Digital asset investment products saw inflows totaling $109 million last week despite recent price weakness and perceived negative impact from the looming conflict in Eastern Europe. Smart contract platform Avalanche saw inflows totaling $25 million last week.
Brazil’s senate will soon vote on a bill that creates ground rules for users and service providers of digital assets and will likely name the central bank as the party responsible for regulation. If the bill is approved, Brazil will become the biggest Latin American country to regulate crypto.
Tether (USDT) cut its assets held in commercial paper from $30.5 billion in the period ending in September to $24.2 billion in December, according to its latest attestation report. Tether also reduced its cash assets by $3 billion. Instead, the company allocated most of its reserves to Treasury bills, almost doubling assets in short-term government securities from $19.4 billion to $34.5 billion.
A decentralized autonomous organization (DAO) has announced intentions to buy the Denver Broncos. It is estimated that the DAO will need to raise $4 billion to be successful. Should the DAO not raise all the funds necessary, organizers aim to raise about 25% of these funds and from there, coordinate with traditional investors to make up the additional $3 billion required.
A volatile trading session put the S&P 500 in correction territory after dropping 1% on Tuesday, as tensions in Eastern Europe ratcheted higher. The Dow Jones Industrial Average tumbled 1.4% and the Nasdaq Composite slid 1.2%.
U.S. consumer confidence fell in February to the lowest level since September as expectations for growth softened amid the highest inflation in 40 years. The index decreased to 110.5 from a downwardly revised 111.1 reading in January, according to the group’s report Tuesday.
The yield curve is headed toward inversion as soon as this year as the Federal Reserve prepares for a rate-hiking cycle set to start next month, according to Bank of America. The bank’s director of U.S. rates strategy said the inversion ultimately happens when the Fed tightens its key rate beyond the neutral level, meaning the central bank’s policy is slowing growth.