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Good Morning! It's Friday, May 19th 2023

BTC is struggling to hold onto $27,000, trading below at $26,930 currently. ETH continues to hover around $1,815. BTC is currently headed for its first down month of 2023, as we go into the last full week of May. LTC continues to be top of mind for traders with blockchain activity reaching an all time high and on chain data showing LTC may be undervalued, despite its 15% weekly gain. The desk has seen some elevated inquiries into LTC, specifically in the options space. The debt ceiling still remains in focus for traders. Speaker McCarthy expects a deal on the House floor next week as negotiations progress. Equity futures have cautiously gained as markets bet a default will be avoided before the early June deadline. Fed futures markets are now pricing a 35% chance of a rate hike in June. Fedspeak this week has shown there is still much debate within the Fed as to whether further hikes are necessary or if there should be a pause for now.

FalconX Desk Ratios:
Overall: 0.7:1
BTC: 1.5:1
ETH: 0.3:1
SOL: 0.3:1
Majors: 0.5:1
Alts: 0.9:1
BTC 0.6x ETH volume
Majors 6.8x Alt volume

24 Hour Price Movements:
BTC: -1.6%
ETH: -0.7%
ADA: -2.2%
AVAX: -2.2%
BNB: -1.5%
DOGE: -1.4%
LTC: -1.7%
MATIC: -0.5%
SOL: -1.6%

Macro:
S&P 500: 4220 / +0.18%
Nasdaq: 13880 / -0.10%
US 10Y Yield: 3.67% / +2 bps
VIX: 15.99 / -0.37%
DXY: 103.21 / -0.36%

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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