Ipek Ozkardeskaya
Swissquote Bank Ltd
The latest news from Adidas is shaking the crypto headlines since Adidas Originals tweeted that they partner up with Coinbase to accept payments in cryptocurrencies. This is actually a proof of an increased adoption of the cryptocurrencies by traditional companies.
If this is ‘probably nothing’, the SandBox partnership is something big, as the NFTs are about to become the next advertisement tool and the potential is huge because the digital ads market is huge!
In traditional market news, the market mood is rather ok-ish after the FOMC minutes, although Federal Reserve (Fed) minutes showed that the US policymakers are now considering a faster QE taper and an earlier interest rate hike if inflation continues running higher.
The US 2-year yield continues pushing higher on rising expectations of a tighter Fed policy, but appetite in US equities is not much hit. Nasdaq, which is supposed to be the most sensitive to higher rates closed yesterday’s session higher than the other major US indices, while gold slipped below the $1800 per ounce as the rising yields increase the opportunity cost of holding the non-interest-bearing gold, at a time when the risk rally promises bigger returns to investors who invest in, well, risky assets.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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