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.
“#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.
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.
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.
- 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.
- 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:
- Colorado plans to accept crypto for tax payments as early as the summer.
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
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