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Right now’s high information:
Crypto majors fall as Iran Struggle escalates and inflation is available in sizzling; BTC -4% at $70k
TradeXYZ secures license from Dow Jones for S&P 500 index; HYPE briefly soars
Congressmen say Readability Act has to cross by mid-Might or received’t get carried out
Kraken delays IPO plans whereas Citi downgrades Gemini to promote
$2.2B in FTX payouts to return March 31
🏛️ Powell Holds, Bitcoin Folds
The Fed held charges at 3.50-3.75% as anticipated Wednesday, however the injury got here earlier than the choice even dropped.
February PPI printed at +0.7% month-over-month versus 0.3% anticipated, the most well liked studying in months.
An enormous chunk of that’s oil, and sadly, the oil woes don’t appear to be behind us given much more escalations within the Iran Struggle previously day together with strikes on a number of oil and fuel services.
As for Powell’s commentary, he was no doomer by any means. He took the onerous line stance that inflation wants to return down earlier than any extra fee cuts can resume. However he dismissed any mentions of stagflation, stating that the U.S. financial system is way from dealing with stagflation, and commented positively in regards to the financial system general.
Regardless of a impartial Powell, Bitcoin fell from $74K to ~$70,000 in a single day, gold fell 5% to $4,700 and the Nasdaq completed down 1.5%.
Key Particulars
Feb PPI: +0.7% MoM vs. 0.3% anticipated
Powell raised 2026 PCE forecast to 2.7% from 2.4%; dot plot unchanged at one lower
Bitcoin fell ~5% on the session; Nasdaq -1.5%
📈 Hyperliquid Brings the S&P 500 Onchain
S&P 500 perpetual futures are actually stay on Hyperliquid, and this one is official. Commerce[XYZ] secured a licensing settlement with S&P Dow Jones Indices to listing the contracts, settling in USDC and buying and selling 24/7.
Meaning the S&P 500 index will likely be tradeable with leverage on Hyperliquid, maybe as excessive as 20x+.
It follows Hyperliquid’s earlier enlargement into gold, oil, and equity-linked perps (HIP-3), which now signify 5.5% of complete platform quantity at round $215M on Sunday. The HIP-3 open curiosity is nearing $1.5B, up ~6x since December 2025.
The HYPE token briefly soared on the information, reaching a brand new native excessive over $43 earlier than settling nearer to $41 amidst the broader crypto selloff.
Key Particulars
S&P 500 perps now stay on Hyperliquid through licensed Commerce[XYZ] contracts, settled in USDC
Index and ETF perps = 5.5% of Hyperliquid quantity; gold, oil, and fairness perps drove $991M in 24-hour quantity in the course of the Iran assault
Hyperliquid launched a $29M Coverage Middle in February to have interaction DC immediately
🏛️ Readability Act Has an Precise Deadline Now
After months of missed markups and a January blowup over stablecoin yield, the Readability Act has an actual calendar.
Lummis informed the DC Blockchain Summit Wednesday that the Senate Banking Committee will maintain a rescheduled markup in “the second half of April.” Sen. Moreno sharpened the stakes: “If we don’t get the Readability Act handed by Might, digital asset laws is not going to cross for the foreseeable future.”
Congress goes dwelling for Memorial Day recess Might 21 and thus that’s the precise cliff.
Senate Banking chair Tim Scott mentioned Tuesday he expects compromise language on the stablecoin yield dispute this week; Lummis added that something sounding like “banking product terminology” is off the desk.
Sen. Gillibrand continues to be holding out for an ethics provision barring members of Congress and senior administration officers, “together with the president and the vp,” from issuing or selling crypto whereas in workplace – possible a key sticking level.
Key Particulars
Senate Banking Committee markup focused for second half of April; should clear Senate flooring by Might 21 recess
Stablecoin yield dispute seems close to decision; ethics language (focusing on Trump household crypto ties) stays the open struggle
Polymarket offers the invoice a ~62% likelihood of being signed into legislation in 2026
🦑 Kraken Places Its IPO on Ice
Kraken has frozen its multibillion-dollar IPO plans, CoinDesk reported Wednesday.
