Overview
- Jobs Data will dictate market action
- Markets: The dollar index blasts through resistance.
- Unstoppable Domains adds encrypted email support.
- Vitalik Buterin’s book ready for preorder, comes with NFT.
- Bitcoin’s monthly returns in September.
Good morning Banter Fam,
The US stock market paused bearish price action to await the Unemployment Rate and Non-Farm Employment figures set to release today pre-market. Pundits forecast The Unemployment Rate at 3.5%, a significant change from last month’s 2.7% print. The markets will be keeping a close eye on the percentage to gauge the economy’s health amidst aggressive interest rate hikes and quantitative tightening by the Federal Reserve.
If the rate is higher than expected, the market may react positively since it would force the Fed to reconsider its hawkish stance. On the other hand, if job data remains strong, the market will likely begin adjusting for further inflation-fighting measures by Jerome Powell.
Source: CryptoCraft
Market update 🌍
DXY 1D
The US Dollar Index (DXY) looks scarier every time I look. The DXY broke major resistance yesterday, highlighting the demand for the safety of the USD despite its high inflation. Until USD demand falters, the market mentality will remain “risk-off.”
High-resolution chart
BTC/USDT 1D
Interestingly, the bitcoin fear gauge rose by five points yesterday, from 20 to 25, which is a significant recovery in one day, although the price remained flat. Bitcoin has been stuck between $20.5k and $19.5k and continues to tease a retest of the $19.2k support level. BTC closed the daily candle up 0.41% to $20,131.
High-resolution chart
| US markets close | Gain/Loss |
| S&P 500 | +0.30% |
| Nasdaq | +0.77% |
| Dow | -2.04% |
| VIX | -1.20% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Celsius (CEL) | 1.40 | +20.7 |
| EOS (EOS) | 1.51 | +9.7 |
| Evmos (EVMOS) | 2.54 | +8.2 |
| Cosmos Hub (ATOM) | 12.51 | +6.5 |
| Terra (LUNA) | 1.96 | +9.6 |
| Balancer (BAL) | 7.75 | +8.9 |
| Synapse (SYN) | 1.28 | +4.2 |
| XMON (XMON) | 39,156 | +37.4 |
| Syscoin (SYS) | 0.15 | +16.8 |
| Stargate (STG) | 0.67 | +9.9 |
| Bitcoin Fear and Greed Index | 25 Extreme Fear |
| “Crypto” Google Trends 90d | 35 |
| “Bitcoin” Google Trends 90d | 30 |
Newswatch 📰
Former CFTC commissioner Joins FTX US Derivatives board. Jill Sommers, a former CFTC commissioner, has joined FTX US Derivatives. Sommers has a proven track record with financial markets and served two nominated terms as commissioner of the CFTC under both President George Bush and President Obama. FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the CFTC.
Unstoppable emails. The crypto domain service provider Unstoppable Domains has integrated Skiff Mail to allow users to send encrypted emails through crypto wallets. Skiff CEO Andrew Milich added: “It’s an interesting time in privacy right now. Our mail product is free and open-source and we’ve done everything possible to make your identity owned by you.” Additionally, the firm now allows the free mint of a “.blockchain” domain for Twitter handles.
Binance freezes Russian gunmaker’s crypto wallet. Binance has frozen the crypto wallet of Russian gun manufacturer Vladislav Lobaez after the firm raised $21k in donations to manufacture weapons for Russian troops in Ukraine.
News tidbits:
- Robinhood list Cardano (ADA).
- Vitalik Buterin’s book “Proof of Stake” is available for preorder. In addition, you can get a signed digital copy and NFT.
- LG to launch the first crypto wallet named “Wallypto” on the Hedera blockchain.
- Celsius legislation update.
Protocol Level tidbits:
- Solidly upgrade.
- Harmony One launches native stablecoin USDS.
- Introducing Aries Markets.
- Babylon Finance is shutting down after failing to revert the Rari Hack effects.
- Orca Protocol changes name to Metropolis.
NFT & metaverse update 🐵
Green NFTs on Ethereum. The blockchain software company, ConsenSys is set to launch one of the first green NFT collections on Ethereum to commemorate the efforts of professionals that contributed to The Merge. Minting will begin on the day of the merge and is open to everyone.
NFT Tidbits:
- OpenSea to solely support the Ethereum PoS chain.
Banter’s take
September has been a rough month for the stock market and crypto alike. So how bad has Bitcoin performed in September in the past?
The chart below shows some interesting data regarding monthly returns. September has been the worst month for Bitcoin. It’s the only month with a negative average return! Additionally, in the past five years, Bitcoin has experienced losses every September. The average of those five years is a -8.34% loss. A similar loss this month, if it were to transpire, would put bitcoin at $18,430.
Source: Bitcoinmonthlyreturn.com
It doesn’t look too hot historically, but on the other side of the pond, October and November are some of the best months for bitcoin. So be mentally ready for possible pain but prepare for greener pastures ahead.
Enjoy your weekend, and see you Monday!
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.
