Overview
- Global finance is bursting at the seams.
- Markets: BTC steady, XRP ready to take flight.
- USDC enables Cross-Chain Protocol.
- Stablecoins on Bitcoin’s Lightning Network?
Good morning Banter Fam,
Some powerful events in the legacy financial markets are beginning to raise questions regarding the banking policy. For example, if you keep printing money, the price of goods will continue to rise (inflation). Who would have thought?
Here’s what’s scary. When global markets experienced pain in the past, investors would begin jumping ship into bonds. Instead, bond charts are starting to look similar to risk-off assets while interest rates climb to record levels. The UK, front and center, just began printing MORE money to save its plummeting bond market alongside citizens’ retirement accounts. The whole thing is an outright mess.
Meanwhile, bitcoiners are licking their lips. Not only is a new narrative taking hold in the crypto community surrounding weakening currencies, but bitcoiners have been predicting these events for a long time.
Even legacy investors like Stan Druckenmiller, who took to CNBC, have noticed.
Market update 🌍
BTC/USDT 1D
Bitcoin continues to range while maintaining proximity to the $19k support level as it inches closer to the downtrend resistance. Behind elevated levels of volume (green), BTC holds the potential to finally break the resistance level, barring any significant macro events. Moreover, while the world battles currency and bond dilemmas, BTC has maintained a steady path. BTC completed the daily candle up +0.92% to $19,592.
High-resolution chart
XRP/USDT 1D
Below is one of the best-looking charts in crypto right now. The XRP daily chart shows a classic resistance breakthrough and retest pattern while Ripple’s case with the SEC nears completion. XRP price will continue to be volatile until the smoke settles, so if you’re trading the XRP case, be extra cautious. XRP completed the daily candle up +8.42% to $0.48.
High-resolution chart
| US markets close | Gain/Loss |
| S&P 500 | -2.11% |
| Nasdaq | -2.07% |
| Dow | -1.98% |
| VIX | +5.43% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| LEO token (LEO) | 4.51 | +10 |
| XRP (XRP) | 0.48 | +8 |
| Stellar (XLM) | 0.11 | +5 |
| Energy Web (EWT) | 3.98 | +7 |
| Songbird (SGB) | 0.019 | +5 |
| IoTeX (IOTX) | 0.040 | +8.1 |
| Optimism (OP) | 1.54 | +5.5 |
| Bitcoin Fear and Greed Index | 21 Extreme Fear |
| “Crypto” Google Trends 90d | 57 |
| “Bitcoin” Google Trends 90d | 51 |
Newswatch 📰
Circle introduces a significant upgrade to cross-chain capabilities. Circle, the issuer of the USDC stablecoin, has unveiled its Cross-Chain Transfer Protocol, which enables USDC to be transferred natively across networks. The update will improve liquidity and simplify the use of USDC. The protocol will go live later in the year.
Coinbase rated as underweight. Wells Fargo has assigned an underweight stock recommendation to Coinbase (COIN), citing crypto winter. Price was downgraded to $57 a share and closed the day at $61.94.
Stablecoins on bitcoin’s Lightning Network? Lightning Labs announced the initial code for the Taro protocol, which allows users to issue and transfer assets on the bitcoin blockchain. Lightning Labs will use the first version to gather feedback from the community. The report noted, “The release marks the first step towards bitcoinizing the dollar.” Terrific timing, Lightning Labs.
MetaMask improves user experience. The firm behind popular crypto wallet MetaMask has released a beta version dapp that aggregates users’ cross-chain balances in an easy-to-view webpage layout. In addition, the Portfolio page will allow multiple accounts to connect and includes an NFT layout.
News tidbits:
- Binance launches in New Zealand.
- Binance launches Ethereum Proof-of-Work mining pool.
- BlackRock releases blockchain ETF in Europe.
- Compound introduces borrowing for institutions.
- Pantera Capital looks to raise $1.25b for a second blockchain fund.
NFT & metaverse update 🐵
- DJ seedphrase sells CryptoPunk 2924 for 3,300 ETH ($4.45m).
CryptoPunk #2924
Banter’s take
The globe’s financial situation looks bleak at the moment. Markets look terrible, and the Ukrainian war continues to escalate, which adds further pressure to an overburdened system.
And bitcoin, well, it’s just chugging along, minding its own business. Its resilience in the past couple of weeks has been impressive. Maybe investors just needed to find the fair value price of BTC, and perhaps it’s there.
So, keep a watchful eye on BTC. If it continues to show strength while global markets experience meltdowns, more and more people will begin to jump on the bitcoin wagon. Just ask the UK, where BTC/GBP volume spiked from an average of 54 million pounds daily to 846 million pounds on Monday.
Thanks for reading. Enjoy your weekend!
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.
