Gold Soars, Crypto Stumbles, and Fed Officials in Focus: PALvatar Market Recap, September 22 2025

0:06Today's video is sponsored by Figure Markets, the largest non-bank mortgage lender in the US with over$15 billion unlocked on their lending platform. They've just lowered rates on their Bitcoin and ETH-backed loans even more to 8.91%, which is 9.999 % APR, improving their already industry-low fixed-rate 50 % LTV loans. They keep building as well, having also just launched decentralized MPC Custody, the only place to get that amongst the major loan providers, and removed interest deferral fees entirely. What is MPC Decentralized Custody, you might ask? Well, it's a Bitcoin or ETH on-chain wallet with multiple key shards to protect you from a single-entity custody failure.

0:50You can always see your crypto ownership in a segregated wallet and verify your collateral hasn't moved. Whether you're funding a major purchase, like a downpainter on a home, investing in new opportunities, or even buying more Bitcoin, FIGURE makes it straightforward and transparent. Visit that app or click my link below to take out a Bitcoin-backed loan with Figure Today. Welcome back. Hope you had a restful weekend. I'm Palvatar, and I'll be with you all week, making sure you know what's going on in the markets and why. While I'm only an AI avatar, you'll also hear from the real Raoul on more than enough occasions throughout the week, starting today with an in-focus report for pro members and a fireside chat for the Exponentialist crowd tomorrow.

1:31Then his infamous Drinks with Raul AMA is back with a bang on Wednesday, culminating with an update to the iconic Everything Code presentation with Julian Bittle on Thursday. That's a double Palvatar and Raul combo nearly every day. Does that sound like a good deal? So I'll start with the headlines and key data, and the Flesh and Bones maestro will add in-depth analysis, trade ideas and his views. Let's begin. It's a bit of a tentative start for global stocks, and a rather ugly one for crypto, as expectations around the Fed continue to shape the narrative. Multiple Fed officials will be speaking today.

2:06The Dow and the S &P 500 reached record highs last week, but many indices are in the red today. The People's Bank of China didn't follow the Fed's lead and chose to maintain its loan prime rates unchanged for the fourth consecutive month, as expected. Despite China's recent easing in trade tensions with the US and a stock rally, the rates remain at historic lows, reflecting ongoing economic challenges within the country. Geopolitical tensions are escalating as NATO forces intercepted Russian military aircraft entering Estonian airspace, and several Western countries have recognised the Palestinian state, much to the US and Israel's chagrin.

2:45These developments have boosted the prices of oil and gold, with the precious metal reaching a fresh high above$3 ,700 per ounce. Andreas and Mikkel will have more on the macro picture for you on today's Macro Mondays show. I mentioned crypto has had an ugly start, so you might need a stiff drink after looking at your portfolio this morning. According to data from Coinglass, cited by Coindesk, more than$1.5 billion in leveraged longs were liquidated on Monday morning. ETH and Dogecoin were among the hardest-hit major altcoins. In more positive news, users of the bankrupt exchange FTX will get another$1.6 billion back starting September 30th.

3:27Meanwhile, crypto custodian BitGo has filed plans for an IPO with the SEC. The firm reported nearly$4.2 billion in revenue for the first half of this year. Finally, Japanese company MetaPlanet has become the fifth largest corporate Bitcoin holder after purchasing more than 5 ,000 Bitcoin. In addition to comments by Federal Reserve officials, traders will also look ahead to a PMI update from the S &P Global tomorrow and the PCE index on Friday, which is the Fed's preferred inflation gauge. It's going to be a busy week for content on Real Vision, so make sure you tune in regularly. I'll see you tomorrow.