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Risk assets staged a recovery on Wednesday after a softer-than-expected inflation reading alleviated economic concerns, while investors took advantage of depressed tech stocks. The consumer price index rose by 0.2% month-over-month, outperforming the anticipated 0.3%, with annual inflation coming in at 2.8%, beating expectations of 2.9%.
In the Bitcoin market, the initial bullish momentum following Donald Trump's election victory has dissipated, as evidenced by the shrinking gap between the front-month and next-month BTC futures on the CME. The market is now primarily driven by macroeconomic factors. The recent sell-off can be attributed to concerns over President Trump's unpredictable trade policies, which have sparked fears of stagflation—rising inflation coupled with slow economic growth.
U.S. Treasury market volatility has surged to its highest level in four months. The MOVE index plummeted after the November 4th election, contributing to financial conditions that likely supported BTC's rise to $109,000. However, the ongoing volatility in the bond market may pose risks to Bitcoin’s recovery trajectory.
In other updates: - Senator Cynthia Lummis has reintroduced the BITCOIN Act, advocating for the U.S. to acquire 1 million BTC as a strategic reserve. - MGX, an Abu Dhabi-based investment firm, has placed a $2 billion investment in Binance, marking the first institutional investment in the crypto exchange.
The News Room
South Korea prepares to unlock institutional crypto investment with new guidelines due Q3
South Korea's Financial Services Commission (FSC) announced plans to issue guidelines for institutional crypto investment by Q3, aiming to lift the current ban on such investments. Guidelines for non-profits and crypto exchanges are expected as early as April. The move signals a shift in South Korea’s stance on crypto, potentially boosting liquidity in one of the world's largest retail crypto markets. The FSC is also working on the second phase of its crypto regulatory framework, focusing on stablecoins and oversight of crypto businesses, as global discussions on crypto accelerate under the U.S. Trump administration.
House Votes to Repeal Controversial IRS Crypto Tax Rule, Sending It to Trump's Desk
The U.S. House of Representatives voted to repeal a controversial IRS tax rule requiring "custodial brokers" in decentralized finance (DeFi) to collect and report user data to the IRS, setting it up for Senate approval before reaching President Trump's desk. The rule, finalized in the final days of the Biden administration, mandated that certain DeFi participants issue Form 1099 tax returns, a requirement critics argued would push crypto innovation offshore and create excessive compliance burdens. The repeal passed with bipartisan support, including votes from Senate Minority Leader Chuck Schumer and Sen. John Fetterman. White House Crypto Czar David Sacks indicated Trump is expected to sign the resolution. Opponents, including Rep. Danny Davis (D-Ill.), argued the repeal would increase the deficit by $4 billion due to tax noncompliance.
Tokenization firm Securitize taps RedStone as first oracle for onchain funds from Apollo, BlackRock and others
Securitize has integrated RedStone as its first oracle provider, enabling institutional tokenized funds from Apollo, BlackRock, Hamilton Lane, and KKR to be more easily integrated into DeFi. RedStone’s modular, omnichain architecture will support Securitize-issued products like the Apollo Diversified Credit Securitize Fund (ACRED) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), expanding their use cases in decentralized finance. The move marks a key step in bridging real-world asset tokenization with onchain finance, allowing these funds to be utilized in DeFi lending protocols and as collateral.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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