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Higher Rates Are Here To Stay

Binance Research - Weekly Market Highlights
2023-01-06 08:35
Full disclaimer: This platform includes third party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research.See full terms here.
Happy New Year! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
  • In a signal that higher rates are here to stay, minutes from the latest Federal Open Market Committee (“FOMC”) meeting made it clear that the Fed’s “restrictive policy stance would need to be maintained” until there is “substantially more evidence of progress” to contain inflation. Traders currently expect the Fed to hike 0.25% at the next meeting in February, and are pricing in a possibility of a reduction in rates by end of the year.
🔎 Crypto
DeFi:
  • Trader Joe is expanding its DEX and NFT marketplace to BNB Chain, with deployment slated for March 2023. BNB Chain users will benefit from the ability to trade tokens using Liquidity Book on the DEX and to participate in new NFT collection launches through the Joepegs NFT marketplace.
  • Tough times for SushiSwap. Following news of a deficit in SushiSwap’s treasury previously, Chief Technology Officer, Matthew Lilley, tweeted that SushiSwap would deprecate Kashi (lending platform) and Miso (launchpad). He cited design flows, operational losses, and a lack of resources, as reasons for sunsetting these products.
  • A critical vulnerability was found by Security Auditing Firm, Dedaub, in Uniswap’s Universal Router smart contract that would have allowed funds to be stolen during token transfers. This was successfully patched by the Uniswap team, and no funds were stolen.
NFTs:
  • An issue on the NFT marketplace, Magic Eden, led to fake NFTs being listed on collection pages and subsequently, the sale of several fake NFTs. Magic Eden has since resolved the issue by adding more verification layers for NFT collections and will refund the affected users. The impact was reportedly contained to 25 unverified NFTs sold across 4 collections.
  • Another step forward for Web 2 x NFT integration - Avalanche NFTs are now available to millions of Shopify merchants through the Venly Shopify NFT app. Users can design, mint, and sell NFTs directly on the platform.
  • “I’m sorry.” The founder of Goobers NFTs, DNP3, apologized and admitted to gambling away investors’ funds. He is “now completely broke”. It is not clear how much money was lost. For context, the Goobers NFT was launched in September 2021 as a collection of 15K collectibles and has recorded 969 ETH (~US$1.2M) in sales on OpenSea thus far.
  • The team behind NFT Inspect, a NFT research tool, announced they will shutter operations on 17 January after concluding that they “cannot maintain Inspect going forward”.
Gaming:
  • In a positive sign that reputable gaming firms are not going anywhere, Square Enix’s President, Yosuke Matsuda, stated in his New Year’s letter that the company remains “most focused on blockchain entertainment” under their medium-term business plans. Despite a year of volatility in the space, he reaffirmed the company’s commitment to blockchain games and mentioned that Square Enix is developing “multiple blockchain games”.
  • Blockchain gaming studio, Illuvium, is kicking off 2023 with the private alpha launch of Illuvium: Zero on 6 January. Access to its third blockchain game will be limited to players holding Land of any tier.
Others:
  • Wyre, a crypto payments infrastructure firm is reportedly shutting down and plans to terminate its services this month. Founded in 2013, Wyre was initially supposed to be acquired by Bolt for US$1.5 billion, but that deal was canceled in September.
  • Happy 14th Anniversary Bitcoin! Satoshi Nakamoto mined the first Bitcoin block on 3rd January 2009. BTC has come a long way since and has a market capitalization of US$324B at the time of writing.
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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
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