
In contrast, Bitcoin’s on-chain data suggests that major cryptocurrency exchanges have observed net negative BTC inflows into Bitcoin wallets. This shift in preference for keeping bitcoins in cold wallets rather than exchanges may indicate confidence in the cryptocurrency's long-term potential.
Likewise, short-term holders (STH) of Bitcoin are currently closing out at around $22,500, while long-term holders are closing out at around $19,000. This is a bullish sign and a healthy development for the Bitcoin market, as any further declines from these levels are likely to find considerable support.
In crypto news this week, the U.S. government sold more than 9,861 bitcoins confiscated from the Silk Road case for more than $215 million. In South Korea, authorities seized about $160 million in assets from eight employees who worked at the defunct Terraform Labs, including co-founder Daniel Shin.
Finally, MicroStrategy, a software company led by CEO Michael Saylor, reaffirmed its commitment to investing in cryptocurrencies by announcing the acquisition of an additional 1,045 bitcoins for $23.9 million. With these recent developments, the cryptocurrency market continues to show strong growth potential and increased investor interest.
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Bitfinex Will List Lido DAO's Native Governance Token LDO
Bitfinex announced that it will list LDO, the native governance token of Lido DAO.
As a liquid staking solution for proof-of-stake (POS) blockchains, Lido aggregates node operator partners who run the underlying validator infrastructure on multiple blockchains, including Ethereum, Solana, and Polygon. It has been a popular tool for Ethereum holders to stake their tokens in a non-custodial and transparent manner to promote the stability of the entire Ethereum ecosystem.
Lido's ERC-20 governance token, LDO, empowers Lido DAO members to vote on Lido's future, giving each DAO member a personal voice in the community. It allows them to reward Lido DAO users and activity. The token has a market cap of over $2 billion.
Deposits will open around 10:00AM UTC on April 12th, and trading will begin around 10:00AM UTC on April 14th, supporting USD and USDT trading pairs.
https://blog.bitfinex.com/media-releases/bitfinex-to-list-lido-daos-native-governance-token-ldo/
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Bitfinex Securities Receives First El Salvador Digital Asset License
After passing its digital asset securities law and regulatory framework earlier this year, El Salvador granted Bitfinex Securities the country’s first-ever digital asset license. This milestone marks the historic nature of the Central American nation's aggressive and innovative Bitcoin adoption strategy.
Financial freedom lives on in El Salvador
Just six months after releasing the Bitfinex Declaration of Freedom at the Adopt Bitcoin Conference in El Salvador last November, Bitfinex Securities made history as the first fully regulated digital asset exchange to obtain a digital asset license in El Salvador. The license is the first issued under El Salvador’s newly implemented Digital Asset Securities Law (DASL), which was passed in January this year.
This is an incredible achievement and a huge step forward in the plan we set out in the Declaration of Freedom to provide the world with financial freedom and inclusion. By harnessing the power of the open web, cryptocurrencies, and decentralized P2P technology, we are building a free and open alternative financial system where participants have full control over their own censorship-resistant digital assets and currencies.
El Salvador’s digital asset license is an important step forward for tokenized securities as an asset class. The license opens the door for entities such as small companies and governments to raise capital in a regulated market under clear rules set out by DASL. In addition to raising capital through the issuance of tokens, it also sets the rules for new types of tokenized securities, such as tokenized shares, income assets and other investment products.
Why tokenized securities are a big deal
Tokenized securities are revolutionary because they provide the technological leap brought about by cryptocurrencies such as Bitcoin and apply them to traditional regulated securities offerings. This offers several disruptive advantages to tokenized securities that cannot be achieved in traditional securities markets.
Tokenized securities have features such as instant transaction settlement, cryptographically verified transactions, self-custody and the ability to trade securities P2P, and a market that trades 24 hours a day, all of which are advantages that traditional securities markets cannot match.
In 2022, the global securities market will be worth $119.75 billion. By tokenizing securities, it brings the global securities market into a financial revolution happening through digital assets and cryptocurrencies. The global cryptocurrency market is currently worth $1.24 trillion, up from $3 trillion at the peak of the last bull market, and is only expected to continue growing.
This presents a very exciting opportunity for issuers and crypto-native investors who are looking for a crypto-like trading experience with the speed, cost-efficiency and ease of issuance of digital assets not available in traditional securities markets.
El Salvador's status as a global pioneer in Bitcoin adoption and its newly established Bitcoin Office, Bitcoin Embassy and DASL make it the first trusted venue for a new and disruptive global tokenized security market.
The selection of Bitfinex Securities as the first person to obtain a digital asset license in El Salvador is historic, and we are honored to provide a world-class security token platform to the people of El Salvador and the world.
What this means for Bitfinex Securities
Bitfinex Securities, a leader in digital asset innovation, will now be able to offer small and medium-sized companies, corporates and retail investors the opportunity to participate in global markets. Digital asset licenses pave the way for us to implement the goals set out in the Declaration of Freedom, bringing financial freedom and inclusion to the citizens of the world.
Bitfinex Securities will provide services that allow access to new sources of funding, while expanding investors' access to a range of innovative financial products, including blockchain-based stocks and bonds. In short, we will deliver a series of ground-breaking new tools that open up new opportunities for underserved companies, entities and investors.
We remain committed to pioneering a fairer and more resilient alternative financial system built on Bitcoin, digital assets, decentralization and P2P technology. We will continue to be the world's leading technology company focused on advancing Bitcoin-enabled financial inclusion on a global scale.
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