Overview
- Major macro week for crypto.
- Voyager rejects Alameda’s buyout offer.
- Audius exploited.
- Yuga Labs lawsuit.
- University of Tokyo enters the metaverse.
Good morning Banter Fam,
The market may have seemed stagnant over the last few days, but now we are entering a big week for financial markets all across the globe, including crypto. Long story short, this is the most jam-packed macro week the markets have seen in a while, with many upcoming market-defining events.
We have the FOMC meeting followed by an updated rate decision, the US Q2 GDP report, and earnings reports from some of the biggest tech companies around. Bitcoin currently follows (and is treated like) a tech stock and hence follows the tech stock market. And at the same time, Bitcoin defines the wider crypto market. So, in turn, a bad Apple earnings report could affect Bitcoin’s price, which would then affect the altcoins. It’s all a domino effect!
Here is the list of important events happening this week:
Tuesday July 26th
- FOMC Meeting.
- Microsoft, Google ,VISA earnings reports.
Wednesday July 27th
- Meta earnings report.
- FOMC rate decision (Expected to come in at 0.75%).
Thursday July 28th
- US Q2 GDP.
- Apple, Intel earnings reports.
Keep an eye on all of them, and be prepared for potential volatility.
Market update 🌍
BTC/USD
Over the weekend BTC moved sideways, for the most part, finishing Friday (based on traditional market timings) at $22,675, and beginning Monday at $22,566, down -0.46%. However, moving into this Monday morning, and at the time of writing, BTC has dropped to $21,899, a move of -3.27%. This may be price action that is simply taking place ahead of the macro events happening this week.
High-resolution chart
ETH/USD
ETH is currently down -1.12% from where it finished the day on Friday. But for the most part, it has been trading sideways ever since its big +18.16% move up on the 18th of July that took it from $1,339 all the way up to $1,581. Expect volatility for ETH (and most of the altcoins) as we navigate this macro-heavy week.
High-resolution chart
| US markets close | Gain |
| S&P 500 | Weekend – Closed |
| Nasdaq | |
| Dow | |
| VIX |
Notable Gainers (7 Days):
| Protocol (Coin) | Price ($) | Gain (%) |
|---|---|---|
| Ethereum Classic (ETC) | 24.60 | 25.8% |
| Fantom (FTM) | 0.320145 | 25.0% |
| ApeCoin (APE) | 6.26 | 24.9% |
| Synthetix Network (SNX) | 3.32 | 23.7% |
| EOS (EOS) | 1.16 | 18.1% |
| Curve DAO (CRV) | 1.27 | 17.5% |
| BitDAO (BIT) | 0.544233 | 16.6% |
| NEM (XEM) | 0.04675289 | 15.7% |
| NEAR Protocol (NEAR) | 4.09 | 15.6% |
| THORChain (RUNE) | 2.48 | 14.8% |
| Bitcoin Fear and Greed Index | 30 Fear |
| “Crypto” Google Trends 90d | 16 |
| “Bitcoin” Google Trends 90d | 34 |
Newswatch 📰
Voyager rejects Alameda’s buyout offer. Crypto lender Voyager Digital Holdings has rejected a buyout offer from Alameda Ventures (the investment arm of FTX) stating that the actions “are not value-maximizing” and potentially “harms customers.”
Audius governance attacked. Web3 Audio platform Audius has been exploited via a malicious governance proposal (Proposal #85). The proposal requested a transfer of 18 million AUDIO tokens with a value of $6.1 million. The proposal was able to be forcibly passed by the malicious actors via the exploit.
News Tidbits:
- Introducing Saber DAO Accelerator Program: Introducing the Saber DAO Accelerator Program (SDAP) — a new initiative created by the Saber Labs team.
- Lido Treasury Diversification proposal #2: A current proposal to diversify the Lido treasury – through the sale of LDO tokens – has been published to the Lido governance forum.
NFT & Metaverse update 🐵
Proposed class-action lawsuit against Yuga Labs. A proposed class-action lawsuit against Bored Ape Yacht Club (BAYC) creators Yuga Labs has been published and is being driven by the law firm Scott+Scott. The lawsuit claims that Yuga Labs “inappropriately induced” investors to buy the popular BAYC NFTs, allegedly shilling them through celebrities to “inflate the price”. The lawsuit also looks into similar situations regarding Yuga Labs’ APE coin token.
The University of Tokyo ventures into the Metaverse. The University of Tokyo (Todai) will be offering study programs in the Metaverse. The courses will be available to anyone, from current students, all the way to already employed adults, and its focus will be to address a lack of skilled individuals working in the “digital transformation” and “advanced technologies” sectors. There has been no specific mention of crypto or NFTs, but the nature of the metaverse has led many to believe that their inclusion may be unavoidable. The university’s venture into the metaverse will begin later this year.
Banter’s take
As we enter one of the most important weeks for the markets in a long time, you have to be prepared for extreme volatility while the markets price in probable outcomes. Like they say, hope for the best and expect the worst.
With so many major upcoming events unfolding in the next 3 days, it might be best to set targets and take a break from trading the volatility and just let the market find its support (or resistance). Between the FED meeting, big tech earnings (weighted 40% of total NASDAQ), interest rate hikes and the upcoming GDP data which might technically confirm recession, it’s best not to let your cash become collateral to big market moves.
We’ll be analyzing and reporting every one of the major events taking place this week, so be sure to set the notifications on for both our YouTube and Twitters channels!
Trade/invest safely, friends!
Gabri
Follow me on Twitter for daily updates!
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.
