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Date: Tue, 14 Jun 2022 06:42:24 +0000
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From: Coinbase Bytes <newsletter@mail.coinbase.com>
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Reply-To: newsletter@mail.coinbase.com
Subject: Why global markets are declining
To: Vincent Herbert <vince@showfile.com>

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Coinbase Bytes Inflation, the stock market, the Fed, and everything else yo=
u=20
need to know about the changing economy. View in browser=20
<https://links.coinbase.com/e/evib?_t=3D3aca56371967418192255878e9689713&_m=
=3D26abc8879d624112a9f80ec520ff7526&_e=3DE5OdZ33nphVu_7kmsoqej-UOIT1naSBy5w=
VN4udAI_Jk2exp9-EZobDHOXYIGW4RCcpy9j-AIg5hJAbjMXerfcVnW0Q84CaME4CaizIQRSrqK=
j7EZrkvpUDOJhZZ19r3zbvUNaY6KF33Rbxti0P2xQ%3D%3D>
 <https://coinbase.com>=20
 14-Jun-2022=20
 <https://coinbase.com/>=20
Strained supply chains, surging inflation, and rising interest rates are th=
e=20
story of the economy this year. But how did we get here? [Image via Paul Te=
yen]

What=E2=80=99s up? It=E2=80=99s a special edition of Coinbase Bytes

The global economy in 2022 has been rocky. Both crypto and stock markets ar=
e=20
hovering near lows for the year while record inflation is causing your regu=
lar=20
expenses to balloon. But why is this all happening, exactly? In this specia=
l=20
edition of Coinbase Bytes, we=E2=80=99re diving deep into the key factors =
=E2=80=94 from=20
Federal Reserve policy to market psychology =E2=80=94 that are driving the =
shifting=20
economy, and what you can do about it.

 * The Federal Reserve and inflation. How the Fed responded to the pandemic=
,=20
and how it=E2=80=99s now responding to inflation.=20
 * The crypto-stock market correlation. And will the two diverge again anyt=
ime=20
soon?=20
 * Understanding market psychology. What investors should know about market=
=20
sentiment.=20
 * What crypto holders can do during a downturn. And what history tells abo=
ut=20
market cycles.=20




Bitcoin

 =C2=A318,546.80=20

 -21.69%=20
 <https://coinbase.com/price/bitcoin?bytes_title=3Dbitcoin>=20

Ethereum

 =C2=A31,009.98=20

 -28.28%=20
 <https://coinbase.com/price/ethereum?bytes_title=3Dethereum>=20


Cardano

 =C2=A30.41=20

 -13.79%=20
 <https://coinbase.com/price/cardano?bytes_title=3Dcardano>=20

Solana

 =C2=A325.65=20

 -18.21%=20
 <https://coinbase.com/price/solana?bytes_title=3Dsolana>=20


Dogecoin

 =C2=A30.05=20

 -25.90%=20
 <https://coinbase.com/price/dogecoin?bytes_title=3Ddogecoin>=20

Polkadot

 =C2=A36.10=20

 -16.21%=20
 <https://coinbase.com/price/polkadot?bytes_title=3Dpolkadot>=20


Bitcoin

 =C2=A318,546.80=20

 -21.69%=20
 <https://coinbase.com/price/bitcoin?bytes_title=3Dbitcoin>=20

Ethereum

 =C2=A31,009.98=20

 -28.28%=20
 <https://coinbase.com/price/ethereum?bytes_title=3Dethereum>=20

Cardano

 =C2=A30.41=20

 -13.79%=20
 <https://coinbase.com/price/cardano?bytes_title=3Dcardano>=20


Solana

 =C2=A325.65=20

 -18.21%=20
 <https://coinbase.com/price/solana?bytes_title=3Dsolana>=20

Dogecoin

 =C2=A30.05=20

 -25.90%=20
 <https://coinbase.com/price/dogecoin?bytes_title=3Ddogecoin>=20

Polkadot

 =C2=A36.10=20

 -16.21%=20
 <https://coinbase.com/price/polkadot?bytes_title=3Dpolkadot>=20
Price changes are for the past week, ending on Jun 14, 2022 at 06:38 AM UTC
See the latest prices <https://coinbase.com/price>=20



 FED & COMPANY=20

How the Fed helped spark the last crypto bull run, and the bear market

Last month, the Federal Reserve hiked interest rates by a half-percentage=
=20
point, something the world=E2=80=99s largest central bank hadn=E2=80=99t do=
ne inover two decades
 <https://www.cnbc.com/2022/05/25/fed-minutes-may-2022.html>. The reason? T=
o=20
rein in four-decade-high inflation that was driven, in part, by the=20
unprecedented actions the Fed took two years earlier to stabilize the econo=
my=20
during the onset of the Covid-19 pandemic. But how did the Fed make such=20
drastic moves in seemingly opposite directions, just two years apart? And w=
hat=20
does that mean for the economy as inflation continues to spike? Let=E2=80=
=99s take a=20
closer look.

 * The Fed=E2=80=99s main objectives=20
<https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm> include=
=20
maintaining stable prices and maximum employment, while keeping credit flow=
ing=20
in the financial sector. One of its primary ways to manage all this is sett=
ing=20
interest rates, which determine how cheap (or expensive) it is to borrow mo=
ney.=20
In 2020, when the Covid-19 pandemic shut down everything from businesses to=
=20
schools, the Fedintervened=20
<https://www.stlouisfed.org/open-vault/2020/august/fed-response-covid19-pan=
demic>
 to keep the economy afloat by cutting interest rates to zero, a move that=
=20
eased lending rates between banks. Resulting low-interest mortgages and loa=
ns=20
for things like cars and small businesses meant consumers remained active i=
n=20
the market despite the pandemic=E2=80=99s economic shock.=20
 * The Fed also supported pandemic-era financial markets with a process kno=
wn=20
as quantitative easing,which involved buying Treasury securities and=20
mortgage-backed securities in order to inject liquidity (cash) into markets=
 =E2=80=94=20
a.k.a. printing more money. As a result, theFed=E2=80=99s balance sheet=20
<https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm> has mo=
re=20
thandoubled to $8.95 trillion since early-March of 2020. This abundant=20
liquidity, or =E2=80=9Ceasy money,=E2=80=9D ultimately helped buoy the econ=
omy, and also=20
boosted riskier assets like tech stocks and crypto withexcess consumer cash=
=20
<https://www.nytimes.com/2022/01/22/business/economy/inflation-biden-pandem=
ic.html>
.=20
 * One of the downsides of all that extra cash? Inflation. Amid strong job=
=20
growth <https://www.nytimes.com/live/2022/06/03/business/jobs-report-may-20=
22>=20
and higher consumer demand, the U.S.Consumer Price Index =20
<https://www.bls.gov/opub/ted/2022/consumer-prices-up-8-5-percent-for-year-=
ended-march-2022.htm>
(CPI) =E2=80=94 which measures the annual rate of inflation of key categori=
es like=20
housing and food =E2=80=94 jumped 8.6% in May, thebiggest spike in 41 years=
=20
<http://cnbc.com/2022/06/10/consumer-price-index-may-2022.html>. Economists=
=20
attribute=20
<https://www.wsj.com/articles/inflation-definition-cause-what-is-it-1164435=
3564>
 the surge in prices to several factors: increasingly strained global suppl=
y=20
chains; economic fallout from Russia=E2=80=99s invasion of Ukraine and Chin=
a=E2=80=99s ongoing=20
Covid lockdowns; and the government=E2=80=99s $1.9 trillion Covidstimulus p=
ackage=20
<https://www.nytimes.com/2021/10/18/business/economy/fed-inflation-stimulus=
-biden.html>
.=20
 * Now, the Fed is focused on quantitative tightening, or withdrawing=20
liquidity from financial markets by shrinking its balance sheet. This month=
,=20
the central bank has startedreducing=20
<https://www.federalreserve.gov/newsevents/pressreleases/monetary20220504b.=
htm>=20
its pandemic-era Treasury securities holdings and plans to accelerate those=
=20
efforts in September. Meanwhile, the Fed istargeting=20
<https://fred.stlouisfed.org/series/FEDFUNDS> interest rates between 0.75% =
and=20
1.00% (making borrowing money more expensive), and Fed Chairman Jerome Powe=
ll=20
hassignaled <https://www.cnbc.com/2022/05/25/fed-minutes-may-2022.html> pla=
ns=20
to keep increasing that number this year, perhaps as early asthis week=20
<https://www.reuters.com/markets/us/fed-seen-raising-us-interest-rates-furt=
her-battle-hot-inflation-2022-06-10/>
. One early indicator on how these efforts are impacting consumers: Mortgag=
e=20
demand hasfallen to a 22-year low=20
<https://www.cnbc.com/2022/06/08/mortgage-demand-falls-to-the-lowest-level-=
in-22-years.html>
 as home loans grow more expensive and home sales slow.=20


Why it matters=E2=80=A6 The Fed=E2=80=99s tightening measures, along with g=
eopolitical=20
concerns, have had a dampening effect on financial markets, pressuring stoc=
ks=20
and crypto as investors move away from riskier investments. But some analys=
ts=20
haveexpressed concerns=20
<https://www.cnn.com/2022/05/26/perspectives/recession-gdp-fed-inflation/in=
dex.html>
 that efforts to stem inflation could tip the U.S. economy into a recession=
. So=20
can the Fed pull off its much-referenced, tricky =E2=80=9Csoft landing?=20
<https://www.bloomberg.com/opinion/articles/2022-06-07/a-soft-landing-could=
-still-be-ugly-for-stock-and-bond-investors#xj4y7vzkg>
=E2=80=9D As the chief U.S. economist at JPMorganputs it=20
<https://www.yahoo.com/now/us-recession-avoidable-fed-able-170001451.html>,=
=20
=E2=80=9CThe Fed has to thread the needle =E2=80=A6 We can avoid a recessio=
n, but we definitely=20
have an elevated risk of one.=E2=80=9D
Read more about the downturn=20
<https://blog.coinbase.com/the-crypto-market-downturn-explained-a-macro-out=
look-bfbeddf69d44?src=3Dfedcompany_cta>



 RELATIONSHIP STATUS=20

What=E2=80=99s up with crypto=E2=80=99s growing correlation with stocks?

For the majority of Bitcoin=E2=80=99s 14-year history, crypto markets gener=
ally=20
haven=E2=80=99t moved in tandem with equity markets or broader economic tre=
nds. In=20
2014, for example, the S&P 500 jumped 11% while BTC fell 61%. The following=
=20
year, BTC advanced 35% while the S&P 500 dropped nearly 1%. All of which=20
supported a bit of prevailing wisdom about crypto =E2=80=94 that it might b=
e useful=20
hedge against inflation or market turmoil, much like the gold standard of=
=20
hedges =E2=80=94 which happens to be, well, gold. In the current bear marke=
t, that=20
hasn=E2=80=99t turned out to be true. In fact, crypto has behaved much more=
 like=20
traditional =E2=80=9Crisk=E2=80=9D assets like tech stocks. Let=E2=80=99s l=
ook at some reasons why.

 * The narrative of BTC as an inflation hedge took hold in mainstream=20
financial markets following the Fed=E2=80=99s actions and the government=E2=
=80=99s=20
unprecedented fiscal stimulus. BTC=E2=80=99s limited supply of 21 million b=
olstered=20
this thesis, as did billionaire investor Paul Tudor Jones when he madeheadl=
ines=20
<https://www.cnbc.com/2021/10/20/paul-tudor-jones-says-crypto-is-his-prefer=
red-inflation-hedge-over-gold-right-now.html>
 for saying he preferred BTC over gold as an inflation hedge.=20
 * With extra cash at a time of near-zero interest rates, both retail and=
=20
institutional investors traded it for riskier investments like tech stocks =
and=20
BTC.As more investors of all kinds=20
<https://www.wsj.com/articles/wall-street-takes-lead-in-crypto-investments-=
11645927004?mod=3Darticle_inline>
 =E2=80=94 from regular folks saving for the future to Wall Street giants =
=E2=80=94 added BTC=20
to portfolios, the cryptocurrency=E2=80=99s correlation with stocks began t=
o tighten.=20
 * Particularly, the 2020-2021 crypto bull run=20
<https://www.coinbase.com/learn/market-updates/deep-dive-bitcoins-bull-run>=
=20
differed from past surges in that it saw a wave of institutional adoption f=
rom=20
giants like Tesla, Visa, JPMorgan, and hedge-fund billionaire Ray Dalio.The=
=20
emergence of the first-everbitcoin-futures ETF=20
<https://www.coinbase.com/learn/crypto-basics/what-is-a-bitcoin-futures-etf=
>=20
last October meant that institutional buyers had indirect, but easy access =
to=20
crypto markets, strengthening the correlation between the two worlds. But t=
he=20
involvement of more institutional players =E2=80=94 who trade multiple asse=
ts =E2=80=94 also=20
resulted in BTC being increasingly more susceptible to macro influences.=20
 * Since November=E2=80=99s price peaks, the NASDAQ has seen losses as stee=
p as 30%,=20
while BTC and ETH have seen 60% drops. And last month, The Wall Street Jour=
nal=20
found=20
<https://www.wsj.com/articles/crypto-prices-move-in-tandem-with-traditional=
-markets-punishing-investors-11652655723>
 that three-month correlation between BTC and ETH and the major U.S. stock=
=20
indexes had reached a record =E2=80=94 more than triple the average from 20=
19 to 2021.=20


Why it matters=E2=80=A6 While the easy money era that helped drive crypto a=
nd other=20
volatile assets to new highs is currently in the rear mirror, there are sti=
ll=20
reasons to be hopeful for a crypto recovery. Among the expected events in t=
he=20
second half of the year are possible regulatory clarity from the Biden=20
administration andEthereum=E2=80=99s transition=20
<https://www.coinbase.com/bytes/archive/what-is-the-ethereum-merge-proof-of=
-stake>
 to a proof-of-stake consensus mechanism. As David Duong, Head of Research =
at=20
Coinbase Institutional,puts it=20
<https://www.coinbase.com/institutional/research-insights/research/monthly-=
outlook/hype-cycles-may-2022-monthly-outlook>
, the end of the hype cycle has the potential to =E2=80=9Cdraw more attenti=
on to the=20
benefits of some crypto as a store of value" and =E2=80=9Copen up more oppo=
rtunities=20
for crypto in [the second half of the year.]=E2=80=9D
Learn BTC basics=20
<https://www.coinbase.com/learn/crypto-basics/what-is-bitcoin?src=3Drelatio=
nshipstatus_cta>
 <https://www.coinbase.com/earn?src=3Dearn_bytes>=20

 MARKET MENTALITY=20

How markets measure investor sentiment and why it matters

Market sentiment refers to the overall attitude investors have about an ass=
et=20
or an entire market, and it plays a crucial role in influencing and reflect=
ing=20
investor behavior. So how do you do a vibe check for the S&P 500 or the bro=
ader=20
crypto market? Several indicators attempt to provide a composite picture of=
=20
consumer attitudes and expectations. Let=E2=80=99s take a look at some of t=
he=20
best-known tools.

 * The Crypto Fear and Greed Index=20
<https://alternative.me/crypto/fear-and-greed-index/> measures how investor=
s=20
feel about crypto markets. Compiling various data =E2=80=94 volume, volatil=
ity, social=20
media trends =E2=80=94 the index ranges from 0 to 100, with the former indi=
cating=20
extreme fear and latter suggesting irrational euphoria. The reading on June=
 9=20
registered an 11 =E2=80=94 extreme fear.=20
 * The CBOE Volatility Index (the VIX=20
<https://www.investopedia.com/terms/v/vix.asp>) is the stock market=E2=80=
=99s most=20
widely referenced fear gauge.The index shows expectations for market volati=
lity=20
based on S&P 500 options for the upcoming 30 days. Higher readings on the V=
IX=20
reflect expectations of market volatility, while lower readings imply an=20
environment of greater risk taking. The VIX has climbed about 50% this year=
=20
while the S&P 500 has declined about 13%, signaling bearish conditions.=20
 * The Conference Board=E2=80=99s index of consumer confidence=20
<https://www.prnewswire.com/news-releases/consumer-confidence-declined-slig=
htly-in-may-301557849.html>
 uses surveys to assess American consumers=E2=80=99 optimism (or pessimism)=
about=20
purchases, job seeking, business hiring, and spending. This spotlights some=
 of=20
the financial behavioral trends of Americans, indicating whether more money=
=20
will potentially flow into the economy. The latestreading=20
<https://apnews.com/article/biden-jerome-powell-inflation-economy-8e4f1c2ef=
c10349499bc61b638c15d7f>
 for May showed the index dipping from the prior month, reflecting diminish=
ed=20
confidence about the economy=E2=80=99s present and future conditions.=20


Why it matters=E2=80=A6 Given crypto=E2=80=99s correlation with stocks, sen=
timent narratives=20
in the broader economy and the financial sector matter more than ever, shap=
ing=20
trends and inclination for risk across markets. As long as this coupling=20
persists, the effects of downbeat sentiment and elevated stock market=20
volatility are likely to ripple across crypto markets.
Read up on volatility=20
<https://www.coinbase.com/learn/crypto-basics/what-is-volatility?src=3Dmark=
etmentality_cta>



 LET=E2=80=99S GET CYCLICAL=20

Tips for navigating crypto down cycles

While a growing number=20
<https://www.bloomberg.com/news/articles/2022-05-13/odds-of-a-us-recession-=
within-next-year-now-30-survey-shows?sref=3DWD5fEjzY>
 of economists are concerned that we=E2=80=99reheaded for a recession=20
<https://www.bloomberg.com/news/articles/2022-06-08/nobel-laureate-shiller-=
sees-good-chance-of-a-us-recession?sref=3DaInCMkkj>
 (typically defined as two consecutive quarters of contracting gross domest=
ic=20
product, or GDP) =E2=80=94 it=E2=80=99s not a foregone conclusion. Anthony =
Crescenzi, portfolio=20
manager for fixed-income giant PIMCO,thinks=20
<https://fortune.com/2022/06/08/is-a-recession-coming-soft-landing-economy-=
inflation-pimco/>
 the Fed can pull off a soft landing, and the U.S. will avoid a recession. =
And=20
Goldman Sachs Chairman Lloyd Blankfeinrecently said=20
<https://www.cnbc.com/2022/05/20/us-economy-is-nowhere-near-a-recession-thi=
s-year-says-economist.html>
 the risk of recession is high, but it=E2=80=99s not =E2=80=9Cbaked in the =
cake.=E2=80=9D But whether=20
we=E2=80=99re in for a sustained crypto winter or a temporary gulf, smart i=
nvestors=20
will tell you that bear markets are inevitable =E2=80=94 and are often when=
 fortunes=20
are built. Here=E2=80=99s a little perspective.