The trade confidentially filed a draft S-1 with the SEC in November, simply after closing an $800M elevate at a $20B valuation backed by Citadel Securities, Jane Avenue, and Tribe Capital.
However now they’re ready for market situations to enhance earlier than continuing.
For some IPO context: BitGo is the one crypto agency to listing in 2026 to this point and is down 44% from its IPO worth. And Citi simply downgraded Gemini from impartial to promote, because the GEMI inventory is down 80% from IPO.
Securitize says it nonetheless plans to go public in Q2, however Kraken’s delay alerts that even the most important gamers are studying the room.
Key Particulars
Kraken paused IPO after confidential S-1 submitting in November; raised $800M at $20B valuation with Citadel Securities
Solely 2026 crypto IPO to this point: BitGo, down 44% from itemizing worth
Kraken-linked SPAC KRAKacquisition already buying and selling on Nasdaq as KRAQU
💸 FTX Pays Out Once more with $2.2B on March 31
The FTX Restoration Belief will distribute one other $2.2B to collectors on March 31, the fourth payout underneath the trade’s Chapter 11 reorganization plan.
Funds will move by BitGo, Kraken, and Payoneer, with distributions anticipated to hit accounts inside one to 3 enterprise days.
For many who have forgotten, the restoration payouts are at November 2022 asset costs, which implies collectors who held Bitcoin at collapse (~$20K) are receiving dollar-equivalent recoveries, not cash, at a fraction of what BTC is price at this time.
However not less than they’re getting a greater entry on any crypto rebuys than they have been in 2025.
Key Particulars
$2.2B distribution set for March 31; paid through BitGo, Kraken, and Payoneer inside 1-3 enterprise days
Fourth payout underneath the Chapter 11 plan; complete creditor claims may exceed $16B when full
Payouts calculated at November 2022 valuations means Bitcoin holders receiving ~$20K/coin equal, not present market worth
🌎 Macro Crypto and Markets
Crypto majors are very crimson forward amidst the struggle escalation and inflation issues; BTC -4% at $69.7k; ETH -5% at $2,160; SOL -3% at $89
HASH (+22%), RIVER (+12%), and QUANT (+8%) led high movers
Oil spiked to $98 after a number of vitality infrastructure targets hit; GOLD -6% at $4,696
PPI got here in at 3.4% and above expectations
The SEC permitted Nasdaq’s rule change permitting tokenized securities to commerce on the trade by the DTC pilot program, with the change taking impact during that pilot
Algorand Basis lower 25% of employees amid crypto-market weak spot and broader macro uncertainty, whereas saying it stays centered on community progress
Tempo Community mainnet launched as a payments-focused layer-1 backed by Stripe and Paradigm, with a brand new Machine Funds Protocol constructed for AI brokers to transact past the bounds of current cost rails
Citi downgraded Gemini from Impartial to Promote, saying profitability continues to be years away; it lower the inventory worth goal from $13 to $5.50, and GEMI fell greater than 16% on the day
Company Treasuries & ETFs
Meme Coin Tracker
Meme majors have been very crimson; DOGE -3%, SHIB -3%, PEPE -4%, TRUMP -5%, PENGU -7%, SPX -7%, FARTCOIN -6%
Aliens (+400%), TripleT (+40%) and Lobstar (+35%) led high onchain movers
💰 Token, Airdrop & Protocol Tracker
Zcash’s hashrate hit a brand new ATH this week in signal of rising adoption
Venice AI introduced end-to-end encryption for buyer conversations
Rekt Drinks’ Birb collab offered out in lower than 1 hour
Polymarket shared a brand new IRL bar in Washington DC for “monitoring the scenario”
🚚 What is occurring in NFTs?
NFT leaders have been principally flat; Punks even at 29 ETH, Pudgy -1% at 4.2 ETH, BAYC +1% at 5.2 ETH; Hypurr’s +4% at 448 HYPE
Chromie Squiggles (+5%) led notable movers
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