- MetaMask integrates with Brazilian government payments system.
- NEAR to form a decentralized governance group.
- Coinbase inside trader pleads guilty.
- Starbucks to roll out Polygon NFT loyalty program.
Good morning Banter Fam,
We’ve got a big week ahead with the Ethereum Merge and the inflation data. By now, I’m sure you’ve heard a lot about the Merge, so let’s focus on the macro data.
Today the Core Price Index (CPI) will be released 30 minutes before the US trading session. The consensus forecast is a CPI rate of 8.1%. Behind decreased fuel prices, many pundits are predicting a lower print than in August.
The markets appear to be front-running the data. Additionally, Wells Fargo has jumped on the notion of inflation relief.
Confused about where the markets go after the CPI print?
@fewseethis provides some forward guidance below for different scenarios.
Market update 🌍
While altcoins struggled to keep gains from the weekend, BTC continued its climb. It broke through a crucial $21.7k resistance level and looks on the path to test resistance near the $24k level. Trading volume on BTC has increased dramatically and could help it break a long-standing downtrend (green) that began in November 2021. BTC completed the daily candle up +2.61% to $22,395.
Ether (ETH) price has struggled for three days, after climbing 25% in the previous two weeks. Although, the uptrend support (green) appears to hold as the ETH price goes through its retracement. With the Merge scheduled to occur sometime on September the 14th, expect volatility in ETH’s price for the next few days to weeks. Ultimately, we’d like to see it break through the $1,700 resistance (pink) on its path to creating a long-term upwards trend.
US Dollar Index (DXY)
The US Dollar Index (DXY) has fallen for the fifth straight trading session. Everyone, including the EU, has their fingers crossed that the USD breaks its months-long uptrend (green) that began in February.
|US markets close||Gain/Loss|
Notable Gainers (24h):
|Protocol (Coin)||Price ($)||Gain (%)|
|Function X (FX)||0.35||+37|
|Bitcoin Fear and Greed Index||34 Fear|
|“Ethereum Merge” Google Trends 90d||85|
|“Bitcoin” Google Trends 90d||27|
MetaMask integrates Brazilian payments. The crypto-wallet giant has integrated the Brazilian government payments system Pix to allow customers to make crypto purchases with the Brazilian currency Real. The Pix payments system has 126m users.
NEAR to form a decentralized governance group. The blockchain network, NEAR Protocol, is developing a working group to construct standards for self-governance. The aim is to decentralize the decision-making on the chain and eventually produce a constitution. The initiative, titled Near Digital Collective (NDS), looks to move proposals and decision-making on-chain using the NEAR token.
USDT on NEAR Protocol. Tether has launched its USDT stablecoin on NEAR Protocol. USDT is the largest stablecoin by market cap and will benefit NEAR’s ecosystem and growth. USDT is now available on 13 various blockchains.
- Coinbase inside trader pleads guilty.
- A $1 billion deal between crypto infrastructure providers Wyre and payments firm Bolt Finance falls through.
NFT & metaverse update 🐵
- Bored Ape NFT band to partner with Beyonce’s former music producer.
- Starbucks to roll out Polygon NFT-backed loyalty program to customers. The program, named Starbucks Odyssey, will allow customers to purchase NFTs linked to offers and metaverse experiences. Customers can join the waitlist here.
Could the Starbucks NFT loyalty program be a bigger deal than we think?
Starbucks, a company with a $105 billion market cap and nearly $30 billion in TTM revenue in 2022, is introducing an NFT loyalty program to millions of coffee drinkers around the globe. The NFTs will increase customer engagement on their app.
I can imagine all the soccer moms handing their phones over to their kids to score them some free coffee.
Now, decision-makers in other companies will have to take notice or likely be left behind. It’s easier to follow than to lead, and those corporate meetings could turn to focus on creating a “web3 experience” for their product.
It’s a modest start, but it’ll start catching on. The real-world use case for NFTs has begun!
My inspiration to write this take came from this post by @alpha_plus.
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