Markets Shrug Off Massive Fed Action

Plus a huge round for Bakkt and tokenized securities on Tezos

Happy Monday Blockfolians

The Lede

It was another recording setting day on Wall Street, with the Dow down ~13%. Surprisingly, this came after the Fed announced emergency action over the weekend, which included cutting interest rates to 0% and a promise to directly purchase $700B worth of Treasuries and mortgage-backed debt.

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If anything, the urgency of the action seemed to spook the market more than reassure it. It may be simply the case that the markets are saying that amount of monetary policy can solve this.


Highly Relevant Reading

Bakkt closes $300m Series B | In what has to be the most surprising news of the day, Bakkt announced new funding, as well as a broadened focus on any type of digital asset that consumers might interact with.

Russia doubles down on “digital assets not crypto” | Bad news for the Russian crypto community, as a new digital assets bill looks to ban crypto trading and issuance. This is a consistent position from the Bank of Russia, but still a bummer.

MakerDAO considers adding USDC | In its continued effort to fix problems stemming from last week’s market crash, MakerDAO is considering adding USDC as an additional form of collateral alongside ETH and BAT.


Community Commentary

As bitcoin continues to move in lock step with the larger markets, more discussion on what it means from a narrative perspective

Ari’s take on the above:

The CEO of FTX on the relative size of the stimulus package and what else might be done

A Really Big Number You Should Be Paying Attention To

$200M

That’s the value of the securities to be tokenized on the Tezos blockchain via a new deal between DealBox and Vertalo.


Final Thought

You may be right, sir