FalconX

Good Morning! It's Monday, May 15th 2023

BTC prices finally stabilized over the weekend after multiple days of losses. BTC is trading near $27,400, up just over 2% over the last 24 hours. The decline over the last week was driven by macro uncertainty and lower liquidity, which was exacerbated by the pullout of US market making from Jump and Jane Street. Binance also announced on Friday that it would cease operations in Canada, citing the regulatory environment in the country. The DOJ’s head of crypto enforcement, Eun Young Choi, promised to crackdown on illegal behavior on exchanges and businesses that don’t engage in strong enough compliance. Traders will remain focused on the debt ceiling issue in the US as President Biden and House Speaker McCarthy are set to resume talks this week. Equity futures are starting the week slightly higher as traders bet on a resolution before the US risks defaulting on some obligations in early June.

FalconX Desk Ratios:
Overall: 0.6:1
BTC: 0.9:1
ETH: 0.3:1
SOL: 2.4:1
Majors: 0.7:1
Alts: 3.2:1
BTC 3.5x ETH volume
Majors 12.7x Alt volume

24 Hour Price Movements:
BTC: +2.2%
ETH: +1.5%
ADA: +0.7%
AVAX: +2.0%
BNB: +1.1%
DOGE: +0.8%
MATIC: +1.9%
SOL: +1.8%

Macro:
S&P 500: 4152 / +0.35%
Nasdaq: 13432 / +0.27%
US 10Y Yield: 3.49% / +2 bps
VIX: 17.42 / +2.29%
DXY: 102.50 / -0.19%

The views and opinions expressed herein are those of the author(s) and do not necessarily reflect the views of FalconX or any of its affiliates and summarizes information and articles with respect to cryptocurrencies or related topics. This material is for informational purposes only and is only intended for sophisticated investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of FalconX or any of its affiliates.

Eric Lochner
Trader

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