“Cryptocurrency and traditional markets stagnates towards Easter, Reddit’s stock price surges after IPO, WAX token builds partnership with AWS.”
TradFi & Global Market News
Global Market: S&P 500 & NASDAQ
Markets have fallen slightly as Good Friday approaches. The S&P500 was down to 5203, while the NASDAQ slipped to 16315.70. This is the third straight session of red as analysts predict that market activity will stagnate into the public holiday as the American market awaits inflation data from the Personal Consumption Expenditures Price Index. Most are expecting interest rates to at least stagnate as inflation has cooled significantly in the past months.
Technology investors could be intrigued by a symbolic “jersey swap” between Meta’s Mark Zuckerberg and Nvidia’s Jensen Huang, as the pair were seen trading jackets on social media. Meta’s push into the AI market could spell trouble for competitors like Apple, which has committed to owning 340000 Nvidia H100 GPUs to support this strategy realignment. Nvidia’s role as the beating heart of the AI boom remains contested following their revenue earnings reports and the unveiling of the Blackwell B200 GPU super chip, which is expected to reduce cost and energy consumption by over 25x compared to the H100. Blue chip investors will be encouraged by this showing of good relations.
Global Market: FTSE100
As per the trend in the US, no news is good news for UK markets as the FTSE100 stagnates at around 7929 with minor daily volatility heading into the Easter weekend. However, taking a peak under the hood reveals a persistent cost of living crisis as cross-country rail strikes are expected to continue in April despite raising the mining wage from £10.42 to £11.44. This policy continues to split the nation as this benefit to workers is a small trade-off to growth of only 0.3%. Still, the limited growth in the UK already means higher wages across industries could reignite inflation rallies.
IPO News: Reddit
Reddit’s IPO has finally gone through. The company became publicly listed at $34 a share last Thursday, which soared by 48% on the same day. This week, that price has jumped to closer to $60. Some moderators and users of the site were allowed to take part in the IPO through the direct-share program, which allowed Reddit to allocate shares in their IPO for these users. This listing unveiled some insights into the dynamics of public and private funding as many technology companies choose to raise money privately, as there is an impression that more money can be raised before going public. This was certainly the case for Reddit, which had an initial private market valuation of $10 billion; however, the $34 public price keeps its value at only 65% of that. Nevertheless, with the recent AI boom, more promising tech companies could also be going public.
DeFi & Digital Assets News
Cryptocurrency Market: Bitcoin & Ethereum
Over the past week, the cryptocurrency markets have been experiencing a more significant downtrend than traditional markets. Bitcoin’s 71000 high fell to as low as 61000 before finally stabilising at around 68650. Ethereum has also experienced significant falls, from the 4000 high to 3400. This comes from the steady outflows from long positions that have continued to drive prices down.
Nevertheless, two signals suggest cryptocurrencies will bounce back in the long run. First, Ethereum network activity remains high following the Dencun update, and BlackRock is pushing for a new, cash-backed, tokenised BUIDL Fund to be built on Ethereum. Due to the seamless interoperability between crypto and traditional markets, this will attract greater inclusion from conventional investors. Second, the halving event will soon occur in April, traditionally driving Bitcoin prices up.
Regulation News: Ripple
One token excited by the halving event is Ripple, a cryptocurrency that has followed Bitcoin valuation trends tightly. Some analysts have predicted a 15-20% short-term growth rate on their XRP tokens following the halving event as market indicators suggest an accumulation of XRP amidst steady demand. The company has been in the news as the SEC looks to fine it $2 billion for offering unlicensed security products to institutional investors. Their Chief Legal Officer has come out to accuse the regulators of intimidation. Press exposure and recent hype keep investors constantly aware of XRP’s growing potential; some argue that these potentials outweigh their legal concerns.
Regulation News: Worldcoin
Besides its use as an agent for decentralised financial freedom, cryptocurrencies can also be seen as a tool for geopolitics. Russia and China have been the biggest supporters of decentralised finance tools for years. China is integrating its own CBDC, the digital yuan, into its financial markets. Meanwhile, Russia is looking to rally the other BRICS countries, such as Brazil, South Africa, and India, to co-develop a BRICS payment system away from the US dollar. The US Dollar has long been the global standardised currency for trade; however, recent sanctions have pushed these nations toward separating from American dependency, especially since they have been removed from the international payments network Swift. These payment networks help these companies circumvent trade restrictions and could shift the tides of capital flows towards the BRICS ecosystem, severely undermining American financial presence.
In Other News…
Short Updates:
Worldwide Asset Exchange (WAX) – WAX is a layer-1 blockchain that has risen to the 10th largest blockchain in developer activity after it secured a deal with Amazon Web Services to integrate its Amazon Managed Blockchain (AMB) service, allowing decentralised apps to be deployed onto the WAX chain via the AWS console.
Opportunity Spotlight
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