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Macro uncertainty drags on as markets await direction

The FOMC minutes included an unexpected surprise, President Nayib Bukele reminds US senators to stay out of El Salvador's business and Trudeau's advertisement for crypto may be working better than expected!

Crypto Banter by Crypto Banter
February 17, 2022
in Breaking News
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The FOMC minutes included an unexpected surprise, President Nayib Bukele reminds US senators to stay out of El Salvador’s business and Trudeau’s advertisement for crypto may be working better than expected!

All this and much more!

Coffee. Banter. Go!

  • Canadian bank run.
  • FOMC meeting surprise.
  • Market update.
  • Major crypto news.

Canadian bank run

Newton’s third law of motion states that for every action there’s an equal and opposite reaction.

And there’s an interesting reaction brewing in Canada amidst the “Emergency Act” which allows government agencies access to citizens’ financial services.

Canada just told it's citizens they don't own their own money and the government can and will freeze and or confiscate it, act accordingly#bankruncanada pic.twitter.com/uFvzX0GCOc

— Running #bitcoin (@running_hodl) February 15, 2022

“#bankruncanda” erupted as one of the trending searches on Twitter today, and it appears that there may be some truth behind the hashtag. Apparently, several banks have been reported to be offline, and “bank run” on Google Trends in Canada has shot up to the highest possible number of 100 in the previous 24 hours. It’s unconfirmed if an actual bank run is playing out, but we investors know the power of a juicy narrative.

What the hell is happening to Canada’s banks right now? pic.twitter.com/NRjPWlG0GE

— James Melville 🚜 (@JamesMelville) February 16, 2022

A few surprises in the FOMC minutes

The FOMC minutes released today noted the market’s expected interest rate hikes and a reduction in balance sheets to begin in March. Unexpectedly, the policymakers mentioned the “emerging risks to financial stability from the rapid growth of crypto assets and decentralized finance platforms” but they failed to point towards taking any actions.

Bonds will probably get crushed as Fed goes from the only buyer on Earth to seller. Rising rates will make stocks and real estate less attractive.

Q: Where does one invest when both stocks and bonds are falling? (normally neg. correlated)

A: Crypto

NEW: https://t.co/kfWepIc9xG pic.twitter.com/eYabpvnZpR

— Dan Morehead (@dan_pantera) February 16, 2022

Crypto market update

Bitcoin (BTC) remained flat in anticipation of the FOMC minutes. However, BTC pumped after the report’s release, tested the 44k resistance, and finished the day at 43.8k, down 0.50%.

https://www.tradingview.com/chart/v7j9tiND/

Notable gainers

  • Dash (DASH) $117.86 +10%
  • THORChain (RUNE) $4.63 +5%
  • Filecoin (FILE) $22.93 +4%
  • Rally (RLY) $0.35 +46% 
  • Everdome (DOME) $0.08 +40%
  • Boba Net. (BOBA) $1.71 +14%
  • Mirror Pro. (MIR) $1.48 +13%
  • Wilder World (WILD) $2.30 +16%

Bitcoin Fear and Greed Index: 52 neutral (+1)

Bitcoin “Google” Trends: 24 (-1)

Bitcoin “Crypto” Trends: 28


Major crypto news

  • Warren Buffet’s Berkshire Hathaway has invested $1 billion into crypto-friendly Nubank, and dropped three billion dollars’ worth of shares of Visa and Mastercard. Ironically, Buffet referred to cryptocurrency as “Rat Poison” in the past and was highly opposed to this emerging asset class.

It takes very long to understand and gain courage to put a dime in #Crypto.

The journey goes through "fraud, intrinsic value, ML, etc, passing thru all negatives till you arrive".

Warren Buffet has finally arrived.

To most ppl, it is a very long walk.

Welcome Warren Buffet🤝

— CryptoSmind (@SmindCrypto) February 17, 2022
  • Canada’s federal police agencies are investigating the 34 crypto wallets with over CA$1 million tied to the trucker-led protests in Ottawa. The protest was deemed illegal by the Emergencies Act invoked by PM Trudeau on Monday. The emergency act allows the suspension of any accounts tied to the protest without civil repercussions.
https://twitter.com/tbr90/status/1494054334912512008?s=20&t=2adrD-Jx9H9lAq1937bTnw
  • Snoop Dogg acquired Death Row records days before the Super Bowl and plans to transform it into the first record label in the metaverse by utilizing music NFTs. It’s a Doggy Dogg world!
  • To the detriment of $LOOKS token holders, it has been confirmed the LooksRare team cashed out 30 million dollars’ worth of its tokens. The token dropped 15% in price during the selloff.
  • Twitter integrated the ability to tip in ETH today, months after adding Bitcoin tips to the network.
  • Legislation was introduced by US senators concerning El Salvador’s adoption of Bitcoin as legal tender on Tuesday as a “plan to mitigate potential risks to the US financial system.” President of El Salvador, Nayib Bukele, responded on Twitter:

OK boomers…

You have 0 jurisdiction on a sovereign and independent nation.

We are not your colony, your back yard or your front yard.

Stay out of our internal affairs.

Don’t try to control something you can’t control 😉
https://t.co/pkejw6dtYn

— Nayib Bukele (@nayibbukele) February 16, 2022
  • Colorado plans to accept crypto for tax payments as early as the summer.

Confirmed: Colorado to Accept #Crypto for State Taxes From This Summer

— Altcoin Daily (@AltcoinDailyio) February 16, 2022

Banter’s take

A few days ago, the Canadian government decided to release the very best advertisement for crypto, and the ad might just be working better than expected. Who would have thought that citizens in a democratic state take their freedoms seriously? So, if banks aren’t safe to hold Canadian’s wealth, what’s a good alternative? Hhmmmmmm.

Thanks for reading the Morning Brew!

-Gabri 

Follow me on Twitter

Tags: BTCMARKETS
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