 * Keep your emotions out of it. It=E2=80=99s okay to feel anxious, but don=
=E2=80=99t let=20
anxiety dictate financial choices. Emotional trading can lead to badly-time=
d=20
trades, like selling when prices are lowest or buying at a peak due toFOMO=
=20
<https://www.coinbase.com/learn/tip-and-tutorials/crypto-slang-guide>.=20
 * Instead of trying to time the market, consider dollar-cost averaging=20
<https://www.coinbase.com/learn/tips-and-tutorials/dollar-cost-averaging> (=
DCA),
in which you buy a smaller amount of an asset every week or month no matter=
=20
what prices are doing. This is a smart strategy if you believe that crypto=
=20
prices will generally trend upward over a longer time horizon. Although DCA=
 is=20
a popular way to buy crypto, traditional investors have been using this=20
strategy for decades to weather stock market volatility. Anyone with a Coin=
base=20
account can quickly set uprecurring buys=20
<https://help.coinbase.com/en/coinbase/trading-and-funding/buying-selling-o=
r-converting-crypto/how-can-i-create-or-cancel-a-recurring-transaction>
 for any listed asset.=20
 * Use the time and mental space afforded by the down market to learn how t=
o=20
DYOR =E2=80=94 crypto speak for =E2=80=9Cdo your own research.=E2=80=9DSpen=
d a few minutes a day=20
learning the basics <https://www.coinbase.com/learn>, reading crypto news=
=20
(including major financial newspapers and dedicated outlets likeThe Block=
=20
<https://www.theblockcrypto.com/> and Decrypt <https://decrypt.co/>); divin=
g=20
into the whitepapers of projects you=E2=80=99re interested in; and digging =
into=20
analytics (via sites likeMessari <https://messari.io/>, DappRadar=20
<https://dappradar.com/>, Dune Analytics <https://dune.com/home>).=20
 * Never abandon common sense. No matter how exciting a new DeFi project is=
 or=20
what you learn while researching, there=E2=80=99s no such thing as returns =
or yield=20
without risk =E2=80=94 so if you see double-digit interest rates when banks=
 are=20
offering fractions of a percent, only invest what you can afford to lose.=
=20


Why it matters=E2=80=A6 It=E2=80=99s important to zoom out and see the big =
picture. Crypto is=20
still very much in its infancy. Historically, BTC prices have reached new p=
eaks=20
during each bull run. The uptrend in 2013 saw Bitcoin surpass $1,000 for th=
e=20
first time; four years later it almost reached $20,000, and the most recent=
=20
cycle topped out at $69,000. The most important thing you can do right now =
is=20
set yourself up for success for the next up-cycle. And if you have any=20
questions or concerns in the meantime, reach out to a trusted and certified=
=20
financial advisor.
See more tips=20
<https://www.coinbase.com/learn/tips-and-tutorials/how-to-minimize-your-los=
ses-during-a-falling-market?src=3Dcyclical_cta>



 TOKEN TRIVIA=20

What is a bear market?

A An environment where supply is greater than demand=20
B The opposite of a bull market=20
C A period when market value drops by at least 20%=20
D All of the above=20
Find the answer at the end of the email.
Learn about market cycles=20
<https://www.coinbase.com/learn/crypto-basics/what-is-a-bull-or-bear-market=
?src=3Dtokentrivia_cta>



 NOW TRADING ON COINBASE=20

KSM=20
KSM is a cryptocurrency that powers Kusama, a protocol that enables=20
cross-blockchain transfers of any type of data or asset.
 <https://www.coinbase.com/price/kusama?bytes_new=3Dkusama>=20
C98=20
C98 is an Ethereum token that powers Coin98, a DeFi platform for swapping=
=20
tokens, staking, lending, and more.
 <https://www.coinbase.com/price/coin98?bytes_new=3Dcoin98>=20
BIT=20
BIT is an Ethereum token that governs BitDAO, a protocol designed to suppor=
t=20
builders of decentralized technologies.
 <https://www.coinbase.com/price/bitdao?bytes_new=3Dbitdao>=20
OP=20
Optimism is a layer two protocol and smart contract platform that aims to=
=20
enable low-cost and near-instantaneous Ethereum transactions.
 <https://www.coinbase.com/price/optimism?bytes_new=3Doptimism>=20


