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Stocks declined as January’s PPI print exceeds the market expectation. Together with hot CPI readings and retail sales, the recent economic data suggests the elevated Fed fund rate may have not yet tamed inflation effectively. What’s worse, hawkish comments from Fed officials lifted the probability of a 50bps increment in March, fueling worries over a higher terminal rate.
Meanwhile, the broader cryptocurrency market trimmed early gains, with Bitcoin and Ethere down by 3.31% and 0.67%, respectively in the past 24 hours as of the time of writing. The top mover for today, MATIC, registered a 24-hour increase of 4.72% after reaching an 11-month high on Thursday, outperforming the broader market due to the scheduled launch of zkEVM and a slew of partnerships.
MATIC is the native token of Polygon, the prominent Ethereum Layer 2 solution. Polygon has been known for its strong technology stacks, including offerings on sidechains and rollups. As reported on Wednesday, Polygon announced launching the zkEVM mainnet beta in March. The zkEVM solution is considered more advanced than its competitors, sending tailwinds to MATIC. Furthermore, Polygon has also gained traction in bringing web2 firms into web3. Square Enix, the famous Final Fantasy maker, newly announced to launch its first web3 game on Polygon, while Siemens, a Fortune 500 giant, will issue a new blockchain-based bond on the network.
Check Out the Latest Prices, Charts, and Data for MATIC/USDT!
Blur, the rising NFT marketplace on Ethereum, asks creators to blacklist Opensea in order to collect full royalties on its platform. The response comes after OpenSea automatically sets royalties to optional if collections are detected trading on Blur. Blur has been growing fast with its trading volume surpassing that of Opensea on the back of its token airdrops. However, the spiking volume on Blur is likely due to the airdrop hype, and it remains to be proven if the elevated trading volume is sustainable.
SEC Pushes For Tougher Crypto Custody Rules. (Link)
Interactive Brokers Launches Crypto Trading for Professional Investors in Hong Kong. (Link)
GQ Magazine to Launch Its First NFT Collection Linked to Real-World Rewards. (Link)
SBF's bond backers were just family friends. (Link)
Former Amazon and Starbucks executives launch a Yelp-like platform to review and discover NFTs. (Link)
Wyoming Lawmakers Pass Bill Prohibiting Forced Disclosure of Private Crypto Keys. (Link)
Centrifuge Wants To Back Aave’s GHO Stablecoin With Real-world Assets. (Link)