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nerdzvest Insight
Expect volatility in the market heading towards FOMC week
The market remains range bound for the week but was caught by the better than expected US employment data. This could spell the possibility of Fed continuing its aggressive stance of hiking rates to curb inflation. The Nerdz thinks that the market will range for a few weeks with volatility picking up closer to the end of the week as we are two weeks away from June FOMC. Investors should remain vigilant with the markets already pricing in a 50bps hike in June. Any potential deviation from it as we approach closer to the actual announcement will swing the market in either direction.
Market Updates
Market dipped after good Nonfarm payrolls numbers
The week saw the market stay rangebound til Friday. The Nonfarm payrolls (NFPR) came in better than estimated as the US economy added 390 thousands jobs in May despite fears of economic slowdown and high inflation. While this seems to be a positive news, the market takes it as a signal where Fed can continue its aggressive rates hike stance to bring down inflation given that the economy is doing well. Hence, this fear saw indexes retrace sharply on Friday after the NFPR.
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Key Happenings
MoneyGram seeks to be the bridge between the crypto and fiat world
MoneyGram International is partnering with the Stellar blockchain to create a stablecoin-based platform for money transfers. The new service will allow Stellar wallet users to send Circle’s USD Coin to recipients, who will be able to cash them out for fiat currency through the MoneyGram network. Moreover, it is in talks with third-party companies that provide digital wallets in El Salvador alongside the government-backed Chivo wallets.
MAS explores tokenization and DeFi with its partners
The Monetary Authority of Singapore (MAS) has launched a digital asset pilot program (Project Guardian) to examine the potential of asset tokenization and decentralized finance. It aims to develop use cases for asset tokenization in several sectors with the pilot scheme exploring application of DeFi on tokenized bonds and deposit liquidity pools in wholesale funding markets.
https://cryptoslate.com/singapore-to-target-defi-potentials-with-new-jpmorgan-partnership/
Coinbase un-hires new recruits and freezes hiring
Coinbase announced that it un-hired some of the new recruits and is suspending further job offers for the foreseeable future to navigate the bear market conditions better and emerge stronger. It offered a severance payment of two months’ salary and established a talent hub to help the un-hired look for a new position elsewhere to compensate for the inconvenience.
https://cryptoslate.com/coinbase-un-hires-new-recruits-due-to-market-conditions/