Trivia answer

D All of the above=20

 <https://itunes.apple.com/us/app/coinbase-bitcoin-wallet/id886427730?mt=3D=
8> =20
<https://play.google.com/store/apps/details?id=3Dcom.coinbase.android>=20
Disclaimer: This material is the property of Coinbase, Inc., its parent and=
=20
affiliates ("Coinbase"). The views and opinions expressed herein are those =
of=20
the author and do not necessarily reflect the views of Coinbase or its=20
employees and summarizes information and articles with respect to=20
cryptocurrencies or related topics that the author believes may be of inter=
est.=20
This material is for informational purposes only, and is not (i) an offer, =
or=20
solicitation of an offer, to invest in, or to buy or sell, any interests or=
=20
shares, or to participate in any investment or trading strategy, (ii) inten=
ded=20
to provide accounting, legal, or tax advice, or investment recommendations =
or=20
(iii) an official statement of Coinbase. No representation or warranty is m=
ade,=20
expressed or implied, with respect to the accuracy or completeness of the=
=20
information or to the future performance of any digital asset, financial=20
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m: 24px;"><a href=3D"https://links.coinbase.com/e/evib?_t=3D3aca56371967418=
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a></div> <div style=3D"margin-bottom: 20px;"> <table style=3D"width: 100%;"=
> <tbody> <tr> <td style=3D"text-align: left; vertical-align: middle;"><a h=
ref=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e968=
9713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUPfsWH5=
qJD0GjTwwV4cY2ufRSBhTxz-VNdeIQD_eesg55kmgX_tIkM4dJDTMsZXAxGuRTFS_zcxCLzzJAM=
44a1VI9OzZEwa7M_IhqgXAIj1-f1vgag2eigZNpoz6j7JmQLBwx1Lx9GfO-OH8Ptu0-tCgl0AAy=
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e Bytes" target=3D"_blank" rel=3D"noopener noreferrer"><img src=3D"https://=
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36" style=3D"display: block; height: 36px;"></a></td> <td style=3D"text-ali=
gn: right;"><p style=3D"font-size: 20px; color: rgb(10, 11, 1); margin: 10p=
x 0px 0px;"> 14-Jun-2022 </p></td> </tr> </tbody> </table> </div> <a href=
=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOe9jdLOtf=
oysu8WTfNErPbju9PZMusi4ap4OGjnPCq-l851LOl-K9SZnwSP4Ws87qP-4UZXiZePpOSb8ZfYp=
lZmjXAmyt-J-NuoxQDBm_4UYIIzO3ZK72Tn6wqKCYnUVoqaQBb2obY4UHENhHa81MmuLRh6NFqy=
wRe2ez2IwejWOP6TA3AnfVMZ1M4U6O91O_GXKf_bbLKqhev1QeTC7MjsQwhHlJLq5N4QWmSUGur=
A6R5rNNm5_zWH7WtQFbG667ePkIiOyb9p3o9p9SwBMzD6WKhnDO1pMx1VADvwQ0FKeUHIjtor7m=
UC-ke20KxMplzw-n-WLiGxPhFB5lfTCXZ2urapZ8iY1hmv-bIJD6Sg" target=3D"_blank" r=
el=3D"noopener noreferrer"><img src=3D"https://images.ctfassets.net/q5ulk4b=
p65r7/ac5lFUrFtM3KPTWPL5zPK/a06e8723a41b02f15cd0e75cafe0c9ca/Image_via_Paul=
_Teyen.jpg" width=3D"100%" style=3D"display: block; width: 100%;"></a> <p s=
tyle=3D"margin: 16px 0px 0px; line-height: 1.5; word-break: break-word; fon=
t-size: 12px; color: rgb(91, 97, 110);">Strained supply chains, surging inf=
lation, and rising interest rates are the story of the economy this year. B=
ut how did we get here? [Image via Paul Teyen]</p> <p style=3D"margin: 48px=
 0px 16px; font-size: 32px; line-height: 1.26; word-break: break-word;"><st=
rong>What=E2=80=99s up? It=E2=80=99s a special edition of Coinbase Bytes</s=
trong></p> <p style=3D"margin: 0px; line-height: 1.6; word-break: break-wor=
d;">The global economy in 2022 has been <i>rocky</i>. Both crypto and stock=
 markets are hovering near lows for the year while record inflation is caus=
ing your regular expenses to balloon. But why is this all happening, exactl=
y? In this special edition of Coinbase Bytes, we=E2=80=99re diving deep int=
o the key factors =E2=80=94 from Federal Reserve policy to market psycholog=
y =E2=80=94 that are driving the shifting economy, and what you can do abou=
t it.</p> <!--[if mso]><ul style=3D"line-height:1.6;mso-line-height-alt:26p=
x;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"margin: 10px 0px; paddin=
g-left: 24px; line-height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px;=
 padding: 6px 0px;"><strong>The Federal Reserve and inflation. </strong>How=
 the Fed responded to the pandemic, and how it=E2=80=99s now responding to =
inflation.</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>The cr=
ypto-stock market correlation. </strong>And will the two diverge again anyt=
ime soon?</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>Underst=
anding market psychology. </strong>What investors should know about market =
sentiment.</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>What c=
rypto holders can do during a downturn. </strong>And what history tells abo=
ut market cycles.</li> </ul> <p style=3D"margin: 0px; padding: 0px;"></p> <=
!--[if !mso]><!--> <div class=3D"desktop_hide" style=3D"mso-hide:all;displa=
y:none;max-height:0;overflow:hidden;"> <table style=3D"width:100%;table-lay=
out:fixed;margin:0;"> <tbody> <tr> <td style=3D"padding-top:40px;"> <a href=
=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESR=
TpWnYoFbcusYVua4xU2WeSjxkA-g7ux57EuXnNU8GtQi4gzSLFanuTInj_mfO1yBzBuXbr5dYuK=
XyT7z6PKGvu34yfjR-Z35e3BWcOfzagiJhazHwlgPE64dYJlHhwcKXiLtxfHSUGgY2OYk_MElDY=
ckXa3mc5A46kTwsQOqo6aw_whOkEgTPbXTel5yiTiYZmupsQE-qC4hNLW9YHsnIL94NPeuyAVyj=
xe55Nv6IrQsy6TDhJmrCscTX93w5asoLWcBcJMn80qi7Ev_tg14DM1uLzFr_QNn9sPBmqsxNOKd=
7qA5mwTiUIQYNlK81L3sAyDm03Pep-67ZZdgdskhkkwDQXyRAxT7Mt9ql78e6zaHyoDRr3K0dFk=
7fJ0bixu0Gp3BTzKy0cRnA%3D" target=3D"_blank" style=3D"text-decoration:none;=
color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align=
:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Inte=
grators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e96897=
13/down-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;v=
ertical-align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding=
:0;vertical-align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 1=
0px;line-height:1;"> <p style=3D"margin:0;"><strong>Bitcoin</strong></p> <p=
 style=3D"margin:8px 0px;"> =C2=A318,546.80 </p> <p style=3D"margin:0;font-=
size:12px;"> -21.69% </p> </div> </td> </tr> </tbody> </table> </a> </td> <=
td style=3D"padding-top:40px;"> <a href=3D"https://links.coinbase.com/a/cli=
ck?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7=
526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYUtOv-25WsL_L4fCD0Ya86lh_=
6cBNCdCLzHzB_BpLKPIXT-e50syr25yvNsLtMGVroVTECWYcNcWNU64CwVcwgmRyuTXGbPALAv4=
O1dpyRfJxlKHxz81HoqFZ7uY0aEtEu1HUjJPuzKD2ACg9oxacKb4kMGnPwdUGk9qr7jtDhy3QW_=
gjVsT82SSPFyHySWkRec_sAqV7EXTS-gb30F-EhoyOezKk6mvnKgob5R98tJF8P-syXYnXM47KJ=
iDTL0RADVlH0uZYVPGuKTWVDSmLgQgii1bPxOvR4mp00EBrk4UvSayhApPH3aV-PBSpl7TsDPAI=
vguhg8XFoYEJWnhE6aHMWmNob8DWt2rrltlmAP6-KSpCLM7kQ8mbgXgpcWmes%3D" target=3D=
"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr=
> <td style=3D"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11=
r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542=
cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" style=3D"height:1=
2px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" wi=
dth=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div style=
=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"ma=
rgin:0;"><strong>Ethereum</strong></p> <p style=3D"margin:8px 0px;"> =C2=A3=
1,009.98 </p> <p style=3D"margin:0;font-size:12px;"> -28.28% </p> </div> </=
td> </tr> </tbody> </table> </a> </td> </tr> <tr> <td style=3D"padding-top:=
20px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca563719674181=
92255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJG=
bj1WpUOQyLAoESRTpWnYoFbcusYWRu6HBixlQBHrGMkdTo8IKE4nURMo_UzbgoYX59r1OiZSRCg=
DLQuDBF4Rx1wbmDiN5anjUHlA9oqpL3mzxNzD200r-2WDvsrazx976cBKYziHM4t-5LirzhbsNe=
Mdgzok-7ZDNR3HLgpXqg9ZHqdKRoiuMA6GTsz7hSpwx3fCfVDyHvJkcteB-Q0SYJ9_uR3ntDzwZ=
1QzSCMK1hWMN6QzWgWVzPqTm370gHqqVjj8kHE1X5Etb8ZtICO6RSiZTaL_zTyK5zHCF1jt6dc6=
zUN2REaXEvw5cK9yt1rAxSYtg3OvSHdGklB7RAp5GWwvL9bKKlM7g2xSds7jsmnkKCCKrmC-ixH=
NMk7zDcrjm-ezxcTOO_m4qN1cHQOhY4ogZIIE%3D" target=3D"_blank" style=3D"text-d=
ecoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0=
;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/pu=
blic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418=
192255878e9689713/down-arrow.png" style=3D"height:12px;width:12px;margin:2p=
x 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td s=
tyle=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left;margi=
n:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Cardano<=
/strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.41 </p> <p style=3D"marg=
in:0;font-size:12px;"> -13.79% </p> </div> </td> </tr> </tbody> </table> </=
a> </td> <td style=3D"padding-top:20px;"> <a href=3D"https://links.coinbase=
.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f=
80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYUohqefpcxstDjX=
BJgL2vB52L9UDEBfSBMxtjuJsXsBtTEv1nv135eorY_DG2zyIMGqyZ320Dl-Dlzx4sGlZeRhy8H=
7_ShjCXKw5FiiDQ12BPm5EKPCtEtU1DtXfiI6UKqGRJbhJevymy_BfIsnE0wU-AOTY5efrq98J_=
e7VMkMPdSP75clSLVVbhFjhuJr2sbuwDjSf6lMW-13VfUJacqyClzenV662fDQrSGsKfc3Ba3cr=
lKR0Zvd1bMiUVu2juDWfh0AbPfA17cFZSyRRUy_etyWNQ8eclHySUjweEZa4xNzNmP1RKOIMO7O=
czhzJeDQB5cJ7BMllruYcJyvx2HQyUMeLM7c-Kox1Ku0ITZ7ZK1BHgwY8Sn6mDSL4FneOKM%3D"=
 target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <=
tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=3D"https:=
//d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb=
-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" style=
=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" heig=
ht=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;">=
 <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p =
style=3D"margin:0;"><strong>Solana</strong></p> <p style=3D"margin:8px 0px;=
"> =C2=A325.65 </p> <p style=3D"margin:0;font-size:12px;"> -18.21% </p> </d=
iv> </td> </tr> </tbody> </table> </a> </td> </tr> <tr> <td style=3D"paddin=
g-top:20px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca563719=
67418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDr=
Yr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYUA28NEeqrui-RkVM6S5thnT4Iag0SBNNeNTgsNP_ZN=
xt8_HfikPXEQBK386nw9aokmTmp1Z1L0YIeCJy6nFf0TTcFfKJKdBSKJTAfJXT05cTx8PHn1t_d=
ejsN5oeeGuboMemF0aQjArnmqnkJLDxqjXveR91_G4DvqD79ci-gZy3t6jcbzBCclqS9hqFlwtO=
739I49GLnHiuDb5AfH2Rtn70CpB0-nP1yJrpEteBqRIPtVmWjL5TXsWnHcQesX5wP44NMrVIuxQ=
9xstSwnFBfjUo6udouGuhoNn7050KSnIHjqxa2TLott7PTZ1aBQFm-vfYYUpY4ll7_-fCAoqbWT=
w1goDQs90JxBQSKopkCBZvMyFjEF_nO0VKFdN6RHMdI%3D" target=3D"_blank" style=3D"=
text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"pad=
ding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.=
net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371=
967418192255878e9689713/down-arrow.png" style=3D"height:12px;width:12px;mar=
gin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td>=
 <td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left=
;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Do=
gecoin</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.05 </p> <p style=
=3D"margin:0;font-size:12px;"> -25.90% </p> </div> </td> </tr> </tbody> </t=
able> </a> </td> <td style=3D"padding-top:20px;"> <a href=3D"https://links.=
coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d6=
24112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYX7ts82=
0GLz5eM76UFrCwMVEWV76DWoN13o5CtLttuN9A3hRRQ73i5_j07pkF4r50jGrJDUqkjl0xI6WTl=
Ilvp7OcpA9kCHQ_gkElP68a02lQ9Pe53D435fKOdCAs94tAMUMvBWsNyO54AcOeaCc2eYHb9XHa=
RZNOlyfejyUbZXPUM8jT82Hk5vDyp_A87Ow4eTYXYF-ZIe7KyLqFbqIo8uYR1DW6lEqcK58A9lY=
kzpMeNr-eb_ecSpJ1eRDDagsdB-N7YvZj2IakeHZja1rT6TWPyx_jZqWYaFpu9K0RzU6o-amIUi=
dpvEdNCazQLJCjc5XY35aBapVdSSAi3wXp2IGWJ-78dnxecqA8xbIIyXXEyR-_FZTU2GGFP0COh=
LTqM%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <=
table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.pn=
g" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:to=
p;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-alig=
n:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:=
1;"> <p style=3D"margin:0;"><strong>Polkadot</strong></p> <p style=3D"margi=
n:8px 0px;"> =C2=A36.10 </p> <p style=3D"margin:0;font-size:12px;"> -16.21%=
 </p> </div> </td> </tr> </tbody> </table> </a> </td> </tr> </tbody> </tabl=
e> </div> <!--<![endif]--> <div class=3D"mobile_hide"> <table style=3D"widt=
h:100%;table-layout:fixed;margin:0;"> <tbody> <tr> <td style=3D"padding-top=
:40px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418=
192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJ=
Gbj1WpUOQyLAoESRTpWnYoFbcusYVua4xU2WeSjxkA-g7ux57EuXnNU8GtQi4gzSLFanuTInj_m=
fO1yBzBuXbr5dYuKXyT7z6PKGvu34yfjR-Z35e3BWcOfzagiJhazHwlgPE64dYJlHhwcKXiLtxf=
HSUGgY3cDcF32Tx-GH47rlcTRG4whybEtdGr2RWabNg93wAD-j6t25Um-kE7aGPn66wPa9SW6tH=
dwYmO03cM5yGbv50ohDTXA3GdHCAcftfXBoeJp7ZXpDdvqpcWHnFf9Cweg6-3i1Zw5ZFNE_pvRH=
2uyGpCuq9mSXkBZmfHorWsmx5cYGL3e670xu4u2iuyOqmSW_sRFrcaTRoBuetMBzyzQlN8Oi40k=
3TeVX6da5KQGLhz2dA1YYi-pBpBPsDmFvjBD6s%3D" target=3D"_blank" style=3D"text-=
decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:=
0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/p=
ublic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5637196741=
8192255878e9689713/down-arrow.png" style=3D"height:12px;width:12px;margin:2=
px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td =
style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left;marg=
in:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Bitcoin=
</strong></p> <p style=3D"margin:8px 0px;"> =C2=A318,546.80 </p> <p style=
=3D"margin:0;font-size:12px;"> -21.69% </p> </div> </td> </tr> </tbody> </t=
able> </a> </td> <td style=3D"padding-top:40px;"> <a href=3D"https://links.=
coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d6=
24112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYUtOv-2=
5WsL_L4fCD0Ya86lh_6cBNCdCLzHzB_BpLKPIXT-e50syr25yvNsLtMGVroVTECWYcNcWNU64Cw=
VcwgmRyuTXGbPALAv4O1dpyRfJxlKHxz81HoqFZ7uY0aEtEu1HUjJPuzKD2ACg9oxacKbu0GW2l=
pCOEeJVgbI0o6G-W2arAg1zoG_Qee3F8cV46CiSVz7WOHQHvwIGaJFWvydc7RVCOldjhbHBo41n=
Mbl2or-qXUYqex4dvQS7hCawe573BXLEoC6JGGSYm3_H9V8S2pSMzTDZuSzm77Wph4OIPVMp7aN=
68aN17ptzrxo_6odpv-w6JyU5P9lGOmUo2reQclOpQ43TtUPx75EbqonFP6e1JRPK6hIZUhMyub=
qtkc%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <=
table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.pn=
g" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:to=
p;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-alig=
n:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:=
1;"> <p style=3D"margin:0;"><strong>Ethereum</strong></p> <p style=3D"margi=
n:8px 0px;"> =C2=A31,009.98 </p> <p style=3D"margin:0;font-size:12px;"> -28=
.28% </p> </div> </td> </tr> </tbody> </table> </a> </td> <td style=3D"padd=
ing-top:40px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca5637=
1967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJl=
DrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYWRu6HBixlQBHrGMkdTo8IKE4nURMo_UzbgoYX59r=
1OiZSRCgDLQuDBF4Rx1wbmDiN5anjUHlA9oqpL3mzxNzD200r-2WDvsrazx976cBKYziHM4t-5L=
irzhbsNeMdgzomtKFi9ATgtg7VBOMOmSqjxflKBGJT8NTg3mBdqVZ6hBt_5W-qN6eSrrwzaqy9g=
0NV-xLbvo3R6QrQpC1s0pX9xJrqlz4q203rPkNaEuCS3PIYqKizRKSXymoVVkOI87T8YqnfA_uN=
sJNugVDCY_7HCXmSWtaJ896aQDkSGnezNOuoYcQc7_mI2jhNhXzgg0SyB-1J93srJXD16W0bhyp=
oF_OBG0RqkJzoGBPtfenPjmNNvzcz3nM13tEOS-OExisI%3D" target=3D"_blank" style=
=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D=
"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfr=
ont.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5=
6371967418192255878e9689713/down-arrow.png" style=3D"height:12px;width:12px=
;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> <=
/td> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:=
left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><stron=
g>Cardano</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.41 </p> <p sty=
le=3D"margin:0;font-size:12px;"> -13.79% </p> </div> </td> </tr> </tbody> <=
