Smells Fishy?

crypto markets smelling fishy

The Feds have raised their inflation expectations, meaning the rise in interest rates is now expected to happen in 2023. It’s a sign that the feds believe the US economy is recovering quicker than predicted, and that interest hikes will be needed to slow inflation. While it’s true many investors see Bitcoin as a hedge against inflation, history shows that whenever the feds tighten their monetary policy then the price of BTC drops. 

So keep that in mind! As always, watch out for higher volatility over the weekend session, still believe these are the key levels of the current price range. And it’s still not clear which direction we will go. We have negative funding across the board and open interest keeps going up, which indicates that bears are comfortable in their shorts, pointing to the possibility of upside volatility towards 48k for a short squeeze. But at the same time USD is rallying, Gold futures are down, US 10 year bond yields are neutral/falling, and S&P 500 doesn’t look good. 

The key is to preserve capital until the trend is clear! Meanwhile, it’s International Sushi Day… SUSHI to pump?

Crypto News

  • Fantom: FTM token will be listed on Bitfinex as the mainnet version, meaning users can deposit and withdraw with low network fees. Perhaps the exchange will support USDT on the Fantom network in the future?
  • Paraguay: Looks like El Salvador has got the ball rolling, Paraguay is the next country that will legally adopt Bitcoin. Scheduled to happen next month.
  • Bitcoin: Legendary Paul Tudor Jones explains why if you’ve allocated 5% of your portfolio into BTC then you’ve actually allocated 95% of your portfolio into being demonetized by BTC. Interesting!
  • Mexico: Planning to launch a national stablecoin that is pegged to the Mexican peso, interesting if it remains a decentralized token. Though probably won’t, right?

DeFi News

NFT Spotlight

Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.

the Sushi Offering
See what I’m willing to sacrifice…

NFT News

  • Mclaren: Announced a partnership with the Tezos blockchain to launch their Formula 1 NFTs.
  • Faraland: Will soon enable users to move their characters and NFTs into a new metaverse, through a partnership with My DeFi Pet. Both teams will collaborate to let their users move assets through each blockchain game. Nice!
  • Scallop: An upcoming game on Solana where users grow Scallops by staking SOL, to earn a chance of winning the game’s native token SCA. There will also be tasks to complete to win decorations, which might be NFTs?
  • All Art Protocol: Developing a new standard for NFT AMM Liquidity Pools, referred to as NFT-PRO, powered by Solana. One to research and start following, the protocol’s native token is ART.