Have Crypto Markets Conquered Inflation Worries?

1 month ago 33

DAILY CONQUEST #104

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Overview

  • Markets motion disconnected accrued inflation.
  • Crypto looks primed for a good weekend.
  • Astrologist Maren marketed Celsius earlier its collapse.
  • Worst period ever for DeFi hacks.

Good morning Fam,

Fact of beingness #1: Inflation is present to stay.

Fact of beingness #2: The markets stopped caring today.

If we learned thing yesterday, ostentation remains resilient and volition stay elevated with each the challenges facing the supply side.

On a bully note, the markets person 19 days earlier the adjacent Federal Reserve gathering and consequent complaint hikes. The marketplace is present pricing successful a 50% probability of a 100 basis-point complaint hike aft yesterday’s higher-than-expected Core Price Index (CPI).

Source: FedWatch Tool

How markets respond successful the coming 2 weeks volition accidental a batch astir however investors consciousness pursuing the precocious print. Price enactment volition apt stay volatile, but if prices clasp up successful the coming weeks, it’s a hard awesome that the worst whitethorn beryllium implicit for stocks and crypto.

Market update 🌍

BTC/USDT 1D

The markets rapidly shook disconnected an aboriginal dip successful the US league aft the higher-than-expected CPI merchandise of 8.2%. BTC fell to a debased of $18,910, rapidly recovering supra the well-defended $19k enactment level. Price rebounded disconnected the erstwhile downtrend enactment (red) to the bulls’ enthusiasm. BTC completed the regular candle up +1.15% to $19,375 and looks primed for a bullish weekend.

High-resolution chart

ETH/USD 1D

ETH showcased a akin betterment to BTC aft reaching a debased of $1,190 successful the aboriginal greeting and looks acceptable to trial the downtrend absorption (red) that began successful November 2021. Price enactment volition person to summation successful measurement to interruption the long-lasting resistance, but ETH has recovered a location supra the $1,250 enactment level. If the marketplace shows spot this weekend, expect ETH to marque immoderate crushed up versus BTC. ETH completed the regular candle down -0.56% to $1,287.

High-resolution chart

ENS/USDT 1D

Ethereum Name Service (ENS) has been 1 of the best-performing protocols concerning gross and terms enactment since June’s bottom. Here ENS has breached retired of an ascending triangle signifier absorption down a steadfast magnitude of volume. Price volition typically autumn to retest the absorption turned enactment successful akin patterns, marking a bully introduction for those who stay bullish connected ENS. ENS climbed +13.30% contiguous to $19.42.

High-resolution chart

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Newswatch 📰

Crypto astrologists caught selling Celsius earlier fall. Maren Altman, a celebrated crypto influencer, erstwhile Banter-show guest, and astrologist, has been accused of selling Celsius earlier its fall. A tribunal papers shows Altman received immoderate $30k from Celsius to tout the Platform connected her societal media accounts. Maybe it was the afloat satellite last week.

Record period for DeFi hacks. Hackers acceptable a caller grounds for DeFi hacks aft October saw $718m stolen from DeFi platforms successful 11 hacks. In total, $3 cardinal was stolen from DeFi in 2022.

Source: Blockworks

News Tidbits:

  • Tether cuts commercial holdings to zero.
  • Crypto plus manager BlockTower launches $150m venture-capital fund.
  • Uniswap Labs raises $165m successful Polychain Capital-led series B.
  • Binance burns 2.06m BNB tokens ($547m) successful its 21st quarterly burn.
  • The UK passes a measure to usage blockchain for commercialized documents potentially.
  • Janet Yellen pushes CDBCs astatine an IMF meeting.
  • JP Morgan c

NFT & metaverse update 🐵

  • Coinshares introduces an experimental AI bot to cipher the just terms of NFTs.
  • Japanese video crippled developer Konami Digital Entertainment is recruiting for Web3, NFT, and metaverse roles.

My five cents…

Keep an oculus connected US equities connected Monday. If things proceed upward, the marketplace could awesome ostentation worries person been priced in. In addition, the crypto markets look acceptable for a bullish play aft BTC and ETH rejected important enactment levels contempt the precocious CPI print.

Enjoy your weekend!

Gabriel

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Have Crypto Markets Conquered Inflation Worries? was primitively published successful Coinmonks connected Medium, wherever radical are continuing the speech by highlighting and responding to this story.

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