/table> </a> </td> </tr> <tr> <td style=3D"padding-top:20px;"> <a href=3D"h=
ttps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWn=
YoFbcusYUohqefpcxstDjXBJgL2vB52L9UDEBfSBMxtjuJsXsBtTEv1nv135eorY_DG2zyIMGqy=
Z320Dl-Dlzx4sGlZeRhy8H7_ShjCXKw5FiiDQ12BPm5EKPCtEtU1DtXfiI6UKrGnR6Q-R8a2FLI=
EcGj6PrUTDynPxwlUjgkKJlNXSYevurha3q4AJ5KtCaH-nwptG4VmH8d-A1RuCi0olzlNzfzEeJ=
Gejju-SwUGQHxlbtJm8VMTJ9DuBAw8xjxIq_oer8j6SG9iUc43qJKcuTh9Uv2hJrCqT5zLEd2JE=
AsELmEFw1Tudz3EgMrpPrNQ_as3rXuDqjhrkg5rFePTPYIQdXSVimJO90x1F3nz56bbDNBwBGiS=
B1eh4XWdi7wx2883mA%3D" target=3D"_blank" style=3D"text-decoration:none;colo=
r:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top=
;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrat=
ors/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/d=
own-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;verti=
cal-align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;v=
ertical-align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;=
line-height:1;"> <p style=3D"margin:0;"><strong>Solana</strong></p> <p styl=
e=3D"margin:8px 0px;"> =C2=A325.65 </p> <p style=3D"margin:0;font-size:12px=
;"> -18.21% </p> </div> </td> </tr> </tbody> </table> </a> </td> <td style=
=3D"padding-top:20px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D=
3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=
=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYUA28NEeqrui-RkVM6S5thnT4Iag0SB=
NNeNTgsNP_ZNxt8_HfikPXEQBK386nw9aokmTmp1Z1L0YIeCJy6nFf0TTcFfKJKdBSKJTAfJXT0=
5cTx8PHn1t_dejsN5oeeGuboMemF0aQjArnmqnkJLDxqj6Xy27amVBNHqTLSEWku0xxNum2DIol=
WrhDNUsXDEhba8QgdadHAcMOyTN4kOWSKS9La_9yO9cjqFDtz1TLSAoobXkIXvMejnXQRsNzdjc=
gyqvvh9lQ4VzpeGB7EBSois0bBlvPuJv8VbbdXjvkoXD__ijMXtu859QX1-TT5Zm6o7oSthTX_D=
lD0ef5kP0bQclf1d_5w_p_MbgoTwy140zJNtVPsBieWn4Ahx2XE27wY%3D" target=3D"_blan=
k" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td =
style=3D"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl=
.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd=
6a/3aca56371967418192255878e9689713/down-arrow.png" style=3D"height:12px;wi=
dth:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D=
"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"tex=
t-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;=
"><strong>Dogecoin</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.05 </=
p> <p style=3D"margin:0;font-size:12px;"> -25.90% </p> </div> </td> </tr> <=
/tbody> </table> </a> </td> <td style=3D"padding-top:20px;"> <a href=3D"htt=
ps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D=
26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoF=
bcusYX7ts820GLz5eM76UFrCwMVEWV76DWoN13o5CtLttuN9A3hRRQ73i5_j07pkF4r50jGrJDU=
qkjl0xI6WTlIlvp7OcpA9kCHQ_gkElP68a02lQ9Pe53D435fKOdCAs94tAMUMvBWsNyO54AcOea=
Cc2eYy5JP_gVm-SL_KmPIbIfSkTI9bVUugAl7I3Bz8a5t0w3kCStmOmYBOj1BL_Jn5O501RcdCy=
qZJqNPsSWQqF6cUk7wvb8nKNyRV1g4JkhWzINbO46NKtRm_wvpYZFS5kqzpckgmcuQkrhaajuKA=
pjnhyKGKt4tofFvhV8b3L-yUQGi0x_2iI5ieZnAGygAE-QUf_VDmApw-ZXebV8alfu8QB9Z7Nar=
pb6-AbTlrbdYQd0%3D" target=3D"_blank" style=3D"text-decoration:none;color:#=
0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;">=
 <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators=
/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down=
-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical=
-align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vert=
ical-align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;lin=
e-height:1;"> <p style=3D"margin:0;"><strong>Polkadot</strong></p> <p style=
=3D"margin:8px 0px;"> =C2=A36.10 </p> <p style=3D"margin:0;font-size:12px;"=
> -16.21% </p> </div> </td> </tr> </tbody> </table> </a> </td> </tr> </tbod=
y> </table> </div> <p style=3D"margin: 20px 0px 0px; line-height: 1.5; word=
-break: break-word; color: rgb(91, 97, 110); font-size: 12px;">Price change=
s are for the past week, ending on Jun 14, 2022 at 06:38 AM UTC</p> <div cl=
ass=3D"cta_button" style=3D"margin: 24px 0px 0px; padding: 0px; width: 50%;=
"><!--[if mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" bo=
rder=3D"0" style=3D"border-spacing:0;border-collapse:collapse;mso-table-lsp=
ace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"left">=
 <v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:sche=
mas-microsoft-com:office:word" href=3D"https://links.coinbase.com/a/click?_=
t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&=
_e=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYWivnEDAYLa_ODSsFPb-39Ko6T88d=
Ho2QJpzRvjd0_YAN_LXG2LkKO7nkqs2NXHFdsvQ9CL2DReB6CWaQEZ27IghRfRwfgbZTwBX65Za=
QFyyuByDbzmItL1y9XcKRCTH0Drys1TkCVOo0EEVOmRh4kL8r-XLJCO5zC9OW4ZPNrsjIKvxAaG=
JrkUhmJD6z8dyy6LVrkXsxSAxlIKkC79zvs0s7NtNTs9BZbOuz8RKCSjgfphbhLH0i0YxmNBeNI=
a-Kgqp906loeL2CNfaPUVGzv6HpWBxsFHHR5q7MdwH66_EoeE8BLf0tb5v-Os6oYq4WwASXnZS-=
YCy63ERP_TYgOZ" style=3D"width:350pt;v-text-anchor:middle;" arcsize=3D"17%"=
 stroke=3D"false" fillcolor=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D=
"0,0,0,0"><center style=3D"font-family: Helvetica Neue, Helvetica, Arial, s=
ans-serif;"><![endif]--><a href=3D"https://links.coinbase.com/a/click?_t=3D=
3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=
=3Dfri7nJlDrYr0TJGbj1WpUOQyLAoESRTpWnYoFbcusYWivnEDAYLa_ODSsFPb-39Ko6T88dHo=
2QJpzRvjd0_YAN_LXG2LkKO7nkqs2NXHFdsvQ9CL2DReB6CWaQEZ27IghRfRwfgbZTwBX65ZaQF=
yyll84qOcQ2vJE5bLtQ9wMKxC95kcvOJi6ucLHAVWSqJSwdXbxlRtol_dmX_d7Bu0XiU5R1OkLx=
xjXL-DlJBLB7PhzOsAcZugQZB58CnXRGbiAod0Lo43y-eI8XnBm3xMu9Ny1HTaz2HJtKlKKbgnf=
GH9wbVqzy0J559btCEBvlnSMeoBjwHpM7J1s2uc7d6hkwcRnekk84MHB43DJDqnVvVhESrCGWQF=
5Hf6mkoHVkcR" target=3D"_blank" rel=3D"noopener noreferrer" style=3D"displa=
y: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: =
none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-=
radius: 30px; text-align: center; padding: 18px 0px;"><strong>See the lates=
t prices</strong></a><!--[if mso]></center></v:textbox></v:roundrect></td><=
/tr></table><![endif]--></div> <table width=3D"100%" role=3D"presentation" =
valign=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-sp=
acing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 1=
00%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=
=3D"word-break: break-word; vertical-align: top; min-width: 100%; text-size=
-adjust: 100%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" width=3D"100%" align=3D"center" role=3D"presentation" valig=
n=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-spacing=
: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226);=
 width: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"t=
op" style=3D"word-break: break-word; vertical-align: top; text-size-adjust:=
 100%;"><span></span></td> </tr> </tbody> </table></td> </tr> </tbody> </ta=
ble> <div> <table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td st=
yle=3D"margin: 0px; padding-right: 11px; vertical-align: middle;"><img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png"=
 width=3D"12" height=3D"12" style=3D"display: block; width: 12px; height: 1=
2px;"></td> <td style=3D"margin: 0px; padding: 0px; vertical-align: middle;=
"><p style=3D"margin: 0px; font-size: 16px; letter-spacing: 0.075em;"><stro=
ng> FED &amp; COMPANY </strong></p></td> </tr> </tbody> </table> <p style=
=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: br=
eak-word;"><strong>How the Fed helped spark the last crypto bull run, and t=
he bear market</strong></p> </div> <p style=3D"margin: 16px 0px 0px; line-h=
eight: 1.6; word-break: break-word;">Last month, the Federal Reserve hiked =
interest rates by a half-percentage point, something the world=E2=80=99s la=
rgest central bank hadn=E2=80=99t done in <a href=3D"https://links.coinbase=
.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f=
80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULSPgDr4H226GXpLJ-cIvVEzLThOH4hlyn5S=
lnGSwfWLjX1QyzFuC5aHKdtDkPpPTha5gbgJjW8TJAKxHn8a1O_zuK8nP9QvLM0-_2ty066LL21=
7O49fCEVrQECVRv-bE_MM3h5EgNDKlFhwTzNdf8JmnC54K5GdtMeaE8mSziH0cP8fJ5pzjgvDcE=
ejARG0rkvy9LITmA7LGhrrcGX90Mq7QF-gDt5gZ85_F12SjfCmkCjhUw-2GphYmAVWTe6vL-qns=
M4PDnzaRpXWFKIdJFfyZ39ozWWyUkJFLZ4oljUYIlyhjcHE06eB0gbZNd_E3TZVDuJmrg00CIit=
GiDOk7qNMMB-FvopyzjHZpVsw3pz2VGpUwgtcKw6UYUnkNXAJ-UDZxqVei9gNxFEnbK2m0Y%3D"=
 target=3D"_blank" rel=3D"noopener noreferrer">over two decades</a>. The re=
ason? To rein in four-decade-high inflation that was driven, in part, by th=
e unprecedented actions the Fed took two years earlier to stabilize the eco=
nomy during the onset of the Covid-19 pandemic. But how did the Fed make su=
ch drastic moves in seemingly opposite directions, just two years apart? An=
d what does that mean for the economy as inflation continues to spike? Let=
=E2=80=99s take a closer look.&nbsp; </p> <!--[if mso]><ul style=3D"line-he=
ight:1.6;mso-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul s=
tyle=3D"margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<!=
[endif]--> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>The Fed=E2=
=80=99s main </strong><a href=3D"https://links.coinbase.com/u/click?_t=3D3a=
ca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Df=
ri7nJlDrYr0TJGbj1WpUOyQDY6gOVIvqRK3gvuHV75lRqcUViKESLlLjuAgq2PQd9co_jbaichb=
hhBZEABfeEwFURWMAZzv1VCUGmqJvCDcr99qe6EEPvuXKCa7-G-irTxfOcOTrpgd8narSx9F71g=
_hqDnTyVxsMYxI3KruHqrlihi6kO1aHGsNImoTNCltf3isg0NhSOHihkxjbBRFJTggkeVQd0_uh=
frcDeG6wCPUCP-2qKlRYnZQRIRG-xyFZkruFgAeN7yrxNWtvM7Od3Qrl_K3CmTfqpdOE50mcL8H=
Ll2GXdji7GBm_UVTQ_WNixZg3eFUb_dV8o1qG15CbIkgIVNzMZUnvWnq2cVc_DvazzxcdrqioOa=
6YeeJqHUIVBqAnoY93nUdt-DmvGoVnS3tAa3ikJotq3kZw1VPftCd-69fVYdT6QLbL_hk7_h" t=
arget=3D"_blank" rel=3D"noopener noreferrer"><strong>objectives</strong></a=
><strong> include maintaining stable prices and maximum employment, while k=
eeping credit flowing in the financial sector.</strong> One of its primary =
ways to manage all this is setting interest rates, which determine how chea=
p (or expensive) it is to borrow money. In 2020, when the Covid-19 pandemic=
 shut down everything from businesses to schools, the Fed <a href=3D"https:=
//links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26a=
bc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUDbjEwkKWI9xWFI9jRoI=
n5CAt6ZLziccjIV3--PmKHA-Kf7d9WVPcl86HEeBLLg2OkrrBewjVRW6BrBCl1dn7RnDx9h1HUY=
qXlbETJC2FOzZhVIdvrw9D9HuJCV7dyM8uCv2olgw581TAQkdYEjMgqorI3IUKTGKsucCNraoiH=
AK-b_P1O1RGYgpzfm5aszq8CVXn5DO_lkHuvU1qiLl0eaHa6ojacxZEOAYwCGxuRqN8Y2wDpyIk=
A3sZAl7VZdHTLseuPpgvyLYnAVKyk3A16zru6tlazHDWPKxMsD14ZvHGy9004T_hy6dC6SbgoHt=
IkYun0rrRdGZ3ySwIYtOumaKemLj69JFcwr9qrzKMlMUOZQd38cfRQ2Wr2vbt1GZ6cV79br6vZb=
5ktRijlxuueyehd-wiPUReQZuXvhlUElKD9rClRNZFu40mwqF0uxYjA%3D%3D" target=3D"_b=
lank" rel=3D"noopener noreferrer">intervened</a> to keep the economy afloat=
 by cutting interest rates to zero, a move that eased lending rates between=
 banks. Resulting low-interest mortgages and loans for things like cars and=
 small businesses meant consumers remained active in the market despite the=
 pandemic=E2=80=99s economic shock.</li> <li style=3D"margin: 0px; padding:=
 6px 0px;"><strong>The Fed also supported pandemic-era financial markets wi=
th a process known as quantitative easing, </strong>which involved buying T=
reasury securities and mortgage-backed securities in order to inject liquid=
ity (cash) into markets =E2=80=94&nbsp;a.k.a. printing more money. As a res=
ult, the <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418=
192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJ=
Gbj1WpUOyQDY6gOVIvqRK3gvuHV74RCEjX4R0zs2l6tMkgbOB87PzwHvVpcLao9KcHdKJ1Pk7a-=
lW0qsk2C6RDQ3RwK6X1kTZ19_9B8gM8XxK70r0QKwfF__rPNbL8rWgigLtXiQ_2l78Mm5BPpHdW=
yb2Ucsp6A6alZy2ObD9OSZwRjX_SzweoyrsGqFVFoue0_wK2x3Ztv6VWbBUw0GRkPfXH3vvUkIV=
PhOko6DdNNFZ9R6iet9dsqb_zQxPGeRmQ8ZDuPt9AUZUrIn7awmH4vsyGx6-9H3VNvZeYq-YyZm=
rOZVOJbjitj_6wc9zAMFEFehZdJwT918qx4yNVvObjddyM5b54TJPlSFv_7kP6OUnX5UdoIBEMj=
snraOiboi-3a89T8GpqK4UD2vYRD4wjeeboG6DS44Afv6Dgu4Hx0vzmOIBl" target=3D"_bla=
nk" rel=3D"noopener noreferrer">Fed=E2=80=99s balance sheet</a> has more th=
an <i>doubled</i> to $8.95 trillion since early-March of 2020. This abundan=
t liquidity, or =E2=80=9Ceasy money,=E2=80=9D ultimately helped buoy the ec=
onomy, and also boosted riskier assets like tech stocks and crypto with <a =
href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e96=
89713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFDDJk=
-2BuzmXkIx9HKHlvmWSJTBMWB0IdEcb8Ed5-Xnb2g2NYkznSMXzLFdc45rHaDrPNajIHlnoOAl7=
SpkBlcbyLD4VcAZ33P_0FhWKwFuNrBe3X7bwltdsIO4mRzWPFGKrpPSm9w3W2cOu9TbCjLDqiim=
C-0o2btWASGt_4JxbF5iqFs1FWX1oj28IRcuHpaxzJJsigmyvumy_i91ccwYucBsruHoG60peaN=
wQw1WZBc4Tvf9j9HraHFNu8LWIXp-jFd4eo1JhsXNl62-LkYTr_sezN8OVLqTryiUEEgChbXr9D=
xsCxrHJ8pY-soVvCT2vWorxrsVfYTGI-KIJ_D8QlTXVnG7nXz5MCgTvMPGU2VkuLliwelRlzwu5=
7cQJaT1WXdOC1vuahJFFYBbCOhDbpVVyMRrAQ-HUW0RwufiC-D_T51suoWBuBsoNB2Ofg%3D%3D=
" target=3D"_blank" rel=3D"noopener noreferrer">excess consumer cash</a>.</=
li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>One of the downsid=
es of all that extra cash? Inflation</strong>. Amid <a href=3D"https://link=
s.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879=
d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFDDJk-2BuzmXkIx9HKHlvk5G9=
tOOBJm4GjYNxJcWdwkddX3MJsYEWnjKkKwPdn9jYkEV91kulLUZ5FDJXF97azeUOWO57WD6Odr0=
mMVZhzf-QCtKl8KTIPTvDTxQOtzySGmeHxyzCe8EshMOWHfhAHlF4dRmWaFBQqtbh4FhS8NgmF7=
6egGE5XDpF51rgZewqkL7IycIKS71mg0aYi0bTH8tiOUOs7pgw_ceK_vObeKTitsAS56rRYN7y8=
fI03Pz-Dxd_dZjcx3uT20pxjsYzdPHkKI5ih6hROOZukdInHTr3OTM3Jw32nNMc5x9C54Kc1zRV=
EZtW3Btna64Pqi_1h61GhNWUH1b8LWczJ6-mwaBt_X96g6ZoGzxzffWsY3SH4DB0myHRp_FDanE=
1JymTuAySH98iNBkijiXzQIEl0Q" target=3D"_blank" rel=3D"noopener noreferrer">=
strong job growth</a> and higher consumer demand, the U.S. <a href=3D"https=
://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26=
abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULQ7HU-YQhwOvQzcG8T=
3DQ8RjIAreKZtD5hvfxyjkK3uY0KM_-MsrhGihNq-y1JOQmBmdHPsPmuMAa_5crnbrUd5-LPYWx=
LhT1XsBv9Jc8fM1nB2qWiMqxC57M8KVVGOHYt9vj-j1SgLKXn47Ycpi6rjdOZb3ZLTX1QcHPy67=
RDUJ4SkWEo6SAkOPcYh72XKQLyv_uQp2rQq-VqDkMYJ1i2rEb_55HMIgcd_tW6xp1sYxMLKNfse=
GxEJ6YysvpnX_u5dwrB4yxyyyC4yCeoOASlT_iY0VC2u4Pb72Gnz2H9U3POFOeMUQ5ERrCqfZXw=
6U3_vazbgIIyVf9HcK0TggT1Bd6SRDBKLVPn3Jo32XY4J7oJVfGZyAN5T_k22QewH5Oc2mk3ypo=
sHiCmbeB02-XT28mcAaUDM9_IehNhINAzx3DyuUhS_Mu7nnDjIO9PnnqwqUmw5Ao12DjwLDNLQs=
JM%3D" target=3D"_blank" rel=3D"noopener noreferrer">Consumer Price Index <=
/a>(CPI) =E2=80=94 which measures the annual rate of inflation of key categ=
ories like housing and food =E2=80=94 jumped 8.6% in May, the <a href=3D"ht=
tps://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D26abc8879d624112a9f80ec520ff7526&_e=3DwS31Y1q4cJgMDdjBhWA6jmJ5Kwatl3GjsJ=
RjvijGGW_Ckxk6dkIjjM_m3flibeXi_4z_DFE9mtNkV7Ma7YZHu7jSARWaDpKmF35jnAqWTdq3I=
0lfoAgf81JLRaW8TJyzss-6iROEPwV-yXapNrN7fAaHUPkBF8C-nE9-1irgOI8YUWgPUA7nsLAu=
LM4wbNqIoWh65nrgyQE9vkZZUIqnvfSDJgqI09QZ4s8yrkmN2AdEeMVPhKWp29oixtbw-KPmxZD=
TDvslcDc5f7IDNt-ut7AZakqHLMxcb9tUQsHjJMrhI7KzGwUf8qw0FwabjRY4_wX3UDlqjQNPcs=
UWQwg37njASU4vqy2_cwn7yCHxowz9phH1e3RO7QEeUu719dU3Ib9a7gyTSVNGg7ssB4ZGZuo8X=
ITfIhdVkE0ccco4SskxsT0YHVoIustViDrUebuS" target=3D"_blank" rel=3D"noopener =
noreferrer">biggest spike in 41 years</a>. Economists <a href=3D"https://li=
nks.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc88=
79d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUDNjoDl8Tj7OfIhnhUNCKyaZ=
qWAFYzeVyNb7V8e5BunmdZLAg0SPM6IM1NqB_rKxhFc5MbB7_OjOUARXUeqtyh-YTWTqv_sI5o7=
IV1_LOib9MW5emekeab817NqpptN5CUQaRqcs8FHOfXeHTDu7IKmTm1itwjcLqWI3Kr0zLUPvLt=
DnstRpXOFjVTSAKFP6ivXFTJlWWvmCKQHUmoAxNfBLMCGPTAeVrDWUd7-yFQ2oXApd3nAbqFetP=
HlHibaoxZ19syLouwxUQkBg9gb_Wda80ciftblE_B_07qFKQwFBGovK4FLoCRngJaVzAY8gqEyS=
ZoFVsrD-zV0R5Or5ie1irS3ASVP30y0ohAbSkdf3Ig1FHGN9KkT1hB0iahIljLuoyeIcNXvcZ6F=
b-yvGaGSKWuaAWMD70-v-X9A2hdiYT0vrDbVp6aKPUFYZ6GKqVg%3D%3D" target=3D"_blank=
" rel=3D"noopener noreferrer">attribute</a> the surge in prices to several =
factors: increasingly strained global supply chains; economic fallout from =
