DAILY CONQUEST #104
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Overview
- Markets shrug off increased inflation.
- Crypto looks primed for a good weekend.
- Astrologist Maren marketed Celsius before its collapse.
- Worst month ever for DeFi hacks.
Good morning Fam,
Fact of life #1: Inflation is here to stay.
Fact of life #2: The markets stopped caring today.
If we learned something yesterday, inflation remains resilient and will remain elevated with all the challenges facing the supply side.
On a good note, the markets have 19 days before the next Federal Reserve meeting and subsequent rate hikes. The market is now pricing in a 50% probability of a 100 basis-point rate hike after yesterday’s higher-than-expected Core Price Index (CPI).
Source: FedWatch Tool
How markets react in the coming two weeks will say a lot about how investors feel following the high print. Price action will likely remain volatile, but if prices hold up in the coming weeks, it’s a hard signal that the worst may be over for stocks and crypto.
BTC/USDT 1D
The markets quickly shook off an early dip in the US session after the higher-than-expected CPI release of 8.2%. BTC fell to a low of $18,910, quickly recovering above the well-defended $19k support level. Price rebounded off the former downtrend support (red) to the bulls’ enthusiasm. BTC completed the daily candle up +1.15% to $19,375 and looks primed for a bullish weekend.
High-resolution chart
ETH/USD 1D
ETH showcased a similar recovery to BTC after reaching a low of $1,190 in the early morning and looks set to test the downtrend resistance (red) that began in November 2021. Price action will have to increase in volume to break the long-lasting resistance, but ETH has found a home above the $1,250 support level. If the market shows strength this weekend, expect ETH to make some ground up versus BTC. ETH completed the daily candle down -0.56% to $1,287.
High-resolution chart
ENS/USDT 1D
Ethereum Name Service (ENS) has been one of the best-performing protocols concerning revenue and price action since June’s bottom. Here ENS has broken out of an ascending triangle pattern resistance behind a healthy amount of volume. Price will typically fall to retest the resistance turned support in similar patterns, marking a good entry for those who remain bullish on ENS. ENS climbed +13.30% today to $19.42.
High-resolution chart
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Crypto astrologists caught marketing Celsius before fall. Maren Altman, a famous crypto influencer, former Banter-show guest, and astrologist, has been accused of marketing Celsius before its fall. A court document shows Altman received some $30k from Celsius to tout the Platform on her social media accounts. Maybe it was the full moon last week.
Record month for DeFi hacks. Hackers set a new record for DeFi hacks after October saw $718m stolen from DeFi platforms in 11 hacks. In total, $3 billion was stolen from DeFi in 2022.
Source: Blockworks
News Tidbits:
- Tether cuts commercial holdings to zero.
- Crypto asset manager BlockTower launches $150m venture-capital fund.
- Uniswap Labs raises $165m in Polychain Capital-led series B.
- Binance burns 2.06m BNB tokens ($547m) in its 21st quarterly burn.
- The UK passes a bill to use blockchain for trade documents potentially.
- Janet Yellen pushes CDBCs at an IMF meeting.
- JP Morgan c
NFT & metaverse update 🐵
- Coinshares introduces an experimental AI bot to calculate the fair price of NFTs.
- Japanese video game developer Konami Digital Entertainment is recruiting for Web3, NFT, and metaverse roles.
My five cents…
Keep an eye on US equities on Monday. If things continue upward, the market could signal inflation worries have been priced in. In addition, the crypto markets look ready for a bullish weekend after BTC and ETH rejected significant support levels despite the high CPI print.
Enjoy your weekend!
Gabriel
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