📉Crypto Markets Crumble Following Hawkish Fed Minutes

GM Defiers!

The markets took a violent downturn in the past 24 hours, with top digital assets sinking to multi-month lows. Investors rushed to offload risk assets in response to the publication of minutes from a Federal Reserve meeting suggesting more interest rates might be around the corner.

The downturn overshadowed bullish news from Coinbase, with the exchange receiving approval from the U.S. National Futures Association to offer crypto futures to select users. Brian Armstrong, Coinbase's CEO, described the news as a milestone for regulatory clarity regarding crypto in the United States.

The Avalanche Foundation has awarded a $3M grant to Dexalot to launch a central limit order book (CLOB) exchange as an Avalanche subnet. The exchange promises to offer the high transaction throughput of order book trading without sacrificing decentralization.

And Wintermute has drawn the ire from the DeFi community after asking Yearn to borrow $2M worth of its YFI token at an interest rate of 0.1% in exchange for making a large deposit into its illiquid yCRV pool. While critics say the market maker is requesting an unsecured loan at a bargain interest rate, Wintermute claims the deal benefits both parties.

✍️ In today’s newsletter:

• Top assets crash to multi-month lows on renewed inflation fees
• National Futures Association approves Coinbase to issue derivatives
• Dexalot gets $3M grant from Avalanche for limit order DEX
• Wintermute's bid to borrow $2M in YFI from Yearn cops flak

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