Russia=E2=80=99s invasion of Ukraine and China=E2=80=99s ongoing Covid lock=
downs; and the government=E2=80=99s $1.9 trillion Covid <a href=3D"https://=
links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc=
8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFDDJk-2BuzmXkIx9HKHlv=
nnBWVmmI4zbpoWbM6486z-Zcz2mpmPnVDf_9kA7gZuE-tj79WqF9YGi3E2uCZxt2q1pTzHDjuk4=
uqhm3lviyT1IyhgYocIObPyzFw7rN050e9wKsF0jtGPoJBUYBwzCdbI23ZxyWT4iUW9jkkNr84x=
uplZyZRrVx34g-aoyRGgUq2h95Y0JSc392ktIFK1Wg5dOVW1o8rHPSwFFjZ_v6vja6bgGS6GmeO=
idXVDF3_i8Xd53X4AwxPEM5EBHNQx4tn_xmo2VnuIx5Vx0QCBaSGrBavZ4aAyQwXPN_btu3JbjP=
_1WPSsk0u-LF2VmxYZMmroADP0EZdZzLytnOH9__Z1j3xv783k9CTLPbFkVQCz17oTLkf9nlK2Z=
GrOL7xSe2YG6wBJKtfo4VmlF4rjCty69oNZxS02gjaoFDw1D6LB6Q%3D%3D" target=3D"_bla=
nk" rel=3D"noopener noreferrer">stimulus package</a>.</li> <li style=3D"mar=
gin: 0px; padding: 6px 0px;"><strong>Now, the Fed is focused on quantitativ=
e tightening, or withdrawing liquidity from financial markets by shrinking =
its balance sheet.</strong> This month, the central bank has started <a hre=
f=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e96897=
13&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOyQDY6gO=
VIvqRK3gvuHV76Sk8lf4DNZXrD6MZmuagCdzbKbwhnys_8OxpZm-GaJ7R8bg5NjmhzJJF-MPVuN=
xQ9EcYSKnX6pyyjpcda3k9xhSyvSFREJUSlsIWSZ7uukg0tzF9Da5oxEWZ5WgOzKQFh2tA4LGWM=
4SSXpFSm-Xs6df-wioNfJM6icsfjDHItIQeG8Br4RtJjkQ4FjosUngG29XqrxD2SVGCOjnqlLI0=
GJn65077SXyT-AKE6XVSV6NXQcnbmVBZ1Nl0DIS7xfh3ZSV8WY9MQ_-6C3CoeHJBEIuC97E2j29=
rCukUDPVWplx_XAuZWeAsunBIgaXmcL2ujM4fO_1QD9M2Oe4tugKGMsD5O4dwbBshUzNL5UvP1n=
4WWLwolu3t5o5OMabUnlv91O7CN2uISxtDlPTfJshw3Ap5kvOFSK6JIx3bXKdvvKvA%3D%3D" t=
arget=3D"_blank" rel=3D"noopener noreferrer">reducing</a> its pandemic-era =
Treasury securities holdings and plans to accelerate those efforts in Septe=
mber. Meanwhile, the Fed is <a href=3D"https://links.coinbase.com/u/click?_=
t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&=
_e=3Dfri7nJlDrYr0TJGbj1WpUCg1e-jL_4y978KSAC-421tIHGD-hI-T65NlHRMYPBq3_QKVjN=
5rJx8M8RbMrJdIu7pQ9sK6LotAvxknuH253eXQz9E3pNZHeRjk8sIkG2Oy06I8IZmSSk231rMYr=
2fTfU_WsNW0rU_QA-lqXX1zIpGRouMXtDhsHJFTjEjJM5kIcnKjjGrcodWMExCbgSgHHkP7_w2n=
LlAZv1y5WArkGdXZFvAIRzPAi6W5HCjP0BptnpJqPrN6I8XO1tQfyMwzaINX2yYRnA2sr5n1kB9=
vwGZqZrnTU2RVe9fkmU2VyYccgeHPxv8L-86kZ6wIg3SfzdZpRJbgXrKWFrhNF2LaU3nGm7olp1=
WZ283PpL72ji4_giPek2bDpHqHY81MklGmbw%3D%3D" target=3D"_blank" rel=3D"noopen=
er noreferrer">targeting</a> interest rates between 0.75% and 1.00% (making=
 borrowing money more expensive), and Fed Chairman Jerome Powell has <a hre=
f=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e96897=
13&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULSPgDr4H=
226GXpLJ-cIvVEzLThOH4hlyn5SlnGSwfWLjX1QyzFuC5aHKdtDkPpPTha5gbgJjW8TJAKxHn8a=
1O_zuK8nP9QvLM0-_2ty066LL217O49fCEVrQECVRv-bE_MM3h5EgNDKlFhwTzNdf8JmnC54K5G=
dtMeaE8mSziH0Ov6WBecGQ5cg24RlWs8MUI-Diy1i9hMQbwkq0I44yvzrOpywnWN1Zc4lc03bf9=
7VQBIPsANTofl-W1_dcmXejtw4pcUlTrtn3Vj76lOk2_5qBqx1MBk93-RbSDoMXwdhOM_tRco7n=
9jrR0FEYWxbJk4q-lXxmhO-WkWC6gYew7r3PhA281kv0_6kvk-BrAAhiuJDi2cA9eSwjGZqHA6G=
25sTZMLPADrhekvRmP0l814%3D" target=3D"_blank" rel=3D"noopener noreferrer">s=
ignaled</a> plans to keep increasing that number this year, perhaps as earl=
y as <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719674181922=
55878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1=
WpUDPXr32yH3pMXsMHxfber6CKp6dV7P3gOAlLaiJqckysZReG_vdv7yoJ4iL6a4Hza76EKSFxV=
9QB7LmtsEj7EZPxoq3kBEieJ7X6DK1qgM9CyMC6hA1a_IpdAD-Wg7U3VoXgGS_6ACphSXw0rGWr=
xPinUqU6vNTRhcMWWQG0YRLLXvMojt4DMKzv2EHTzIYNk_IroG4YmtTm8zMFcPztTSlYAVuWhZp=
2Vnp6Ck-oAE0TYf8kXEL2_GKQhIShERtR-6OTpmTbaucFdPQFrLJN_aptl_MrUB0Ocl31wKYzDy=
jC-RkvOxhphw0Ay_iKJ39wJ-UzlqAEfp3IVTH2mbgGmlVVYTxfeLxcozBv4WuK6wtSCOs3-XPUp=
W-d4OsVlea9foKFI24Z1iPpwnZLxLgYWaFYWSdkEKraLJB2esg8lX5yuwY9UTljPJIA7ctUnLES=
-VYL5SP7Vzl_8MWLv7-CYGGgY-uCOIIlcUS-rS23Gf5X" target=3D"_blank" rel=3D"noop=
ener noreferrer">this week</a>. One early indicator on how these efforts ar=
e impacting consumers: Mortgage demand has <a href=3D"https://links.coinbas=
e.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9=
f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULSPgDr4H226GXpLJ-cIvVFN90fQehuUH1j=
eAcs1R-oja4ySTo6ZiWLZCTUWZ8ROTqQnexKDdFX8UQKnDDf7XvTiPBOdqiDeBkVchBQkvIawkD=
It_PbIL8dQ8utrpjxBxjXN2hvxPSjK7hfY_yyYMbyICkPaUvk0iWZvW1XYI5JnaPLnOmNK4mJuK=
n75z-01q0ASh0ZzckdodN7T5Rl85On6hJr080mbu5xfzuEeX6sXK1VE3xKieO9eKZAAayN7nPjc=
8f82ELqkns_KhMnQH2yhEAn3ZiHbdMPYPAx8qacBmIi5T5oMDpnrzus2E2bGy6wlJ2Y-2TM4Cn-=
S2ciyituYJ6YivplTWIdb9yFXbG5mODIiWgftkoVBzyFXSLH-BlZaOT0zXi0od7DLkyr5zxmW9b=
u39Fgk1ELpBLvUEVrkQl3m6iEIkdHFZxaG4BKw6w%3D%3D" target=3D"_blank" rel=3D"no=
opener noreferrer">fallen to a 22-year low</a> as home loans grow more expe=
nsive and home sales slow.</li> </ul> <p style=3D"margin: 0px; padding: 0px=
;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: bre=
ak-word;"><strong>Why it matters=E2=80=A6 </strong>The Fed=E2=80=99s tighte=
ning measures, along with geopolitical concerns, have had a dampening effec=
t on financial markets, pressuring stocks and crypto as investors move away=
 from riskier investments. But some analysts have <a href=3D"https://links.=
coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d6=
24112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUJMhAOqOO4gYV7nXiIlyjm2gxw4v=
zHbUV0eB6qneljQu2nmj7tJn4jaFeRaoAWvRVj93C_wET6jrwjVuO84Ejpr9Yvrsh1VoOvev7zM=
yLEJz_bXwBFQp9PIG3kiHAiOoWt7MlgT6X3yfSZqxJ4s62I70KtZPBZ6hfvuJyz4Q1pqFjxl5ui=
oYTg4MLa8XU1p7xsV_4FUqJ0FaFiIuLpCMQxu7JeCVF6pEBH-r5CHv14x81C2wv6AlWZYLLH-CG=
aHFl0a6YhfTfx2zaQkWamaIo5vWaolchZOYAFEdEU2GTg_1qbRBsAkGIBCqjmiMCdJ824f9FZyn=
SmUGrGeS-irdvcH6MTBthJm8Fw5C-XD44yiSsVLFSMiiszTekRa6nI4v6tjHVbIITRn4no_6iBx=
h9Tw2unOLiJdcjuF8eoojoshB_zomyGPq0b6SD7wswCuILw%3D%3D" target=3D"_blank" re=
l=3D"noopener noreferrer">expressed concerns</a> that efforts to stem infla=
tion could tip the U.S. economy into a recession. So can the Fed pull off i=
ts much-referenced, tricky =E2=80=9C<a href=3D"https://links.coinbase.com/u=
/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec52=
0ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUGF1u5tkqJ8MjcsoIhL2_NR6pKG0TQPf73mBu296yi=
wu-jHQ1cE_G9AY07vT-1cGDvSvw5Xgvhw6IqNT5f_JkI-f956fANO37mZRrpKCtAMD2aNbOyTBL=
CP89UjA-7FUMxfmLq9Hn13-X-YFlQEnxuHxRNalRZj-7z9rEomI4blaEYRFpTK5iGOxGrQKsk3j=
sD3KVRhI2nGMVpEBWflhMcYROmO_-OGCVUbCHv31hnB4jZXtJ1vh_bPNluM_eng3xa0Z_ktMmQM=
_BAABgJZxKBgX5YMx0kfLo8xLBh12tELwyY2Ve_5CeXHqO7tFA-VEJhyG_OeYrUytb1jlUupu9P=
6rzMTy70bD7A-ESn1GEA7R5eMqheDit403FBY42sSOU6MUk_A6OYTb19lxBQM_INKvsZxzyr9sp=
-h8hTLblqxfEQLqsED69KydPCLQUKPe-OwGvoyt-V_tmhusUP0uqTcVuOODV_D2YHepLZds-jb6=
tpVY2at1MWxnLnOyr0b-pg%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer"=
>soft landing?</a>=E2=80=9D As the chief U.S. economist at JPMorgan <a href=
=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUILoUxfTq1=
Vet8SOoDH6KdxbN3SqzuiO2paz8mlcvpT0OBwyL66KjfhEZFRsjzl3jrpZ_GGJ3xPWE1hm0d5i8=
rhaSwneYQZYYQtEAwupJPf2pY5vYJ8cbxKNgA30fHt9emoXWj7dV3nAi5waZjj6DGI5Lco0Ezzk=
LFX7n3KJ8P72rXDyv2ReqGpd6ZLhTU0d_MWdLK9MapcOg6t2NrPbuHy1IpdHR9w__t_zCeBu-vM=
p0t65hQXOk0Ki6KLZLE40RLSD6x4r3ECcCrtdNdXiU9DlYPeYKbMCLwpuK8MqEJ3AEDBh_5TQ6R=
kBAzyoybJxMq4mW6jo5yguqsOf8qdr6E4V2VEEWi8Mlk1kGJAdI7SeVbydey4cp6zYF5gcu8F2-=
vwwNxIOC68ZpDw0B-tAwJIqA0Ywhuqxnm1q3X_YLpSt" target=3D"_blank" rel=3D"noope=
ner noreferrer">puts it</a>, =E2=80=9CThe Fed has to thread the needle =E2=
=80=A6 We can avoid a recession, but we definitely have an elevated risk of=
 one.=E2=80=9D</p> <div class=3D"cta_button" style=3D"margin: 24px 0px 0px;=
 padding: 0px; width: 50%;"><!--[if mso]><table width=3D"100%" cellpadding=
=3D"0" cellspacing=3D"0" border=3D"0" style=3D"border-spacing:0;border-coll=
apse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"=
padding:0;" align=3D"left"> <v:roundrect xmlns:v=3D"urn:schemas-microsoft-c=
om:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" href=3D"https://l=
inks.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8=
879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUOWN5upPCSqT_QusSy2tQ8Z=
pGwobwuLu7-bnvgEtid4Lbqrkr5zJvnF717bC8jedPGkeM_yqxRy1QXVfQybGWDZKuAMLfp7ChM=
Uyosdkt2TZBkf-qoXYCUDLxr3u8-KuK1BxOU7MZUS9DSw09lE9UWZztt_578tzW_SuZrTT3VtSo=
w11ccvQ6XJIQE8IikDhO7qyUjzv8xuzyaYiswDExHdsKsfTz4HWfFwlpF0w-Q0H6ZU22JXkYKXO=
YltkK0tuAdxgdWpN_LJPZQo3WFlKV0PUnUnlAgkQoEMjK7NAiiWqPmtnuhNK6BFnInnwlyhd5uQ=
CvNMnaPBPbCQ9_dw0zIySc5Y_2ahzVrlOPygBwXi6PaA-s7KqaVUHowSObeqz3XK_EgH2_jV_nA=
mIrNQgzogCbOIwDCVeumm6QAf7P6gaL6mNrdQDi4_2b7vXKdCqpVsOjlLjTtpSF6YUmsLuNpIlH=
Jsdwfgt89EhU9EV2flD" style=3D"width:350pt;v-text-anchor:middle;" arcsize=3D=
"17%" stroke=3D"false" fillcolor=3D"#0052ff"> <w:anchorlock/><v:textbox ins=
et=3D"0,0,0,0"><center style=3D"font-family: Helvetica Neue, Helvetica, Ari=
al, sans-serif;"><![endif]--><a href=3D"https://links.coinbase.com/u/click?=
_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526=
&_e=3Dfri7nJlDrYr0TJGbj1WpUOWN5upPCSqT_QusSy2tQ8ZpGwobwuLu7-bnvgEtid4Lbqrkr=
5zJvnF717bC8jedPGkeM_yqxRy1QXVfQybGWDZKuAMLfp7ChMUyosdkt2TZBkf-qoXYCUDLxr3u=
8-KuK1BxOU7MZUS9DSw09lE9UWZztt_578tzW_SuZrTT3VtSow11ccvQ6XJIQE8IikDhO7qyUjz=
v8xuzyaYiswDExHdsKsfTz4HWfFwlpF0w-Q0H6Wokc9kh8yuNIlFQVeP2O_p4gTqX0u0PvOXk4y=
4-6DsBlj8O4Kas1GpjHZSGbumm1R19Cy5-Jn5cLBw1mSo5d3A8tT-PYmazv8xCMCSSbor68a-p0=
4AyQmzNEGXS700UyJPRNRATItZBEQHaBPDlYOEO3EEqQnEB24ucMUVJHZe03L0msmfPBUQ7aE8M=
MXLyzoi3HDWckNaXCzs7Cq9Pygzut3OTkEpzKMPt5NAwPVEW1kzRZgDT5cdD0LlwRlW7" targe=
t=3D"_blank" rel=3D"noopener noreferrer" style=3D"display: block; margin: 0=
px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(25=
5, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-=
align: center; padding: 18px 0px;"><strong>Read more about the downturn</st=
rong></a><!--[if mso]></center></v:textbox></v:roundrect></td></tr></table>=
<![endif]--></div> <table width=3D"100%" role=3D"presentation" valign=3D"to=
p" style=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; =
border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;"> <tbod=
y> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-bre=
ak: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100=
%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D=
"0" width=3D"100%" align=3D"center" role=3D"presentation" valign=3D"top" st=
yle=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; borde=
r-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%=
;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D=
"word-break: break-word; vertical-align: top; text-size-adjust: 100%;"><spa=
n></span></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <div> <=
table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td style=3D"margi=
n: 0px; padding-right: 11px; vertical-align: middle;"><img src=3D"https://d=
15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd=
7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width=3D"12"=
 height=3D"12" style=3D"display: block; width: 12px; height: 12px;"></td> <=
td style=3D"margin: 0px; padding: 0px; vertical-align: middle;"><p style=3D=
"margin: 0px; font-size: 16px; letter-spacing: 0.075em;"><strong> RELATIONS=
HIP STATUS </strong></p></td> </tr> </tbody> </table> <p style=3D"margin: 5=
px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;"><s=
trong>What=E2=80=99s up with crypto=E2=80=99s growing correlation with stoc=
ks?</strong></p> </div> <p style=3D"margin: 16px 0px 0px; line-height: 1.6;=
 word-break: break-word;">For the majority of Bitcoin=E2=80=99s 14-year his=
tory, crypto markets generally haven=E2=80=99t moved in tandem with equity =
markets or broader economic trends. In 2014, for example, the S&amp;P 500 j=
umped 11% while BTC fell 61%. The following year, BTC advanced 35% while th=
e S&amp;P 500 dropped nearly 1%. All of which supported a bit of prevailing=
 wisdom about crypto =E2=80=94&nbsp;that it might be useful hedge against i=
nflation or market turmoil, much like the gold standard of hedges =E2=80=94=
 which happens to be, well, gold. In the current bear market, that hasn=E2=
=80=99t turned out to be true. In fact, crypto has behaved much more like t=
raditional =E2=80=9Crisk=E2=80=9D assets like tech stocks. Let=E2=80=99s lo=
ok at some reasons why.</p> <!--[if mso]><ul style=3D"line-height:1.6;mso-l=
ine-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"margin=
: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<![endif]--> <li=
 style=3D"margin: 0px; padding: 6px 0px;"><strong>The narrative of BTC as a=
n inflation hedge took hold in mainstream financial markets following the F=
ed=E2=80=99s actions and the government=E2=80=99s unprecedented fiscal stim=
ulus</strong>. BTC=E2=80=99s limited supply of 21 million bolstered this th=
esis, as did billionaire investor Paul Tudor Jones when he made <a href=3D"=
https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULSPgDr4H226GX=
pLJ-cIvVH_v12IWtECjmWbZfarRtXbjJrIHbEAfXdkL7QXGM5MXEi4XO9g0XslkHiukn4IpT7jq=
D8c5UbnJm7pSCCmWOPbtdyoF_RL6rhji1xGcQP7DmGcLOQhAJdF9zqU_xWF6E40i5scYbXWsKtI=
vZrA-cSv3yg8aFNLY3WOnm2MnjcPPECgCC1y5-uB4LvahWCNpycU0Q2O2sdqLoNVYwxHIblFxLm=
AmRUHPG8fXHWpuvVXZyDPDPks9YHurLxCsVFd3HAd4R9u2OiWNoB8_kqG3DkNTT_sAaDcUmutrd=
n5u9EPmlDCUWfsR4WT_aBAbgG10QPxSQP4zx6JX0G51suPkFcSpDbQqhYBNaIWTn3vxGJIOjUEX=
nMucG0j1KKHtknRO2KKXJuCfDyz9bs6N5CRIjpi3ZYbRr1QiNmXK9Nm0wvTjhoLon2jEfXeS1v8=
sInzuwOCz9orIWLVCuxrVC56N05c" target=3D"_blank" rel=3D"noopener noreferrer"=
>headlines</a> for saying he preferred BTC over gold as an inflation hedge.=
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li> <li style=3D"margin: 0px; p=
adding: 6px 0px;"><strong>With extra cash at a time of near-zero interest r=
ates, both retail and institutional investors traded it for riskier investm=
ents like tech stocks and BTC. </strong>As <a href=3D"https://links.coinbas=
e.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9=
f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUDNjoDl8Tj7OfIhnhUNCKybLyw5wEpsjEzz=
aeAu51LdwI12Bq7GbzWu-hsGUWffvQMDltEX4-wY2RpnhVTe7VKj7RgS7xByNFjyqLHekLMMr81=
mTzTxFZ4J2EtDVAnckeTtN4JCliFCBYjHF-SMCJl1dlF9Cm8WppQAl6J8vrej4ODMquOoiyOTsw=
59Fd_TQgyHCitpH4UjhBMcB2_Qs0-Q0ipG689bT7Uymh-eB1SmEYhxkkd9BhItWsyaCTXR4laAZ=
yWHvuAKh4XDwstQ0x6AMQFnvSQApCKYkvEWk-oElUNSJHNmTYPlRhZr3wYyd5r6d6kHjq3EeRGe=
dpzj8lfuMslGu54mlDOpJ63n7snfa4yzsE9ugfnQJVcy7c2wOAST221GvK8Hmr7hm2q1umXyMmI=
LH2Or8WVSt13S2xstItbWLj9lhrDSa9bWhjl8D8JF_RJ-H9dYtk0whLFTcyb4%3D" target=3D=
"_blank" rel=3D"noopener noreferrer">more investors of all kinds</a> =E2=80=
=94&nbsp;from regular folks saving for the future to Wall Street giants =E2=
=80=94&nbsp;added BTC to portfolios, the cryptocurrency=E2=80=99s correlati=
on with stocks began to tighten.&nbsp;</li> <li style=3D"margin: 0px; paddi=
ng: 6px 0px;"><strong>Particularly, the </strong><a href=3D"https://links.c=
oinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d62=
4112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd3BOlt4b=
eZss0zrz6GFevTcmLExvhrHtxf-NX9dYHh3Mjc0H7I6i-ZuMyNacHh8NN57BhL3djDfyf7l7Ok7=
gFF8dU1tKiFVdEifwL2zVgJwKNs_zZ3OnMWOHJWvxGZWA55M1l3qCkPlsoxefrscubV8kR67XsR=
Np7qAJvcoNja-kwIgYGq8JEJ4pGWGaw3WB1c73nCv7tQMfhI7NzE4dj2ckNeTMQs94Dybdg-KBQ=
MwCUw550WW729UncylYtZRJvZsOFKoZHsRRRAFiKgPMYkYG7E-FRd9fxO15zFifp1b8zBUJevhU=
cbnp-KzbxoK5qyE_3OyN95PGpj93G3AIT3c16pphgsOvWJXlgCG0dOaJLdZChZDluGvnaveguPp=
JgGio802TeSTvVUyc89lXpOh" target=3D"_blank" rel=3D"noopener noreferrer"><st=
rong>2020-2021 crypto bull run</strong></a><strong> differed from past surg=
es in that it saw a wave of institutional adoption from giants like Tesla, =
Visa, JPMorgan, and hedge-fund billionaire Ray Dalio. </strong>The emergenc=
e of the first-ever <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca=
56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri=
7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd1WTIOl2zY7zDG9V7l1-2XWJVIAjyYz2B8qvY=
yrfbn2egZu4a3cEmjgfwAgULKmqPlhZgDpFVs0F6W78ASWTTyHQE2mgCnJ-U4FocnYk0JSO9PYr=
jrtEv6W1jQn8qlQ6kdxhlOtZ_DtWEJ84KxpBQBhXJXjQt2z-ZJMPXudSWE3wDPXphUJFJrS8-V3=
