Jerome Powell reiterated the Fed’s tough stance on inflation to Congress yesterday. Powell spoke about the challenges of decreasing inflation during war-induced supply bottlenecks, and acknowledged that achieving a “soft landing” without severe economic consequences could be “difficult.”
“You’re the most powerful man in the United States and maybe the World,” noted Sen. John Kennedy, concerning Powell’s power over the economy and markets.
Jerome continues to hold firm in the face of rising inflation. Nothing has changed. The Federal Reserve will continue the fight with rate hikes and quantitative tightening until they see compelling evidence that things are going their way.
When asked if interest rate hikes will bring down gas and grocery prices, Powell responded, ” I wouldn’t say so, no.”
Bitcoin (BTC) enjoyed a slight bounc after the US session that saw the stock market close relatively flat. BTC could be looking to form a slight uptrend on the 4H chart but lacks firm conviction with low volume. BTC completed the US session down -3.61% to US$19,743.
The decentralized premiere exchange (DEX) Uniswap (UNI) climbed 45% in four days after breaking a months-long downtrend on the 1D charts. Uniswap remains one of the few crypto-based Dapps that posts revenues, usually over $2m per day. Additionally, two days ago, the team announced the acquisition of Genie NFT marketplace to add NFT trading to the DEX. The 4H chart shows an uptrending UNI token that recently bounced off a downtrend line (GREEN).
|US markets close||Gain|
|Protocol (Coin)||Price ($)||Gain (%)|
|Enjin Coin (ENJ)||0.52||+13|
|The Sandbox (SAND)||0.97||+8|
|Reserve Rights (RSR)||0.009||+16|
|Pundi X (PUNDIX)||0.42||+17|
|Bitcoin Fear and Greed Index||11 Extreme Fear|
|“Crypto” Google Trends 90d||21|
|“Bitcoin” Google Trends 90d||75|
Do Kwon interviewed by WSJ. CEO of Terraform Labs, Do Kwon, interviewed with the Wall Street Journal to express his “great confidence” to “build back even stronger.” With all the controversy (and lawsuits) behind the Terra collapse after the stablecoin UST lost its $1 peg, Do will have quite the challenge ahead.
“I’ve since lost these bets, but my actions 100% match my words,” Kwon added. “There is a difference between failing and running a fraud.” – Do Kwon.
EBAY enters the NFT space. The E-commerce giant eBay has announced the acquisition of NFT marketplace KnownOrigin after adding NFT capabilities in May 2021.
Let’s round up some of the events of the day.
We are still in a bear market.
Keep your head down, keep learning, do your own research, and dollar-cost-average into quality. Then forward to brighter days ahead. Because as sure as anything, they will come!
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