Overview
- CPI exceeds market expectations.
- Goerli testnet officially Merged.
- SpiritSwap V2 live.
- Hotbit says user assets are safe.
Good morning Banter Fam,
Yesterday saw one of the biggest days for CPI and inflation in recent history, as it was the first time in months that the data seemed to turn positive. The markets were expecting CPI to come in at 8.9% but were surprised when it came in even lower at 8.5%.
As a result, the markets started pumping almost immediately. Some tokens saw massive moves to the upside, like Ether which pumped 6.85% on the hour of the data release.
However, even though CPI seems to have peaked, we probably still are not 100% in the clear just yet.
Market update 🌍
BTC/USDT
CPI data yesterday was great for both the traditional and crypto markets. On the news of the CPI data, BTC jumped 3.72% (on the hourly candle close). The positive news meant BTC was left to its own, to continue climbing steadily upwards, as it has been recently.
The daily close saw BTC jump 3.47%, closing at $23,954.
High-resolution chart
ETH/USDT
Ether saw a massive run-up yesterday, as it seemed to like the CPI data that came in at 8.5%, exceeding markets expectations by 0.2% (markets were expecting 8.7%). The news sent ETH rocketing up 6.78% on the hourly candle.
The day saw ETH close at $1853, up an impressive 8.86%.
High-resolution chart
| US markets close | Gain |
| S&P 500 | 2.13% |
| Nasdaq | 2.89% |
| Dow | 1.63% |
| VIX | -8.36% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Celsius Network (CEL) | $2.35 | 29.4% |
| Lido DAO (LDO) | $2.74 | 17.2% |
| THORChain (RUNE) | $3.12 | 17.2% |
| Aave (AAVE) | $110.27 | 12.2% |
| Lido Staked Ether (STETH) | $1,831.53 | 11.9% |
| Solana (SOL) | $44.39 | 11.4% |
| Ethereum (ETH) | $1,890.10 | 11.3% |
| Cosmos Hub (ATOM) | $12.11 | 10.7% |
| cETH (CETH) | $37.90 | 10.8% |
| Synthetix Network (SNX) | $4.20 | 10.7% |
| Bitcoin Fear and Greed Index | 41 “Fear” |
| “Crypto” Google Trends 90d | 26 |
| “Bitcoin” Google Trends 90d | 29 |
Newswatch 📰
The Ethereum Goerli Merge is complete. It’s the biggest news in all of the cryptosphere right now. The Ethereum Goerli testnet has officially been merged and is now a Proof of Stake chain. This was the last step to be taken by the Ethereum devs on the road to ETH 2.0, which will convert the entire Ethereum blockchain from a Proof of Work chain to a Proof of Stake one. The Merge is coming!
SpiritSwap V2 is live. Users can now access SpiritSwap V2 beta. With V2 come many updates including a Hybrid AMM model, the addition of new vAMM (Solidly adaptation), the addition of Stable (sAMM), and further addition of linear sAMM and weighted pools (V2.1).
News tidbits:
- List of top gas guzzlers on Ethereum in 2022.
- Introducing Modular Fellows.
- Hotbit suspended but say users’ assets are safe.
At the protocol level ⛓
Mapping out the Aptos Ecosystem. Aptos, the Layer-1 blockchain built on Move is seeing adoption. Even though the chain is still in its testnet phase, some projects have already begun building on it. Check it out here.
Stargate community call. Notes on the recent Stargate Finance Community Call. The talk included SushiXSwap Updates, Bribing & Liquidity, and New Chains.
Bitcoin Lightning network exhibiting promising growth. CB Ventures has been digging into the Bitcoin Lightning network. Its potential to disrupt $150B a year payment and remittance industries has come to light.
NFT & Metaverse update 🐵
- Exploring the Unbundling Opensea Thesis.
Banter’s take
The markets have reacted positively to the good news of CPI coming in at 8.5%, exceeding forecasted expectations of 8.7%. This is only logical, but how long can this run last? It is highly likely that until we near the next FOMC meeting (or CPI data release) we will see the run continue.
All eyes will now be on Ethereum and its final steps towards reaching its destination: ETH 2.0. So far everything seems to be going to plan. The successful Merge of the Goerli testnet was the last positive indication needed for users and investors to feel a little more comfortable. Combining this with the above CPI data is likely what sent ETH flying.
Bullish, but remember. Don’t give in to FOMO. Stay focused.
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.
