The Fed finally paused interest rates. HOOORRAYY!! It’s about damn time.
So, time to celebrate? Not so fast.
It’s been a loooonng time coming that the markets didn’t actually know what to do with themselves. Cue the confusion and volatility.
Welcome to your weekend edition of crypto news served with a side of macro mayhem.
Cos there’s never a dull moment here. You’ll want to keep reading…
Here’s what’s in today’s issue:
- My portfolio updates.
- Rebecca shares her thoughts on interest rates pausing, the Friend.tech of Bitcoin, Binance spending almost $1M on ETH gas fees, Base fighting back against hackers & crypto yield for institutions.
- Altcoin Alpha by David.
- Airdrop of the week by Jesse.
- Jesse has a deep dive on THORChain.
- Sam has a report for you on NFTs that are surviving the bear market.
- In case you missed it by Rebecca.
For any crypto related questions please comment on the website.
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Buys and Sells
I added some more LINK at $6.85. To be honest, I dropped the ball here and forgot to buy on Monday like I was planning to. LINK then broke out, and I paid the higher price 🙁
Farming
This week was just keeping up with existing farms. Nothing new.
Open BUY and SELL Orders
Nothing this week.
Current Farming/DeFi Positions
- Maker’s Summer App Loaned ETH to borrow USD DAI.
- Trader JOE: ETH/USDC on Arbitrum
- Syncswap: ETH/USDC on ZKsync
- Horizon: ETH/BUSD on Linea
- Baseswap BSWAP/ETH on BASE
- Quickswap QUICK/USDC on Polygon zkEVM
- Linea Bank ETH supply on Linea
- Lendle supplying USDC on Mantle
- Radiant Capital LP RDNT on Arbitrum
- Jedi Swap ETH/USDC LP on Starknet
- Dackie Swap ETH/USDC on BASE
- Mantis USDC on Polygon zkEVM
- Eralend ETH on zkSync
- Prisma Finance on ETH Mainnet staked cbETH
- Prisma Finance on ETH Mainnet mkUSD/FRAX pool
- Claystack on ETH Mainnet staking ETH
NOTE – Most of these positions are very small
⏸ The Big Interest Rate Pause Is Here
Good news: The Fed has paused US interest rate hikes.
Bad news: Rates could stay higher for longer. Let’s dive into the details…
The big interest rate pause is here.
This week saw:
- US interest rates kept at a range of 5.25%-5.5%
- UK interest rates kept at 5.25%—a surprise move, but what the US does, the UK usually follows
- Swiss interest rates kept at 1.75%—another surprise to the market
Together they join:
- Canada, currently has rates paused at 5%
- Australia, currently has rates paused at 4.1%
- New Zealand, currently has rates paused at 5.5%
So, with the major economies around the world, and some parts of Europe, pausing rate hikes, is this the end of the current hike cycle? Or do central banks have one last trick up their sleeves?
The Fed isn’t holding back and is still pushing the narrative of “We have one more hike left.” And of course, we still need to watch the inflation readings.
If CPI inflation keeps on rising or core inflation gets stuck, then more hikes are certainly…
