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Abu Dhabi launch $2 billion fund for Web3

GB Market Commentary 16/02/2023

by Marcus Sotiriou

After CPI data released yesterday, global markets rallied, as Bitcoin climbed to $24,900. This surprised many investors, as headline CPI was +0.2% higher than the expected +6.2%, at +6.4%. However, CPI continued to decline in year-over-year terms.

Today though, markets have reacted badly to US PPI data, which has come in hot. Headline PPI came in at +0.7% MoM compared to the expected +0.4%, with YoY being +6% compared to the expected +5.4%. Core US PPI also came in higher than expected, as it was +0.6% MoM relative to the expected +0.2% expected, and 4.5% YoY relative to the expected 4%.

Bitcoin reacted badly to this PPI data, as it means Federal Reserve Chairman Jerome Powell’s job is not over just yet. He may have to raise rates another 0.5% to 0.75% next time around.

Institutional capital is still flowing into private markets as Abu Dhabi has launched a $2 billion fund to enter the Web3 space. The programme will provide crypto startups with, “a progressive regulatory environment and world-class blockchain and virtual asset infrastructure." Could Abu Dhabi capitalise on countries such as the US being hostile toward crypto companies.

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