R_zSoBQAZunCbS4hCzd10TaLS4P0X4aoksO3Ly0V42t7NE8yc-rgZbV9A9WkZeepFieRQGJ5HWV=
WtoQN3zAbOfRX4Jzr-WnoIMyjhNTWRrSht-tbRFYOqemZs0sF2W9rtyzU-VNsQNh8-RZLAs2eOD=
zW9skjLumcJqmGeICO8m5dHmuC62tTvFw73Mrrf-4hAmKAzxK92uGeIHzBB6CHSw6etawj" tar=
get=3D"_blank" rel=3D"noopener noreferrer">bitcoin-futures ETF</a> last Oct=
ober meant that institutional buyers had indirect, but easy access to crypt=
o markets, strengthening the correlation between the two worlds. But the in=
volvement of more institutional players =E2=80=94 who trade multiple assets=
 =E2=80=94 also resulted in BTC being increasingly more susceptible to macr=
o influences.</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>Sin=
ce November=E2=80=99s price peaks, the NASDAQ has seen losses as steep as 3=
0%, while BTC and ETH have seen 60% drops</strong>. And last month, The Wal=
l Street Journal <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563=
71967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJ=
lDrYr0TJGbj1WpUDNjoDl8Tj7OfIhnhUNCKyZR1Mi2P1s6zrZ-RjS4WBsfqOxbJSg0hBGt_AXAa=
bkdBjMj0VngU9SwYA1sGujWApJtQvWSf8FEGfuAfefanMr596yIZKGiTohdfdUMkt0Qb7ZP3NEu=
UCUqdAns0vMEIRBz1SZz6wf6wZ-b2HiI10SRAvG_G7M7LJP9nT6mV_jNX6KAzMatf3jCUnxvPHp=
F1orabQ03glfPUva0nkzOEBHO_pBl6LCqbK6TkSBHc4rHJVqVeJbaJbOzrQOWqzrEqBScYCdlTf=
X0vF2-_hLUCK3DLjK_5ybyY_g9Rno3s7Ij7n0_L79cpUSfuEZLICHwr-kJEbSy-JOYkILNz3vQV=
kiCU8R0K2sU5xsZ5iy4M4gx9VEPJJ9vJRXBFZRzdYk0Ql8oEJwVkhsUEya3upWOjGBg63cbLxRX=
ar7cUTAe1JRPydpjqhyOVyGN5LAozNjI3lwpxbVcqh9rzV7vrY_CLQYz" target=3D"_blank"=
 rel=3D"noopener noreferrer">found</a> that three-month correlation between=
 BTC and ETH and the major U.S. stock indexes had reached a record =E2=80=
=94 more than triple the average from 2019 to 2021.&nbsp;</li> </ul> <p sty=
le=3D"margin: 0px; padding: 0px;"></p> <p style=3D"margin: 16px 0px 0px; li=
ne-height: 1.6; word-break: break-word;"><strong>Why it matters=E2=80=A6</s=
trong> While the easy money era that helped drive crypto and other volatile=
 assets to new highs is currently in the rear mirror, there are still reaso=
ns to be hopeful for a crypto recovery. Among the expected events in the se=
cond half of the year are possible regulatory clarity from the Biden admini=
stration and <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca5637196=
7418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrY=
r0TJGbj1WpUFxcF4315jAr7meRcAC7Vd2Vtxz9Y32mdWP7KkrkCgD5xM2UxVeTWIcMW0oTuES6V=
_ucFXlNsMt7QEiouB58ocqFe21Z1XYdBg5lKrF6ejCot2EQocPNXDAJblmGxFi-ftQ4XLQ2UFv6=
MEhFYrnEroDuDqeyQlc0bmeQ5S29uVYzm4bZdA3uqZFxmWKb4Gf8hkobv9Esw8m2vt8UWYfm52_=
fb2y-9mo4mQHCc1QJe8SgwnmZfNIOShip3jaNOP4fYjO9hzhDCEwCKoJvMrQx5P2n2v4R1a0hCp=
-yi2L4L2gGxecxJ3D6YICzwcdvq30iYOfHT1K_LG6sBga7ojEIzjLmBgmU7aHTyQoepxKtdeYiZ=
WgOdhcMivs4N-c7wNAAi-QuNRhPyFAY9_VTmhnKN6WzAdM8UaayeBTxKRST88C4iOlfKAJY2gns=
-zZLFxnTOw%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">Ethereum=E2=
=80=99s transition</a> to a proof-of-stake consensus mechanism. As David Du=
ong, Head of Research at Coinbase Institutional, <a href=3D"https://links.c=
oinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d62=
4112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd2FCn6Ih=
4tsfldWCbaQpPPu2r2IrOTgNxYSxnY_f7xl2yocJzOVRbDalcV6nQVGrjc1s2fwA5llKHbL74lX=
HnsyFjbhRG2VoicpXxieaXOOWcj9IOr7gjdJu-tnZVxtgi5gkiZecq7eVT34SCfQfrtvrDBUc8l=
5mHQZ16D4wT14IqnBQycJiZX9STVZYCZgBlwK6w1COmaFbhKvknsjMOsVIGhXXINgRZXb7I3rcD=
1S4dNVF7Yjpk6FdhVWtCt5WOge480XRXkMDIo5IsMBpISwhDoGzFWbXn8iTnq1C0TFESB9Z2YfZ=
D3n5wGbdWmRqx8qcOjCwSmKLuTb4W4E-L9JOg6XxhCvyxX5Z3Loy12kTg2MLFEaOztCSsgoU2AS=
seYWQY5_c94bspKRJcU6rT3BtZEuSuScNZgg7uRAHRCU04Q53mvrOfAJATk1ErpGUjhxx8O9Hrq=
86gKRCpbKQKmN" target=3D"_blank" rel=3D"noopener noreferrer">puts it</a>, t=
he end of the hype cycle has the potential to =E2=80=9Cdraw more attention =
to the benefits of some crypto as a store of value" and =E2=80=9Copen up mo=
re opportunities for crypto in [the second half of the year.]=E2=80=9D</p> =
<div class=3D"cta_button" style=3D"margin: 24px 0px 0px; padding: 0px; widt=
h: 50%;"><!--[if mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=
=3D"0" border=3D"0" style=3D"border-spacing:0;border-collapse:collapse;mso-=
table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=
=3D"left"> <v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=
=3D"urn:schemas-microsoft-com:office:word" href=3D"https://links.coinbase.c=
om/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80=
ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd1WTIOl2zY7zDG9V7=
l1-2XWJXJpRhGJh4XJ_FNlI_pb5T3ZRDc0QHNeBQezHX9sVb8KsRdkWc75v47zUsxS2cRicM7EK=
5lmMEFVD1FABWcxmzSfr-nCOEc3rsWb_JxaG-cyI223QtLzkvBe_SgIGMNY7ohIwq3OBI3br4ix=
FKUZioVjxizmTDfnxrNi9lZAOC0dxzUKZd0-GsV3m0CBYMa3lQ6aPy8BwU8nrwBNH1ml78GprPu=
dSOA69QDqsPH-UZWk12E-oIUqkaRqbUlYESLe8F37p6nTT60Lt6Fo67ka3OafqBtwJbE6suQFPB=
u0stfgRAUINULPVI5PmXBh5W3WjepmgAzUhnMMLJC90jknXs8boaPDmRqISx57Ka9xmjcXDHbih=
HCdk90sZf3yncYhOfKX4uTLgUXGHqwRyc0Jhg%3D%3D" style=3D"width:350pt;v-text-an=
chor:middle;" arcsize=3D"17%" stroke=3D"false" fillcolor=3D"#0052ff"> <w:an=
chorlock/><v:textbox inset=3D"0,0,0,0"><center style=3D"font-family: Helvet=
ica Neue, Helvetica, Arial, sans-serif;"><![endif]--><a href=3D"https://lin=
ks.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc887=
9d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd1WT=
IOl2zY7zDG9V7l1-2XWJXJpRhGJh4XJ_FNlI_pb5T3ZRDc0QHNeBQezHX9sVb8KsRdkWc75v47z=
UsxS2cRicM7EK5lmMEFVD1FABWcxmzSfr-nCOEc3rsWb_JxaG-cyI223QtLzkvBe_SgIGMNY7oh=
Iwq3OBI3br4ixFKUZioVjxizmTDfnxrNi9lZAOC0vJzn_Hb0avgoNzKkL8VGrvDYr3JOxEFNWnx=
l4oZRhxkxV0rMA0MdUlAapb-nnTMe9_yMlNTDohC__4tPrS-4QYSRHp5sKH1p91IUlVbHq9nU8r=
rzOyQ3RDV4oeLxJF5Ul7cQN2eE2t47dGK_ENrmv4QNffKtWF1jKqIQIStJwLhKuiU7IyS4UWrBw=
IfjS1eWZEI35NmkLlLjVWTy1Dphv8FnZCauyCa4mvUWjCeFsFQ%3D%3D" target=3D"_blank"=
 rel=3D"noopener noreferrer" style=3D"display: block; margin: 0px; line-hei=
ght: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255)=
; background-color: rgb(0, 82, 255); border-radius: 30px; text-align: cente=
r; padding: 18px 0px;"><strong>Learn BTC basics</strong></a><!--[if mso]></=
center></v:textbox></v:roundrect></td></tr></table><![endif]--></div> <a hr=
ef=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689=
713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF431=
5jAr7meRcAC7Vd2BS6gXTq4nHUJdipeL533r6cgXJ0NqwstckggNbTWPXRc7s-EJA76tEktMgrG=
yneR5HCBFsQ5A2oksXgsWCgGtKYu4SGwokQAipHqu4FUnnUVOALIvwnE-FwwuhXx4oztGvalGd_=
JVoIOFoP1fgpDdVtXGtxVMoiFj4uhl4Wc0vT_qSnV9MhC6zKF0x2eB7Ze8fLf5I7vHc8Qbtuwzr=
vTQ0wkkZKWqIQ8S1PCeEa2CkIllQ_1OOYHnUkE4GJz1sQPgMAH_gPh96ftgvelIBU0SswLbuvf2=
BV5Gnp_OcIL6zlc8PnKfl9QVaPr1vl_NwdTorbWKtAaHWRjJWOQEb_EAKAdk90DEMaDXynWvmMk=
l3w%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer"><!--[if !mso]><!--=
 --><div class=3D"desktop_hide" style=3D"display: none; max-height: 0px; ov=
erflow: hidden;"><img src=3D"https://images.ctfassets.net/q5ulk4bp65r7/28RP=
j3RUwCb6Cpby298aZI/c9e876c8644086f83cfcadb4684cb11c/new_promo-mobile-earn.p=
ng" width=3D"100%" style=3D"display: block; width: 100%; margin: 64px 0px;"=
></div><!--<![endif]--> <div class=3D"mobile_hide"><img src=3D"https://imag=
es.ctfassets.net/q5ulk4bp65r7/6I0yCrePeiDJSGjYQ71pdp/ea86db5907bfdb3766afc7=
122b5417de/new_promo-desktop-earn.png" width=3D"100%" style=3D"display: blo=
ck; width: 100%; margin: 64px 0px;"></div> </a> <div> <table style=3D"margi=
n: 0px; padding: 0px;"> <tbody> <tr> <td style=3D"margin: 0px; padding-righ=
t: 11px; vertical-align: middle;"><img src=3D"https://d15k2d11r6t6rl.cloudf=
ront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca=
56371967418192255878e9689713/dot-1.5x.png" width=3D"12" height=3D"12" style=
=3D"display: block; width: 12px; height: 12px;"></td> <td style=3D"margin: =
0px; padding: 0px; vertical-align: middle;"><p style=3D"margin: 0px; font-s=
ize: 16px; letter-spacing: 0.075em;"><strong> MARKET MENTALITY </strong></p=
></td> </tr> </tbody> </table> <p style=3D"margin: 5px 0px 0px; font-size: =
32px; line-height: 1.26; word-break: break-word;"><strong>How markets measu=
re investor sentiment and why it matters</strong></p> </div> <p style=3D"ma=
rgin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">Market senti=
ment refers to the overall attitude investors have about an asset or an ent=
ire market, and it plays a crucial role in influencing and reflecting inves=
tor behavior. So how do you do a vibe check for the S&amp;P 500 or the broa=
der crypto market? Several indicators attempt to provide a composite pictur=
e of consumer attitudes and expectations. Let=E2=80=99s take a look at some=
 of the best-known tools.</p> <!--[if mso]><ul style=3D"line-height:1.6;mso=
-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"marg=
in: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<![endif]--> <=
li style=3D"margin: 0px; padding: 6px 0px;"><strong>The Crypto Fear and Gre=
ed </strong><a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967=
418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr=
0TJGbj1WpUCPrrWgcjA3a30D-sdGFUSrLF6TTzpUeDnFHbyLu4hWn6whoXjBqf-Q6XNNHaSFpfP=
JzBY8Q44plVMl5fcJjFJ2YSg2wiOWF9-dnliPJtnmeBQlAMkop2Y6wWyDZBrwtkCYp0Y0zEjMfE=
nVfh1Rvn1RtHUnGdKrM2jTEHwIJT8oAUVlVyOHE0kdFvjKyhDUWWjtMSbKJ5L0g5IqyE9YohWZw=
hqSjTbLOoj0PaLKJONd9TCAtYqIBoyAb5IpJFh6487aIrDaRqeg3LBtUXeCIBkU1-wtKhHmEDsQ=
osPnYGSMoW1frOPiShEMjnlrlDj2U50_2QcIHzlBEZ3QNhbme2vbepPkG5ORlZMpvwK85sOHyLX=
43st2cHedbKnMbLCcXWadtv-yCgfNqRqnEj7mg_64%3D" target=3D"_blank" rel=3D"noop=
ener noreferrer"><strong>Index</strong></a><strong> measures how investors =
feel about crypto markets.</strong> Compiling various data =E2=80=94 volume=
, volatility, social media trends =E2=80=94 the index ranges from 0 to 100,=
 with the former indicating extreme fear and latter suggesting irrational e=
uphoria. The reading on June 9 registered an 11 =E2=80=94 extreme fear.</li=
> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>The CBOE Volatility =
Index (</strong><a href=3D"https://links.coinbase.com/u/click?_t=3D3aca5637=
1967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJl=
DrYr0TJGbj1WpUNsKbq5CRQAfbqqGc6CT1FYr1ytHoZGGhaW19Oa0_KZVmJPCSq4ZTSgmCtw1Tb=
GvKIRalGn_0E94qqCCa3B7cGKQf3BL2how6WGna-hEW7rK7Qi3T7s796nO61hZ-vbZIC_dZlhrC=
PVa4B7C4j_SrgXfl3Md1kIJiuzie2dPWb999pZs-v9hAAeWPmNN9bwfIqdd0cd_r9Jq0OnFHEyl=
AgZYJ09Ia-63IAkeOTKDLXOMWTgGiymcH1hJTQHlpiqZ1jhyXC7DoZ-1BuuYDITPXNA1HqXgpG0=
HF_VuXIIVZdInNoXWlDm0UcgHZNxUNaKMoqL99gYTSrzTCswKZDfT84bXQN7AjbNz7tyNOwxvrF=
NDPKZnJnCQTRWTFus-f3L3PQ%3D%3D" target=3D"_blank" rel=3D"noopener noreferre=
r"><strong>the VIX</strong></a><strong>) is the stock market=E2=80=99s most=
 widely referenced fear gauge. </strong>The index shows expectations for ma=
rket volatility based on S&amp;P 500 options for the upcoming 30 days. High=
er readings on the VIX reflect expectations of market volatility, while low=
er readings imply an environment of greater risk taking. The VIX has climbe=
d about 50% this year while the S&amp;P 500 has declined about 13%, signali=
ng bearish conditions.&nbsp;</li> <li style=3D"margin: 0px; padding: 6px 0p=
x;"><strong>The Conference Board=E2=80=99s </strong><a href=3D"https://link=
s.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879=
d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFFtpuzwY_OIAOX-Un3mCIZqHv=
4EMvtldovvM25VlMxrwOAA3HxSQOVIvnQx1Qv0YSKziDpG2S0MB6oAAlO4rRyB2EmQ09ed1CpID=
Ped1ZMArWzGsUnGeFlawiOQWXpDtqZ9SzRVIEzPSfvvBwRdCME6RVdQw38_gkaJup6_8WsNv_Fp=
4wZbO6SOF9nws8boP-TPdUfX4RtrjbnFaLKvn7YHuCzCnk5ZYlLPI6PJ3UhLf1ptqBBKXowWjJj=
WdsYpRq5BFgtKUf1ArHu5yLQiLoU-WWhLmjWIGpoYqUSIJ7AcJHaZ97ztB9JTd2Yue5ioUHERa-=
qBq73PF71fOfttVDrfwxfO4F63l7pmh9WAeF92vj_BQuw6NEXt0UMMq4VEzJGZlTLnZ96IpZAau=
QTu7GXeueQhCq2wB6xESrBEjueQHFPR3kBIyJFWOblz6Ho_JDBV8CU2mKUSzIahH7iQaFs%3D" =
target=3D"_blank" rel=3D"noopener noreferrer"><strong>index of consumer con=
fidence</strong></a><strong> uses surveys to assess American consumers=E2=
=80=99 optimism (or pessimism) </strong>about purchases, job seeking, busin=
ess hiring, and spending. This spotlights some of the financial behavioral =
trends of Americans, indicating whether more money will potentially flow in=
to the economy. The latest <a href=3D"https://links.coinbase.com/u/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_=
e=3Dfri7nJlDrYr0TJGbj1WpULBFS7lEUjcUEWbS3ZSL4jAWd_DLvBYhBJFQUof6w_T4cDvAOcO=
Z97KTY4zwz7mLPXP-12aIGa4yWnBXDtvFE4tkY2QH1C4aQzMEhWOEpXrNcj-l4nHjE8bupvKURi=
jQuMc4SoqLQ-0e9mCErfnPtmnjKZTKnZx4ZDBk_ughIr-AAFo1CWf4bRxx7OFoZQQryPl5DgVZP=
gGt-3YEXJu9MmBl5UGFM6nJKNfIhIAso8NdFvm8SdmoJp8pED3Yg9yB6PJOGkQT5H3bixSsfkbQ=
gMEUPYcQrdAM3LAMrFXqQ3xS3Pm0qXolZmHNXGX_1jSD0jcmz-u3Q-IY0rk9CvzCNj_LgyBmay6=
ombEoxlgBC1mM2hDGnJaT9CSqMd4ShRRkaAMab9cX8w2f8FniH5ah5fWMBTxt6OsV3W55Mrlhb4=
Q7Dp96w0G1rzihMDsFYt7ni_5nGAqvO57YES_P41-0T7Y%3D" target=3D"_blank" rel=3D"=
noopener noreferrer">reading</a> for May showed the index dipping from the =
prior month, reflecting diminished confidence about the economy=E2=80=99s p=
resent and future conditions.</li> </ul> <p style=3D"margin: 0px; padding: =
0px;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: =
break-word;"><strong>Why it matters=E2=80=A6 </strong>Given crypto=E2=80=99=
s correlation with stocks, sentiment narratives in the broader economy and =
the financial sector matter more than ever, shaping trends and inclination =
for risk across markets. As long as this coupling persists, the effects of =
downbeat sentiment and elevated stock market volatility are likely to rippl=
e across crypto markets.</p> <div class=3D"cta_button" style=3D"margin: 24p=
x 0px 0px; padding: 0px; width: 50%;"><!--[if mso]><table width=3D"100%" ce=
llpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"border-spacing:0;bo=
rder-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td =
style=3D"padding:0;" align=3D"left"> <v:roundrect xmlns:v=3D"urn:schemas-mi=
crosoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" href=3D"=
https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7m=
eRcAC7Vd1WTIOl2zY7zDG9V7l1-2XWUy6WGBr9u95ELkulabhkpO4kHrEqMXdOY0fojMDDMjj5t=
XlR6wMa6ATGjNhOqL0_fYQlneeytxKgXl0B4W79QtssPeLe6xSrgjdCqVx6AvMbDG5cHGgWnxPK=
vldSryB8NaodwOduizfh45QJBmO2vJe_zh28K94C9xENuQakMoyI2JgcydK8V4zvuFN7irt0DWn=
lHhHSX7eTN-TWQ5sn_uSvDzvN7WLrJWYH2mCDwx-vOrke6wlp6mc-FfbXCpdXaK2rvDVZBxEEpJ=
zG3AtmMhZSeKls7WmddC5UiM7fguJx0bnPlNEZM6Qmk4XtlDQ69lO4NPS8ymnIyllf4J-Gcm3O2=
xzlWjVi2C7pUZt6tnofFsxbA9dyP9O2vMulh26LmyD5rQeSf32CHfY027-lgA%3D%3D" style=
=3D"width:350pt;v-text-anchor:middle;" arcsize=3D"17%" stroke=3D"false" fil=
lcolor=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><center sty=
le=3D"font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]=
--><a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255=
878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1Wp=
UFxcF4315jAr7meRcAC7Vd1WTIOl2zY7zDG9V7l1-2XWUy6WGBr9u95ELkulabhkpO4kHrEqMXd=
OY0fojMDDMjj5tXlR6wMa6ATGjNhOqL0_fYQlneeytxKgXl0B4W79QtssPeLe6xSrgjdCqVx6Av=
MbDG5cHGgWnxPKvldSryB8NaodwOduizfh45QJBmO2vJe_zh28K94C9xENuQakMoyFYPzWMdgxB=
DAE3NzIFo3dfxgYfo6MvMWqKo20D3KEMxhZdPkkgeLi5iG79vcaBgQfOk8JOoRKT6aErEYD4DF-=
yyxHbkwYdLgBo-GrifElsoxE9KuF7csofW7rfZ14Ac2UFEKh-lYgdIpe_CFV-vPxlAwnpzuurbv=
HrjxBzNSXceZBgZgi_2RtxvCktCiodX6TztKHD6ttPzCeeQcUAChXqw_rb85sqkvE2nQgL-nm7A=
%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer" style=3D"display: blo=
ck; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; =
color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius=
: 30px; text-align: center; padding: 18px 0px;"><strong>Read up on volatili=
ty</strong></a><!--[if mso]></center></v:textbox></v:roundrect></td></tr></=
table><![endif]--></div> <table width=3D"100%" role=3D"presentation" valign=
=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-spacing:=
 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;">=
 <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"wo=
rd-break: break-word; vertical-align: top; min-width: 100%; text-size-adjus=
