Overview
- Jackson Hole.
- Tornado Cash insight.
- Arbitrum Nitro.
- Sandeep Nailwal new fund.
Good morning Banter Fam,
Today is the day that Federal Reserve chairman Jerome Powell will be delivering his speech at Jackson Hole, addressing financial markets on the current US financial situation. Many are expecting that Powell’s speech will be hawkish, signaling a continued need for hiking interest rates in order to tackle inflation. US stocks rallied ahead of the event, but at the same time, $125B of short positions have been taken out betting against the S&P 500.
Expect high volatility today, leading up to the speech and shortly after.
Market update 🌍
BTC/USD 1D
BTC closed yesterday at $21,559.04, a move to the upside of +0.89%.
Today, at the time of writing, it finds itself at $21,397. That is a drop of -0.74% so far for the day.
We expect price to fluctuate quite a bit ahead of today’s Jackson Hole event.
High-resolution chart
ETH/USDT 1D
ETH had an amazing day yesterday, closing at $1,695.11. That is an increase of +2.33%.
Today, however, it seems to have wiped that move clean. At the time of writing, ETH is trading at $1,653, a decrease of -2.45%.
High-resolution chart
| US markets close | Gain |
| S&P 500 | 1.41% |
| Nasdaq | 1.67% |
| Dow | 0.98% |
| VIX | -3.29% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Cardano (ADA) | $0.482007 | 2.9% |
| XRP (XRP) | $0.357557 | 2.8% |
| BitDAO (BIT) | $0.551577 | 2.4% |
| Osmosis (OSMO) | $1.26 | 2.3% |
| Stacks (STX) | $0.399119 | 1.1% |
| Bitcoin Fear and Greed Index | 27 Fear |
| “Crypto” Google Trends 90d | 40 |
| “Bitcoin” Google Trends 90d | 28 |
Newswatch 📰
Tornado Cash. Arrested Tornado Cash developer formerly worked for a company linked to the Russian security agency FSB.
Arbitrum Nitro. The devs at Arbitrum have released the Arbitrum Nitro whitepaper detailing their second-generation Optimistic Rollup technology that will help to scale the Ethereum network to Layer-2. It will be going live on mainnet next week.
Merging operations. Sam Bankman-Fried’s FTX and Alameda officially merge their VC operations.
News Tidbits:
- Animoca Brands Japan raises $45m at a $500M pre-money valuation to grow Web3 business.
- Coinbase announces it will fully be supporting the upgraded Ethereum PoS chain following The Merge.
- Polygon’s founder, Sandeep Nailwal, raises $50m for a new startup fund.
- Coinbase derivatives exchange to add Nano Ether futures contract.
- Binance signs MoU with the City of Busan to further foster blockchain industry development.
At the protocol level ⛓
- Compound III launched on Ethereum. Following a successful COMP Governance proposal, Compound III is live.
Banter’s take
Today markets will move, that is what most crypto and traditional finance investors will tell you. Jerome Powell’s speech is sure to affect the markets, whether for good or for bad. The speech will likely not only influence today’s price action but also define the road ahead for the markets (mid-term at the least).
Expect volatility, don’t panic, and don’t FOMO. Stay safe.
Gabri
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Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
