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Good Morning!

Markets nuked over the weekend and into Monday as wider recession fears sank in, alongside a HUGE yen carry trade unwinding.

Let’s jump straight into it.

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Markets

Bitcoin Dips Below $50K as Investors Flee Risk Assets (2 minute read)
Bitcoin took a nosedive over the weekend, dipping below $50,000 before clawing back to nearly $53,000 by Monday morning—its lowest since mid-February. Rising Middle East tensions and global economic worries spooked investors.

• BTC fell for a fourth straight day, hitting a low of $49,112

• ETH tanked to $2,060, its lowest since January 3.

The CoinDesk 20 index, tracking top non-stablecoin tokens, plummeted nearly 20%. Ether's near 25% drop marked its worst day since May 2021. Rumors of Jump Trading liquidating assets, with 17,576 ETH moved to exchanges, fueled the enhanced sell-off.

Crypto futures saw over $1 billion in liquidations, with ether alone accounting for $350 million. Broader financial markets also tumbled, with Japan's Nikkei 225 down 12.4%, Europe's Stoxx 600 dropping 2.8%, and S&P 500 micro futures slipping 2.9%.

What Investors Should Know About Yen Carry-Trade Unwinding That Is Sending Global Markets Into A Tailspin (3 minute read)
Monday hit investors hard as Australasian markets, the first to open, tanked due to the unwinding of yen carry trades. This strategy thrives on Japan’s ultra-loose monetary policy, which kept interest rates negative for eight years and extremely low until July.

Why It Worked: Global investors borrowed yen at low rates to invest in higher-yielding foreign assets.

What Went Wrong: When the Bank of Japan raised rates for the first time in 17 years, the yen appreciated 5.4% against the dollar since March 19. The yen now trades at 143.05 per USD, up 2.39%, leaving traders facing losses as their U.S. dollar investments fall short of repayment needs. Weak U.S. economic data isn’t helping either.

Jump Crypto Begins Shuffling Millions in Funds (3 minute read)
On Sunday, Jump Crypto shuffled tens of millions in USDC, USDT, and Ethereum between its cold wallets and exchanges like Coinbase, Gate.io, and Binance, according to Arkham Intelligence. It's unclear if Jump has liquidated any of its $243 million in crypto.

Best of Crypto Twitter

Misc

The SEC continues to engage in ‘strategic ambiguity,’ (2 minute read)
Earlier this week, NFT artists Jonathan Mann and Brian Frye sued the SEC, arguing in a Louisiana court that artists like Warhol and O’Keeffe never had to worry about their art being considered investment contracts.

“It would be crazy to think that musicians like Dylan or Hendrix needed to register their music with the SEC,” the complaint stated.

Mann expressed “deep frustration” to Blockworks, citing the agency’s actions against Stoner Cats and Impact Theory. The artists aim to get clarity from the SEC before it targets their NFT projects.

Token Unlocks (2 minute read)
Find out which projects have token unlocks this week.

Our Recommendations:

💻️ MEXC - Where we find and trade new coins with low fees
📈 TradingView - Software we use to chart Crypto.
🔐 Trezor - Our favorite hardware wallet to keep our Crypto secure.
🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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