In This Issue
- I share my thoughts on the state of the market, new rate hikes, ETH might be a security, crypto institutionalization, post merge numbers & the USA killing algorithmic stablecoins.
- Rekt Capital has the latest technical analysis for you on the market.
- Sam has a report for you on the pixels and plotlines in Solana NFTs.
- Defi Dad has a tutorial for you on how to earn up to 9.74% effective APY with ETH liquid staking tokens.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
For any crypto related questions please comment on the website.
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What’s On My Mind by Lark
The State of the Market
Rough. That is probably the one word to accurately sum up the current feeling.
At the time of writing Ethereum had lost key support at $1,280, and Bitcoin had faced a major sell off on the daily.
The S&P 500 hit a major rejection as well. And as usual, it is all because of the macro scene, and the FED in particular. More on that in a moment.
The only thing that is rallying higher is the damn dollar index! And as we know, when the dollar index rallies, everything else falls. And the dollar rally has not shown any significant signs of slowing down… yet…
You might be forgiven for completely forgetting that Cardano’s Vasil hardfork is happening tomorrow. In a bull market it would be the talk of the town, but in a bear market it barely gets a mention.
News across the crypto space has been pretty slow in general. We are entering the quiet time. This general lack of interest and slow news is typical for bear markets.
Bulls markets need enthusiasm and wide market participation, in the same way that bear markets need apathy and ghost town vibes.
While it all seems grim now, and yes, the grimness could continue for some time, it will not last forever. It never does.
Keep playing defense and keep an eye out for opportunities.
FED Meeting Sets New Rate Hike
The Federal Reserve has announced a new rate hike of 75 bps (0.75%). And while the market had been anticipating this, the reaction has been generally negative. Particularly due to what the FED Chief said “the chances of a soft landing are likely to diminish”.
This means more pain will be coming for markets. Restrictive rates will be the policy for some time. It will take some time to get inflation under control. There will not be a bull run again any time soon, we should be ready for months more of bear market vibes.
SEC Says Ethereum Is A Security?
While Gary Gensler did not specifically say that Ethereum is a security now that it has moved to proof-of-stake, he did come out the day after the merge to say that all proof-of-stake coins could potentially be considered securities.
He based his reasoning on the concept that staking your coins could constitute an “investment contract”.
If this becomes law then almost every cryptocurrency will be deemed to be operating illegally as unregistered securities.
Another bombshell this week came from an ongoing lawsuit against a 2017 ICO promoter. In that suit the SEC is claiming jurisdiction over the entire Ethereum…
