Main Takeaway: Markets Down Ahead Of Fed Rate Hikes
Cryptos and stocks slumped yesterday in anticipation of another hawkish rate hike by the US Fed. On Wednesday morning ET, the Fed is predicted to announce a 75 bps rate hike to continue their efforts to curb inflation. Because this month’s inflation numbers were higher than expected, the Fed will remain hawkish, but also cautious in keeping the economy from unexpected shocks. Cryptos will stay volatile throughout the day until the announcement is made.
Key Stories: Wintermute Hacked & Nasdaq Gets Into Crypto
Wintermute, a major market maker in the crypto space, was hacked for $160 million. This is now the 7th largest DeFi hack in history and adds to another unfortunate circumstance to plague the safety and security of various DeFi platforms.
On the bullish side, Nasdaq just announced that it will be opening institutional Bitcoin and cryptocurrency custody services to its clients. This is a huge move that will only further increase institutional adoption along with Fidelity and Blackrock.