t: 100%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" width=3D"100%" align=3D"center" role=3D"presentation" valign=3D"t=
op" style=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px;=
 border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width=
: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" st=
yle=3D"word-break: break-word; vertical-align: top; text-size-adjust: 100%;=
"><span></span></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <=
div> <table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td style=3D=
"margin: 0px; padding-right: 11px; vertical-align: middle;"><img src=3D"htt=
ps://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-4=
6bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width=
=3D"12" height=3D"12" style=3D"display: block; width: 12px; height: 12px;">=
</td> <td style=3D"margin: 0px; padding: 0px; vertical-align: middle;"><p s=
tyle=3D"margin: 0px; font-size: 16px; letter-spacing: 0.075em;"><strong> LE=
T=E2=80=99S GET CYCLICAL </strong></p></td> </tr> </tbody> </table> <p styl=
e=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: b=
reak-word;"><strong>Tips for navigating crypto down cycles</strong></p> </d=
iv> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-w=
ord;">While a <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719=
67418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDr=
Yr0TJGbj1WpUGF1u5tkqJ8MjcsoIhL2_NQFUAljKYwG6cnC1dLAT2NdIET3tJ_qorHqihAYAMQM=
fM8WY-zk_xIMebfJ0xA4DQoEJlkngS_FcOsMj3aMi9qUEk8GyP-d8ZH9xNHNzP0vhAFpjStJf8l=
u0zFrVM7ZRarYq3mTas1pRnkZv4jQkbD9v3on_h8jUBqRRjrdRu0x7uE1F6to_Yf23BkgDYeQgj=
E9K_oBoReW4Pl5lmLZZ5N-b95UMEdicsl0yOsf04QMwt8yiWHRn3cakYCD6IhHEqvZBWDtBrEp2=
NX5LzdO4WFSsFXRRIpyoajRLCdSqvshOOJcTU9SOueWqUeYOmy7WNldt6P1RBn8HdYPcJeOP-8D=
D1tUbPutNiamRqtyjcKrDPc15_kurN4y4AJQpJ13Pir8Y39mC6MPunhJ93romrcmjCIZrsMuzTO=
hUCWbBIGrkiGsn7KvHvafbebb5q5Xmy1rxErFFryQKiOWIjZrCowh" target=3D"_blank" re=
l=3D"noopener noreferrer">growing number</a> of economists are concerned th=
at we=E2=80=99re <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563=
71967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJ=
lDrYr0TJGbj1WpUGF1u5tkqJ8MjcsoIhL2_NQFUAljKYwG6cnC1dLAT2NdX0ZNEO7EwPURbeUpL=
bflse4FOcO-Fa9xP7B_Wgq_NXD7hIR3dkKZhHJok7tXZU8zA71DMSJ9szlcPPXKDA7MjcLXVSbr=
uPXUVdX5Z946u7WnUyV89dDelIZMoiVKUNb_nV-jMQ-_Iw39XcmvZ7jzAspStYwRGbrlcBhsI9b=
9HhnoWXlvP75rgvcTcS1KRjAdZ2v4Ws7GkwZ2dbAQMKVQWGgCK9js00h1DgYEEoM90JyEe7NYLL=
EWhhu0DmpgP59pLXuIcdMuaGkE2IbNsjf_D5bcUPtquH8kRagbuTIkB1hJZ9Ae-me2wofXQrNzs=
2E8VurpCtSL1V5BfGtS3XuIzr9vxe4Ej7RfAo_7NV_HS_3amTRYofgggHuMz4ISIzA5kjlFmv5t=
Oc5uOzoNCrQFciQD4IVVp8QAPWCQc7eVK9bONXsREPlIqc_WPMS5CxPS" target=3D"_blank"=
 rel=3D"noopener noreferrer">headed for a recession</a> (typically defined =
as two consecutive quarters of contracting gross domestic product, or GDP) =
=E2=80=94 it=E2=80=99s not a foregone conclusion. Anthony Crescenzi, portfo=
lio manager for fixed-income giant PIMCO, <a href=3D"https://links.coinbase=
.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f=
80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUK2u2gQNuYKx4ig5-TvCqdefRzOocpCgb9-b=
--ZbA-qxIiCdV-90oMaMb4Pn6fyqZE_kn94MbSb67ftvjuL8qv5DKss9IlSUxoAivh_eVdJwbsP=
fEOrSep_uIC5CeDbhFtej0wr6B0q7EQ54lwez5GHzZoK2PBMpP05Fbl8yBpKDnfqhUW2FOBmhVL=
F2jnEL_vDN_ul9QzdOcYX0dy6bLyuJbqiDIwvXAcG9b4MYEQROVV9bcNcxW0aS52NjUUoGL6e5F=
-_uCc8Z8WmN92kuXif1BgLt-q7AohTEHd_mFxIf1BaBL-hQd7wxr6KNgruTK7IFpUCcD-GlDjlr=
gr5iGPMrJnWd96SD0Wrfqwy4SnU8aZqlaKIxPU8KTY-RFOr-AfH9IzlMFoPiyqF2JBxqVcvUsQK=
mZ9ceJpjxYrXPYGR0Ql-8NV1QnyA1lhTxxRE9aw%3D%3D" target=3D"_blank" rel=3D"noo=
pener noreferrer">thinks</a> the Fed can pull off a soft landing, and the U=
.S. will avoid a recession. And Goldman Sachs Chairman Lloyd Blankfein <a h=
ref=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968=
9713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULSPgDr=
4H226GXpLJ-cIvVHkGM0JTAAxtu2FSMyCkIKY0g6Etyx-gUuZtHiHsBSsAwCqSLgr9eTWgK4xFx=
R94dSq2d78lF9HqfgI44kH88912rkdJuY-dXps0qogCmP3o4Q-3n0LpBcjJhgy2834BvCNZ6i7S=
LnBXsKz3OO82ePTTj3lH8f_ZmncZMCmRtzen0LbkSAlLk9PfpNkA46yKPFy00na2h6NEUB0hPZP=
OkUILeQf3mczYcNOEleH-gL2hFzc6Qeo7s71cWjb5G3i7fwxIbwFCapHLxPCJgPIHBNPNDtW1m_=
68Ulnhc538OkvpJX1ROxBMG756OSxHBz3eD2Owd_ubW5N94DA7Ca8WadlDMEsDt7z2tn532VUgZ=
JDDaIBWwPxMoUC3majeFshWz_eBGLEkyT_Q4fUECPsfs5sfmI_mGUrd8aUdi7g0j521Vi3hvOoi=
mzwaZNWeYtSGDg%3D" target=3D"_blank" rel=3D"noopener noreferrer">recently s=
aid</a> the risk of recession is high, but it=E2=80=99s not =E2=80=9Cbaked =
in the cake.=E2=80=9D But whether we=E2=80=99re in for a sustained crypto w=
inter or a temporary gulf, smart investors will tell you that bear markets =
are inevitable =E2=80=94 and are often when fortunes are built. Here=E2=80=
=99s a little perspective.</p> <!--[if mso]><ul style=3D"line-height:1.6;ms=
o-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"mar=
gin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<![endif]--> =
<li style=3D"margin: 0px; padding: 6px 0px;"><strong>Keep your emotions out=
 of it. </strong>It=E2=80=99s okay to feel anxious, but don=E2=80=99t let a=
nxiety dictate financial choices. Emotional trading can lead to badly-timed=
 trades, like selling when prices are lowest or buying at a peak due to <a =
href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e96=
89713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4=
315jAr7meRcAC7Vd0cemErx4nl7mhYElm6uU9mgavA0Y65MnWvhcf1oHz1shnnUKMiH_VvlIAu9=
jIfg63RQwqBOjRCoWVkIn_uDtIUyR_xh3KZdlkY3BAwZUO1IGmLbuWbJWErCTSxHF9whQrXe64M=
m-KeKc1q5hn9SR7pZoUKzinoKPhhdWVR00cZK9BqtHqYEoEME8CTcxMjZPACEkImxhPINss-4x2=
Fs5cgUNdspMUACnWPWdXs-d-_KTJx4ata65zDugoNi2PDbgNxq3tPcDvx2zh2BuZHOAyu5Thjsm=
6XnxoUzB9DjD_d_NC8k-QRcBjEmsGPtKR_rLEFYYpW0MgaNbeXbIbmZEdG_TAQK2JEDJlZLS0XM=
OghIw7e-AQLtT0awQ--kcOhjyuuOy5xOCvvWlOq0qKJmbhk" target=3D"_blank" rel=3D"n=
oopener noreferrer">FOMO</a>.&nbsp;</li> <li style=3D"margin: 0px; padding:=
 6px 0px;"><strong>Instead of trying to time the market, consider </strong>=
<a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878=
e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFx=
cF4315jAr7meRcAC7Vd3NKyzmjoiKHMxq2m9zC6YziR5vO9RFXJqTXwsASc5w0YgfiHi9AS5IkC=
So0EERPE0VL664nEnnpZbgNxf1Z5dwBmzx5RErWlHxJ4m1nkZbYkn4tGY1_4RHOqXWQPdjxhozi=
JkJdmN_6obHRfs1sknnasaZqCXE-yC3hEkGDVVu8ozkePeKHofqn4nDrt-QYxcu8aORoN1Mayvr=
csN1LD4oVhKdMGAo1-HNCdkIEQ9DhdH3owmd0DVGJxvqgymMf8mxMz5A_bNQSDJnLFDrI5mxgxn=
SUb9mWCRW3rHwztJS47CGwFXmIDPO7vzL2TyK9qLtRaqLMoq3vymOmMFcnAIjTj2g9B690VnS9a=
2HHBkFxS-_Iu7cazascyE7guKm_GlVibULXiHuj5FNLe0RZ1y9" target=3D"_blank" rel=
=3D"noopener noreferrer"><strong>dollar-cost averaging</strong></a><strong>=
 (DCA), </strong>in which you buy a smaller amount of an asset every week o=
r month no matter what prices are doing. This is a smart strategy if you be=
lieve that crypto prices will generally trend upward over a longer time hor=
izon. Although DCA is a popular way to buy crypto, traditional investors ha=
ve been using this strategy for decades to weather stock market volatility.=
 Anyone with a Coinbase account can quickly set up <a href=3D"https://links=
.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d=
624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUBUqm6bGaAZ8VaWBZ_8Sy3RqsQI=
dcQDxOqkNMwLAGKlQIh3xdAjQxo2Nyhtw0ePgVo3gpbIzqrZZQMsMI44EmXkLEBQmWm-zNh92VM=
BHY-LJwOlH433cb0a3TR49l7VGb_zMzuTLD0j0hKgB2tnkQOhrFZrRivdwz5bBMbVREXQEUqinw=
BvQ8aaMuYaU2qYOsF8zlzrcRhsByqOnH7parDHI6TKqjxHBLkKMYqGYNQJHwK5Xp-O7ncNzPL1T=
Ceji1cl33EjitSuySEW1J68ZTECrBmg4889NE7uF7MkNLoJYLyc8p4EQl5Q9ue4rJZJHlasps4t=
IsEB8rweehFVKq9mipZegRUc1SW0KqLFNFRB-_XhUfCPtsHmMmab1Hjo7rO-Bu9XjZdB_gYyRak=
ytcL1NZDlxreVFQ2Bywd1Z0YVFd1iUNwcFrk7KXzygLeyIEvE2egoUw_6rLV1sZNyN84RJ5O-IC=
0TBg5e9nmiAYkIRNwbv5UxHavH5qQu-s0Uhl_qsik6MvhZuzsBYoT9LkZQ%3D" target=3D"_b=
lank" rel=3D"noopener noreferrer">recurring buys</a> for any listed asset.&=
nbsp;</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>Use the tim=
e and mental space afforded by the down market to learn how to DYOR =E2=80=
=94&nbsp;crypto speak for =E2=80=9Cdo your own research.=E2=80=9D </strong>=
Spend a few minutes a day <a href=3D"https://links.coinbase.com/a/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_=
e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd0WfQLS5rJtuknBPGnpC6CWGe9NadC=
I5evK3QYNUu_qirRO0hLl8v5Ba6Fg52fPi32E1Qvrlfb2oYZKNewiSRF3rPXK2bopKLrquKvK3f=
jFpg5T-yZYtwGhRK8PASBSMmEFvuDUnKPbY2aszeVsbXmXtq9b4jEnxjSjyLv7PqtjuUIjFguiS=
TMAVfJwpQYdNMS7Xm7HYj4mETxhd4Je-sh2pG-TUR4y6chVtj35MirVB8LHzJj2cVBwLsMCDgAW=
wOUytsUoJKlWMz7u12InfKw8oQq3EnhScYVRxNqGVtwrSva3EeQKvssaxQu0JFpe4MJgQB05gCw=
Jz_3lLulYUOONLuQDrFYDmrtfSQ1ezhofIw%3D%3D" target=3D"_blank" rel=3D"noopene=
r noreferrer">learning the basics</a>, reading crypto news (including major=
 financial newspapers and dedicated outlets like <a href=3D"https://links.c=
oinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d62=
4112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpULLRaarnBvWq3t6XZg6eM_DeXPG1z=
tsItHH3uSzdNY8wA_HJKDtXsXYfDgf05YKdQg7OR0C04J4NkOW3qkwCw-bSjhGcnnt7oz_U5szt=
tissW6kwnkilgrJz6Pibi3wF2rJ1yHAglZ4W72qTAKhOB8C18mADzcXgK7sulQrH8st1wKwRX1b=
we-GbpoVa6WzXWh_8htXJADB796IvKiul8s6msx-sy54wJUw_5XwGeYI_qWvoBf1XGiN8NzuQg-=
fc4E1VkxGGrfir6slIkQblp7t3WO8OqmtNbVNqPPta4iF2jIPYGvgEFpzu6UejlQogYHK51K4jG=
1NQhA2eZxF4mAv35uoWXbJ5BFvar_CZEzD_vm8ywNDY6JYbrJITG2wAJA%3D%3D" target=3D"=
_blank" rel=3D"noopener noreferrer">The Block</a> and <a href=3D"https://li=
nks.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc88=
79d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUMRFCYBSsc3UDPznu3anYTTf=
_KLmc5lJlhnhTVcjEu6-XwagzcVy9cP0fvC5zuc35-jQl8zQPSwuiibuRThf9nV4qctNi9oBjZ2=
Ai3PLbQ_f7Esf-leRbt0sQWsLu4k8WtU_i76hVEjxddawtzMhwn3bxDXYOQ3b7mVGxwtKntIH0w=
bI8Yt1wApbzGUjODTCM4H9gqdRLgkM1A-soM3owex-zcYWK7goMq7LSme-IEcx4X2azE9nyCn4S=
7leXIyM0M1L-57cCQsxoyAbwOSFKJ8Om_PZ89PkGtFGFXBrOEGvQFyI69Uti75WNItDIdf2z55Z=
hgspaeWu7ooPSkkXP5LPXvjyiCHH-pezpTtJ_1oJ" target=3D"_blank" rel=3D"noopener=
 noreferrer">Decrypt</a>); diving into the whitepapers of projects you=E2=
=80=99re interested in; and digging into analytics (via sites like <a href=
=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUGXqRYFqS8=
rmwOeGj3H3JXOxC82_3RT5sBEtvRZW4Ky_azyfxKm88mrKLgtupw2HYJInqAxR9cRTbz69XszNH=
7GqjAqVg5pRfQcV5C7hA0AbyxTeqCQcJpz_9oGWSXVJziv3OTXKaweFE0MfGIMrsY163Jgp9CTC=
urnMz_K8IKCjMHteGaoHyy2qAIw2L_12EAz9BjcvigSklVxdOGNgDlINXAHsqXf8KeWVr193NPV=
D3iPDs0JGt1K7Cdx9FD2VyLogsxXNEoNa_kpfDJ0FZ_apscygWyk6aFU2pYxjLqRBwIc21hFpya=
IQrXyyB2uzaNsyAOOXR2ztPW68tVzJNEIa-qeZvdM5rPK0dpbVcTa0" target=3D"_blank" r=
el=3D"noopener noreferrer">Messari</a>, <a href=3D"https://links.coinbase.c=
om/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80=
ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUEJAezlpkvgzvvUvNox45BvF5tv7ljmx0vBx1j=
2YUJ1dX0wNekL1J4p0IlhhlRVvQRnYGWjv7L5wbHI_AaOeFwkwLY2pqHSpNaBX0GQWrzRLwsbVB=
J6Zul_d9nghRtl9xb19nBVxiKe1KoW6q2YJU8BJUHGapx7ogh66FHMnE3ceiuN5I97IJBrmC8gX=
2_KqKZ_hwUygVUhEmwezscApfBa9o8utGXSYDnRG_ajizlAltSZXYzlg3EwzfLNkUfDsaV6mzsv=
c0rqrukmi6790_hNcPnfLtKpkbQq3NgFNK6K5rOl_b8ldGDrBGr8CeuzeedcQS_eZPnB6sHxghz=
FdC4hMT9e0aZ0xRWKaBn8diFQ3" target=3D"_blank" rel=3D"noopener noreferrer">D=
appRadar</a>, <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719=
67418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDr=
Yr0TJGbj1WpUE1jEbUi6oh9HaCSlztydQg-olqv997zc39AhcKIsiGEcbjamwT0gEhiy98bL-Vh=
DCtKyDClMsWHqeGecZMxdFgwBhMdf6HuGeOHvNY5Et49paxA_BEViCzEKd_TOYViEmn-QFwPFxX=
QxYs6joC549ufm3GPdyQJGSnrGpRiE66nUvu-fo7BBycSwCODe-X_qoraAY-WezqS8BtL7P55la=
UjG-XDs8tlYLNyy-4uw4vna9ATqGReMf6X5frzbFwerfpHmv8w5FROZUbSkg6QaJNWw88Gi7POY=
ZISs7gpeVvVTaSb_OO_kPp6Tzkc4oIgxyzQzRizs6tM-YFK_BB6IamH_jw8a7x6Z5R4B_ZxEjed=
" target=3D"_blank" rel=3D"noopener noreferrer">Dune Analytics</a>).&nbsp;<=
/li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>Never abandon com=
mon sense</strong>. No matter how exciting a new DeFi project is or what yo=
u learn while researching, there=E2=80=99s no such thing as returns or yiel=
d without risk =E2=80=94&nbsp;so if you see double-digit interest rates whe=
n banks are offering fractions of a percent, only invest what you can affor=
d to lose.</li> </ul> <p style=3D"margin: 0px; padding: 0px;"></p> <p style=
=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;"><stron=
g>Why it matters=E2=80=A6 </strong>It=E2=80=99s important to zoom out and s=
ee the big picture. Crypto is still very much in its infancy. Historically,=
 BTC prices have reached new peaks during each bull run. The uptrend in 201=
3 saw Bitcoin surpass $1,000 for the first time; four years later it almost=
 reached $20,000, and the most recent cycle topped out at $69,000. The most=
 important thing you can do right now is set yourself up for success for th=
e next up-cycle. And if you have any questions or concerns in the meantime,=
 reach out to a trusted and certified financial advisor.</p> <div class=3D"=
cta_button" style=3D"margin: 24px 0px 0px; padding: 0px; width: 50%;"><!--[=
if mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" border=3D=
"0" style=3D"border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt=
;mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"left"> <v:rou=
ndrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-mic=
rosoft-com:office:word" href=3D"https://links.coinbase.com/a/click?_t=3D3ac=
a56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfr=
i7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd3NKyzmjoiKHMxq2m9zC6Yz2BxsyRwGNUqlQ=
rrClKkNJ355FarA1xdD66S__6MogJ8DVQGM6oyF73GiHth42VJYh5qAsw0e5fHADZN0TcAp-t1u=
CTL8b63Qqm6kxIX7pXpUbxdC80zXjvpflm_tLQP01PDqbEHqGiJp-0tZJnueb2xgI36_jONqk5V=
ERyCWudseEzVG2HT2dwfcfYFlVxYrPvV1Ndjs8XF7FcpSMAsQI0DWFol1VMwTfIrclddv0lNo6_=
XdVPCa_IatUIXVaITTWbdKozOOgxw_RbLf_ZwJCsLvE8DBzQgDAOU0SIz3BvtT2wuk4NyZ7zkGw=
Y2IEqanggbS0w6nXcXAmtfG0fFyHLxpS_45J0OCYFj7xO29VD627zpcltDQrH2vNi_X_VTwSdiZ=
Hqkahu31jY7DYzT3zJe2O9WzbMyAM63nbIVCfJrUdlblxS608M5mEmxlpbc9" style=3D"widt=
h:350pt;v-text-anchor:middle;" arcsize=3D"17%" stroke=3D"false" fillcolor=
=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><center style=3D"=
font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]--><a =
href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e96=
89713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4=
315jAr7meRcAC7Vd3NKyzmjoiKHMxq2m9zC6Yz2BxsyRwGNUqlQrrClKkNJ355FarA1xdD66S__=
6MogJ8DVQGM6oyF73GiHth42VJYh5qAsw0e5fHADZN0TcAp-t1uCTL8b63Qqm6kxIX7pXpUbxdC=
80zXjvpflm_tLQP01PDqbEHqGiJp-0tZJnueb2xgI36_jONqk5VERyCWudseEzVG2HT2dwfcfYF=
lVxYrPvV1Ndjs8XF7FcpSMAsQIzODc0pLqxM1gXtBqWGRlBrhMsNBrjZqUve4S4iUtkrcInrkQm=
IXkzCy3193_LEf7Iu1A1VFjEIqA60OaZ4dJVc3lifE2a3IMb_xN-CFMcdt7Xmoad7fhVx0hfNXx=
Mr_CothKxFWXgAdPWEDkkOKbBFkpizCh3zswok1wcfiIBYje-Bm5dNU9WVLCz8hwLPmpfp2-UGh=
2AKfrq0H3PlMXhe7DTyGPi_EKr8iL_HwXJL_" target=3D"_blank" rel=3D"noopener nor=
eferrer" style=3D"display: block; margin: 0px; line-height: 1.2; font-size:=
 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: =
rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px=
;"><strong>See more tips</strong></a><!--[if mso]></center></v:textbox></v:=
roundrect></td></tr></table><![endif]--></div> <table width=3D"100%" role=
=3D"presentation" valign=3D"top" style=3D"table-layout: fixed; vertical-ali=
gn: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; t=
ext-size-adjust: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td va=
lign=3D"top" style=3D"word-break: break-word; vertical-align: top; min-widt=
h: 100%; text-size-adjust: 100%; padding: 48px 0px;"><table border=3D"0" ce=
llpadding=3D"0" cellspacing=3D"0" width=3D"100%" align=3D"center" role=3D"p=
resentation" valign=3D"top" style=3D"table-layout: fixed; vertical-align: t=
op; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid r=
gb(222, 224, 226); width: 100%;"> <tbody> <tr style=3D"vertical-align: top;=
"> <td valign=3D"top" style=3D"word-break: break-word; vertical-align: top;=
 text-size-adjust: 100%;"><span></span></td> </tr> </tbody> </table></td> <=
