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While crypto has mostly ignored the FTX scam, court records indicate an unsettling fallout from the case that weakens a fundamental selling point of digital currencies, leaving Sam Bankman-Fried with little choice but to relocate for the foreseeable future.
Stocks Jump, Dollar & Yields Drop
Global stock indexes rose sharply; the dollar dropped to a six-week low, and benchmark 10-year US Treasury yields fell to five-week lows on Friday due to the growing consensus that the Federal Reserve has completed its rate-hike cycle and will soon begin cutting rates.
Wall Street continued to rack up accolades, with the S&P 500 marking its best week in nearly a year.
The market's "fear gauge" — the VIX index — recorded its largest five-day decline in 21 months.
The yield on the 10-year Treasury note marked its greatest three-session drop since the start of the pandemic as Treasuries rose across the curve. The dollar dropped by about 1%. Two North American indices showed a decrease in how risky it is to lend money.
