January 30, 2024

Markets Insights

Economic Calendar

Next FOMC meeting: Jan 31st 2024

  • Probability of a 25bps ease → 2%
  • Probability of a 0bps hike → 98%

The News Room

Transak Enhances Web3 Payments with Visa Direct for Real-Time Crypto-to-Fiat Conversion

Web3 payments infrastructure provider Transak has partnered with Visa Direct, enhancing the ease with which its users can convert cryptocurrency into fiat currency. This collaboration allows for real-time card withdrawals, facilitating a more efficient and streamlined experience for users to convert crypto balances into spendable fiat at over 130 million Visa-accepting merchant locations. Transak, which offers services for buying and selling crypto assets and handles KYC, risk monitoring, and compliance for clients like MetaMask and Coinbase Wallet, secured $20 million last year in Series A funding for global expansion. The integration with Visa Direct, which processes transactions in under 30 minutes, supports this expansion by enabling nearly instant conversion of crypto to fiat. Transak's platform currently accommodates over 40 major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), and Dogecoin (DOGE), and is accessible in more than 145 countries, marking a significant advancement in bridging traditional financial services with the evolving Web3 and cryptocurrency sectors.

GRIID Begins Trading on Nasdaq, Joining Key Bitcoin Mining Players

Bitcoin mining firm GRIID has commenced trading on the Nasdaq stock exchange under the ticker "GRDI," marking a significant milestone in its market journey. This development, as stated by GRIID CEO Trey Kelly, is expected to enhance the company's visibility, liquidity, and investor base while reinforcing its commitment to shareholder value. The Nasdaq listing results from GRIID's merger with the special purpose acquisition company (SPAC) Adit EdTech Acquisition Corp., which was finalized on January 2, over two years after the initial proposal. GRIID, which has been listed on Cboe Canada since the merger's completion, will maintain its presence on the Canadian exchange under the same ticker. The company, headquartered in Cincinnati and operational since 2019, runs four U.S. Bitcoin mining facilities focusing on securing affordable, reliable, and environmentally responsible power. With this move, GRIID joins the ranks of other Nasdaq-listed Bitcoin mining companies like Riot Platforms and Marathon Digital, reflecting the growing integration of cryptocurrency businesses within mainstream financial markets.

"Bitcoin Beautee" Settles with SEC in $1.7 Billion HyperFund Crypto Case

The Securities and Exchange Commission (SEC) has charged Sam Lee and Brenda Chunga (aka Bitcoin Beautee) for their roles in HyperFund, an alleged crypto pyramid scheme that amassed over $1.7 billion. Chunga has settled with the SEC, agreeing to a permanent injunction against future violations, disgorgement, and civil penalties, pending court approval. The scheme, according to the SEC, involved promoting "membership" packages that falsely guaranteed high returns from supposed crypto asset mining operations and affiliations with a Fortune 500 company. Gurbir Grewal, director of the SEC’s Division of Enforcement, accused HyperFund of mining investors' pockets rather than crypto assets. Lee is facing ongoing litigation, with both charged for violating anti-fraud and registration provisions of federal securities laws. Additionally, the U.S. Attorney’s Office of Maryland has announced criminal charges against both individuals, with Chunga pleading guilty to conspiracy to commit wire fraud and securities fraud. Lee has also been implicated in another alleged crypto scheme, "HyperVerse," which targeted investors in Asia, Africa, and the Pacific.

Trading Desk Insights

Bitcoin has rebounded following a 20% decline post-ETF launch. Currently, prices are hovering around the 50% Fibonacci level, slightly above the 50-day moving average ahead of the upcoming Fed meeting. Market participants may exercise caution leading up to the Fed rate decision.

The nine newly launched U.S. spot bitcoin ETFs, excluding GBTC, have accumulated 150,000 BTC in assets within just 13 days of trading. Net inflows for these ETFs exceeded $1 billion yesterday, with Grayscale’s converted fund seeing a decline in market share by trading volume from a peak of 64% on Jan 17th to a recent low of 36%.

BlackRock’s IBIT spot bitcoin ETF now manages more assets than all Canadian bitcoin ETFs combined, holding 56,621 BTC valued at around $2.5 billion.

GBTC reported $191.7 million worth of outflows yesterday, marking the fifth consecutive day of reduced outflows and the lowest daily outflows since launch day. This resulted in net inflows of $255.6 million for the day.

The cumulative trading volume for the ETFs has surpassed $25 billion.

Altcoins have exhibited consistent positive performance over the past week, outperforming BTC and ETH, signaling investor interest in seeking higher yields elsewhere.

Today, SOL is up 4%, RNDR 7%, and SEI 8%.

Equity futures saw a decline Tuesday morning as investors analyzed corporate earnings ahead of the Federal Reserve policy meeting. Traders also awaited earnings reports from major tech companies.

Microsoft and Alphabet are expected to release their quarterly reports this afternoon, potentially impacting Nasdaq and Bitcoin. Amazon, Meta, and Apple will report their financials later in the week.

In other news, the International Monetary Fund upgraded its global growth forecast for 2024 by 0.2 percentage points to 3.1%, citing resilience in the U.S., Chinese fiscal stimulus, and strong performance by large emerging market economies.

Crypto Charts

Macro Charts


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