/tr> </tbody> </table> <div> <table style=3D"margin: 0px; padding: 0px;"> <=
tbody> <tr> <td style=3D"margin: 0px; padding-right: 11px; vertical-align: =
middle;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Int=
egrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689=
713/dot-1.5x.png" width=3D"12" height=3D"12" style=3D"display: block; width=
: 12px; height: 12px;"></td> <td style=3D"margin: 0px; padding: 0px; vertic=
al-align: middle;"><p style=3D"margin: 0px; font-size: 16px; letter-spacing=
: 0.075em;"><strong> TOKEN TRIVIA </strong></p></td> </tr> </tbody> </table=
> <p style=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word=
-break: break-word;"><strong>What is a bear market?</strong></p> </div> <di=
v style=3D"margin-top: 16px;"> <table style=3D"line-height: 1.6; word-break=
: break-word;"> <tbody> <tr> <td style=3D"padding-right: 12px;"><strong>A</=
strong></td> <td>An environment where supply is greater than demand</td> </=
tr> <tr> <td style=3D"padding-right: 12px; padding-top: 12px;"><strong>B</s=
trong></td> <td style=3D"padding-top: 12px;">The opposite of a bull market<=
/td> </tr> <tr> <td style=3D"padding-right: 12px; padding-top: 12px;"><stro=
ng>C</strong></td> <td style=3D"padding-top: 12px;">A period when market va=
lue drops by at least 20%</td> </tr> <tr> <td style=3D"padding-right: 12px;=
 padding-top: 12px;"><strong>D</strong></td> <td style=3D"padding-top: 12px=
;">All of the above</td> </tr> </tbody> </table> </div> <p style=3D"margin:=
 16px 0px 0px; line-height: 1.6; word-break: break-word;">Find the answer a=
t the end of the email.</p> <div class=3D"cta_button" style=3D"margin: 24px=
 0px 0px; padding: 0px; width: 50%;"><!--[if mso]><table width=3D"100%" cel=
lpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"border-spacing:0;bor=
der-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td s=
tyle=3D"padding:0;" align=3D"left"> <v:roundrect xmlns:v=3D"urn:schemas-mic=
rosoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" href=3D"h=
ttps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7m=
eRcAC7Vd1WTIOl2zY7zDG9V7l1-2XWJVIAjyYz2B8qvYyrfbn2epf7P8f9YjGamvEEBgMqWo7dK=
HO72RHqqVgbNMBW1S4axJRGf2kDPqyo1uLFz0b7HXLQqyyz95q_fBMmZtjde79h-j19bknB5YBE=
Z3Wr9r8W-ekKagojg601J81iGGZvihQIvpqOt6Jb-e6xBi2Cq9xggN2tPsM3ewdMv4cTCgXu27D=
zGeA8r-vgNvHrMti2WeOCZPNac5MhlE5-RVonRciwPtdx-nES3JWaB3SRm8zPpviHjJY6gwUBg5=
1GCCCpFDd0Fac_6Dlw5SeWeLWCR5LI6JR4zawWSs5N8zL6rgO_agULSz93Ff-QgTZOGQte9UdyG=
dgr3P7velPMu2RlgAV5tLNtp1iaNuR_SAGnUcpxDL4oDG1NaZGQzrBw_H0bzH8X3j_Nt7e6Qpfe=
zZf22cA%3D" style=3D"width:350pt;v-text-anchor:middle;" arcsize=3D"17%" str=
oke=3D"false" fillcolor=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D"0,0=
,0,0"><center style=3D"font-family: Helvetica Neue, Helvetica, Arial, sans-=
serif;"><![endif]--><a href=3D"https://links.coinbase.com/a/click?_t=3D3aca=
56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri=
7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd1WTIOl2zY7zDG9V7l1-2XWJVIAjyYz2B8qvY=
yrfbn2epf7P8f9YjGamvEEBgMqWo7dKHO72RHqqVgbNMBW1S4axJRGf2kDPqyo1uLFz0b7HXLQq=
yyz95q_fBMmZtjde79h-j19bknB5YBEZ3Wr9r8W-ekKagojg601J81iGGZvihQIvpqOt6Jb-e6x=
Bi2Cq9wt4QfJXDGZPvKRQ0OdjHI0mpHpJt2zvFmIw94Cm4EguFY2Er3LKzT-mJD02-HTU4wxIx0=
95rb-wbwpivvkFmH5-khnGXFzxf5kZ9twWlR-RE16h-S55LcGdwpV55cM2PDV67vBfB8ucdRFRt=
g2V6oInMi61Wa3C9XEY6whq_tv1dpDfVI6RB_sufKA6CS2RnlpMo6gMgsrd1bBJEx3SfyFHSjDb=
HGOhUN8DPYMZsK_8TyVKAepqX4X_kCF5raxfrU%3D" target=3D"_blank" rel=3D"noopene=
r noreferrer" style=3D"display: block; margin: 0px; line-height: 1.2; font-=
size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-co=
lor: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18p=
x 0px;"><strong>Learn about market cycles</strong></a><!--[if mso]></center=
></v:textbox></v:roundrect></td></tr></table><![endif]--></div> <table widt=
h=3D"100%" role=3D"presentation" valign=3D"top" style=3D"table-layout: fixe=
d; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min=
-width: 100%; text-size-adjust: 100%;"> <tbody> <tr style=3D"vertical-align=
: top;"> <td valign=3D"top" style=3D"word-break: break-word; vertical-align=
: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;"><table =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" align=3D"ce=
nter" role=3D"presentation" valign=3D"top" style=3D"table-layout: fixed; ve=
rtical-align: top; border-spacing: 0px; border-collapse: collapse; border-t=
op: 2px solid rgb(222, 224, 226); width: 100%;"> <tbody> <tr style=3D"verti=
cal-align: top;"> <td valign=3D"top" style=3D"word-break: break-word; verti=
cal-align: top; text-size-adjust: 100%;"><span></span></td> </tr> </tbody> =
</table></td> </tr> </tbody> </table> <div> <table style=3D"margin: 0px; pa=
dding: 0px;"> <tbody> <tr> <td style=3D"margin: 0px; padding-right: 11px; v=
ertical-align: middle;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/p=
ublic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5637196741=
8192255878e9689713/dot-1.5x.png" width=3D"12" height=3D"12" style=3D"displa=
y: block; width: 12px; height: 12px;"></td> <td style=3D"margin: 0px; paddi=
ng: 0px; vertical-align: middle;"><p style=3D"margin: 0px; font-size: 16px;=
 letter-spacing: 0.075em;"><strong> NOW TRADING ON COINBASE </strong></p></=
td> </tr> </tbody> </table> </div> <a href=3D"https://links.coinbase.com/a/=
click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520=
ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd26R_8YHzHmLGis1ZUOYtq=
aMrI-o5dhlT8gfWOWl5Ho3AeSSrW3UoNw4vjwNEg2_tU-wFDniZlUBOP36ZKBvJfB4x9-FbBzgi=
7lIxhuIuO_wZlBSUrkStFfrD_BeAdbMvBTinSowXcI8Sl2lpDrniXeeTMR1Z4pezGqB3oRcbE8h=
Q9cT03R77fP3XWQClz8GS5X49_xGp_PxwA12YPcFek5i26Bi9_LxYwD0G0EpaUGZ-Py4TmuT7Qq=
UN0S3bbAZtE5pVCMAQIb2_dXw8MGl6U9PK62lY5XIc_Nm3wrbemXk64HCvqlO9djGSNFITwIrCL=
NwhR9E3oS-aLplyCTqtDOSUpE_5RuEaNwBorJJnxvIy3aVyT8ehWGZogrkB7xPU8%3D" target=
=3D"_blank" rel=3D"noopener noreferrer" style=3D"color: rgb(10, 11, 13); te=
xt-decoration: none;"> <table style=3D"margin: 16px 0px 0px; width: 100%;">=
 <tbody> <tr> <td style=3D"font-size: 32px; line-height: 1.26; word-break: =
break-word; vertical-align: middle; white-space: nowrap;"><strong>KSM</stro=
ng></td> <td style=3D"vertical-align: middle; padding-left: 12px;"><img src=
=3D"https://dynamic-assets.coinbase.com/a166208ffbea478e28ca53350e88e6ec08f=
8fa56a4b07310b3be981d96d51e8e78a446acc29eca743d9edde684581ebe4539ab9ecefc24=
95ac5cac8eaa3abeaf/asset_icons/39625933ff3514f53247f2988292a3a9662ae0b070f4=
cf40aeee518a14e75846.png" width=3D"26" height=3D"26" style=3D"display: bloc=
k; width: 26px; height: 26px; vertical-align: middle;"></td> <td style=3D"v=
ertical-align: middle; text-align: right; width: 100%;"><img src=3D"https:/=
/d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-=
bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newl=
istings_light.png" width=3D"21" height=3D"18" style=3D"width: 21px; height:=
 18px; vertical-align: middle;"></td> </tr> </tbody> </table> <p style=3D"m=
argin: 0px; line-height: 1.6;">KSM is a cryptocurrency that powers Kusama, =
a protocol that enables cross-blockchain transfers of any type of data or a=
sset. </p> </a><a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371=
967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7nJlD=
rYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd1EBUMMyL_hWXICKMSFcmbmM5_9MJM6olRl1jxG0iE=
lp1EHuD5_CqixdEGrU0Y1pkieRmMfGLAqNJRMmZ390yNPiVJUoB_zVCZqPYxr0IGOUbDlNAYJpk=
kVOpTqwpyumKOaSp7_eb0suR3Z_LSgfPiC_WwV5rNLW7pazvTeSEiIXNTL8l9-L9wCzBtXm416U=
q5Duuln7A6IcvvM6FJ3juycOl3E_yreDT_3ovZe7Tk9VyS4suNRAzmyY6QOxHDWz34SF9OBTMlU=
TtlrFofLg88m1aqxSfgS9jw47PrBZDzgnFsp0nw0JSDIkWkrzORo-hX-zguUHQfJQSlIGDdu3Zm=
ZYyxTgqkBJMlPHWkWxvGBqcfSeHZmPfs9xzm-IHshGj4%3D" target=3D"_blank" rel=3D"n=
oopener noreferrer" style=3D"color: rgb(10, 11, 13); text-decoration: none;=
"> <table style=3D"margin: 16px 0px 0px; width: 100%;"> <tbody> <tr> <td st=
yle=3D"font-size: 32px; line-height: 1.26; word-break: break-word; vertical=
-align: middle; white-space: nowrap;"><strong>C98</strong></td> <td style=
=3D"vertical-align: middle; padding-left: 12px;"><img src=3D"https://dynami=
c-assets.coinbase.com/c37291c66efbee294513c80637eef0a89ec92eb64e4848e899680=
cf63a4b431b2f875cc9e97cc3cc58e7725b0f95b8f22b472e925683d3e6ad24956c2ad89d03=
/asset_icons/d651cc7d1e015d6711a2aea646bd0f892a0b7fe2c6709e94a4be3a8f96a327=
fa.png" width=3D"26" height=3D"26" style=3D"display: block; width: 26px; he=
ight: 26px; vertical-align: middle;"></td> <td style=3D"vertical-align: mid=
dle; text-align: right; width: 100%;"><img src=3D"https://d15k2d11r6t6rl.cl=
oudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/=
3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png"=
 width=3D"21" height=3D"18" style=3D"width: 21px; height: 18px; vertical-al=
ign: middle;"></td> </tr> </tbody> </table> <p style=3D"margin: 0px; line-h=
eight: 1.6;">C98 is an Ethereum token that powers Coin98, a DeFi platform f=
or swapping tokens, staking, lending, and more. </p> </a><a href=3D"https:/=
/links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D26ab=
c8879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7V=
d28y8r0iwJh8P2DTPIeM40Ldyz35KN2fmEuh-wivdT7C7EWH0xZgh4FT-tHj1bAeduFFlKPnr14=
1Z4-tye2ynxb_lkgeGOifhKgLG0hx_4cTJed0Zxm2W86zV6ZJo47aKYu4i-qG92MsNmDctIbD7y=
DYknn51mUML692Ja0_pg7C-NVWdeTMa2c-P7XtIKoZQ3zrUfOibNumMBJcHLrF1b_yxRAUTGW7w=
iuSqn5hyOs_iX581Mo4lAAxKMtkkyhRdTsVSQl0QTj0a7kdj_OO9VKYBenZdoP8z8WhiAg1wRz5=
v4gsLiR70-O4RhZRFGi6gPr1ZpBT8BFDHgti0qYGU-rGWKSTmaQ2WJ7O6u-UZv9HyBEzQcCQD38=
FUQjSmT3qbg%3D" target=3D"_blank" rel=3D"noopener noreferrer" style=3D"colo=
r: rgb(10, 11, 13); text-decoration: none;"> <table style=3D"margin: 16px 0=
px 0px; width: 100%;"> <tbody> <tr> <td style=3D"font-size: 32px; line-heig=
ht: 1.26; word-break: break-word; vertical-align: middle; white-space: nowr=
ap;"><strong>BIT</strong></td> <td style=3D"vertical-align: middle; padding=
-left: 12px;"><img src=3D"https://dynamic-assets.coinbase.com/3eb49d280a2bb=
c143d7ebfbcfaf261e051999529a1e300ff2737be942b721e710f8921202c4ae1b330ba3713=
76ff470e0ad292dfd1641246308bf036d20f030f/asset_icons/d3ccbcd3675a5911357c99=
321284d2692ea40e52e2fffff57a54d6174cd06742.png" width=3D"26" height=3D"26" =
style=3D"display: block; width: 26px; height: 26px; vertical-align: middle;=
"></td> <td style=3D"vertical-align: middle; text-align: right; width: 100%=
;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrato=
rs/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Ne=
wsletter%20Assets/newlistings_light.png" width=3D"21" height=3D"18" style=
=3D"width: 21px; height: 18px; vertical-align: middle;"></td> </tr> </tbody=
> </table> <p style=3D"margin: 0px; line-height: 1.6;">BIT is an Ethereum t=
oken that governs BitDAO, a protocol designed to support builders of decent=
ralized technologies. </p> </a><a href=3D"https://links.coinbase.com/a/clic=
k?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff75=
26&_e=3Dfri7nJlDrYr0TJGbj1WpUFxcF4315jAr7meRcAC7Vd1-ImSDpy1sd8vrxK1ogQettIl=
H5h6fwpX3KO8GOa2OnxZZ4T4ybnxsNan6vmuCf8WJ_QYOsgOB_a9xjrM6k34aVZqLLOT2HLXMZL=
8aP4bb5iD7iifnp468ULyGVumRq5CZ4SLNYdrksQa7toli_loecmB9WbR4FLCBA_2iX1hswVi6l=
bzYQXqj0sBBtmaSO_FbipnNi2ELxKU42yyhebBXHoUARf6GVLKgKFVHHljgOo7jzM4e7vSl7UrR=
eZBd-2IqP4mJvENmSL1dwMSj8zwf3NZeL5CH_p3_IuHHS_juysqQ5b174PlyAoszuQLEJ1XrrGi=
_m3lqZ_4sdnppIkXoKUGRZAhAPAUKWWdRMWTNhSVKDR528kSaPbG2V9mf7sA%3D" target=3D"=
_blank" rel=3D"noopener noreferrer" style=3D"color: rgb(10, 11, 13); text-d=
ecoration: none;"> <table style=3D"margin: 16px 0px 0px; width: 100%;"> <tb=
ody> <tr> <td style=3D"font-size: 32px; line-height: 1.26; word-break: brea=
k-word; vertical-align: middle; white-space: nowrap;"><strong>OP</strong></=
td> <td style=3D"vertical-align: middle; padding-left: 12px;"><img src=3D"h=
ttps://dynamic-assets.coinbase.com/935803cc0d94b712dc08b9c7799f2d764b46c5c0=
c340a1d13554f6cfb68b57d1e997cadc8884292ad7f8206ed16462d2e94176990791fb157ab=
05aefef137e33/asset_icons/5fad6c775f5213b9926b244c2764ec961b1be3b96c84e6c41=
3efdb3155c1c2d0.png" width=3D"26" height=3D"26" style=3D"display: block; wi=
dth: 26px; height: 26px; vertical-align: middle;"></td> <td style=3D"vertic=
al-align: middle; text-align: right; width: 100%;"><img src=3D"https://d15k=
2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-=
c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistin=
gs_light.png" width=3D"21" height=3D"18" style=3D"width: 21px; height: 18px=
; vertical-align: middle;"></td> </tr> </tbody> </table> <p style=3D"margin=
: 0px; line-height: 1.6;">Optimism is a layer two protocol and smart contra=
ct platform that aims to enable low-cost and near-instantaneous Ethereum tr=
ansactions. </p> </a> <table width=3D"100%" role=3D"presentation" valign=3D=
"top" style=3D"table-layout: fixed; vertical-align: top; border-spacing: 0p=
x; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;"> <t=
body> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-=
break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: =
100%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" width=3D"100%" align=3D"center" role=3D"presentation" valign=3D"top"=
 style=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; bo=
rder-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 1=
00%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=
=3D"word-break: break-word; vertical-align: top; text-size-adjust: 100%;"><=
span></span></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <p s=
tyle=3D"margin: 0px; line-height: 1.6; word-break: break-word;"><strong>Tri=
via answer</strong></p> <table style=3D"margin: 12px 0px 0px; line-height: =
1.6; word-break: break-word;"> <tbody> <tr> <td style=3D"padding-right: 12p=
x;"><strong>D</strong></td> <td>All of the above</td> </tr> </tbody> </tabl=
e> <table style=3D"margin: 48px 0px 0px;"> <tbody> <tr> <td style=3D"text-a=
lign: left;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users=
/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e=
9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt=3D"Coinbase" hei=
ght=3D"26" style=3D"display: block; height: 26px; margin-bottom: 24px;"></t=
d> </tr> <tr> <td><a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56=
371967418192255878e9689713&_m=3D26abc8879d624112a9f80ec520ff7526&_e=3Dfri7n=
JlDrYr0TJGbj1WpUC5YMiv80jhG6W1to-dnmuprnCGDCz2YpNp8kazA4XzTxSNjDWDTUPGGo47i=
4zY74u_G0ibH6NzfmQgkPqC8lV9dS_VtNccH82nn9Uqiqf6SD9CkrFuONFzRkF8i5AWtJiMJjEJ=
PwMFfeYLNLF3hARUipdGp2QK1I6IwFFAZWyG6qsOBlZ8oGT91OWFN6JsbwKEHETOAduGVBbJAtU=
DYe7vdqZeVYrjLLAgRTvjHbPR1a6rLCXP4sS_ryxsuEVWrstUTRYg3mJbWrCHYC3Z1fxNqrAutw=
J2_4PqHMuQBL63CyFq0bvdmBlIBovEVPS2X8YZRCSc4nxVrliGSpipzsa5FrTPp4OiOhI48mjfA=
ISxp9WGXvTDGEUhX_O9bXcOJKjX92ounAZYqkCTrhhBv2YPttZK2kepgxEglkLWN9wm6" title=
=3D"coinbase ios app" target=3D"_blank" rel=3D"noopener noreferrer"><img sr=
c=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d571=
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ple.png" alt=3D"Download on iOS App store" height=3D"46" style=3D"display: =
block; height: 46px; margin-right: 8px;"></a></td> <td><a href=3D"https://l=
inks.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D26abc8=
879d624112a9f80ec520ff7526&_e=3Dfri7nJlDrYr0TJGbj1WpUHswnHi096eFJDLCYQ1BjEf=
awGHFFVRJqY0kCxUb3lhLF7C2R69oggN6MM3IA4L5xmJE2sPojRynMi1u2Ewn6aOOOF2qaqGsKk=
m5O1MLSkMfYnwSZc3nu95AudKNQTA9ZBgg-CFnHSkWQETO-SWJLqfijuYYlY125LMCTKeGgUO_f=
KTpdwmU8rVdAlCq5UKYN5PaK0IdifEg5Qu_4idq5Gq_-eo6Uj80t1IWpRiy13fpnwotIcM5F5tB=
wJXDZtuwOY148IUmBTpfilEkPeuRqSCERPNy2eOxmD9xAjlDeZSSn16YNQey8EcRRMVh3l5ABxK=
YbQ2JS-sSQWbpokCMYAjtel_WFO_Cop1X9i_5WD78prPCdrWfbaQSth8HUHkDIgSZh9fODKo3-Y=
T31VXX7dETpDjTBf7_BZI27K1Y4raX" title=3D"coinbase android app" target=3D"_b=
lank" rel=3D"noopener noreferrer"><img src=3D"https://d15k2d11r6t6rl.cloudf=
ront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca=
56371967418192255878e9689713/Icons/app_google.png" alt=3D"Download on Googl=
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