Daily Bullets 💊: CPI Higher Than Expected Hits Like a Bucket of Cold Water
💊 M6 Daily Bullets 💊 Tuesday, September 13th
Oof - a higher than expected CPI print really came in like a bucket of cold water on the market. 8.3% YoY, 0.1% MoM vs Expected: 8.1% YoY, -0.1% MoM. CPI being higher than what economists had expected is a sign that the Fed will stay aggressive in raising interest rates and essentially guaranteeing we’ll see a 75 bps rate hike at FOMC next week. Bitcoin tends to move in the opposite direction of the dollar and DYX spiked on today’s CPI news.
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⛓ Crypto News:
Financial heavyweights Charles Schwab, Citadel Securities, and Fidelity Investments, and others announced the start of crypto exchange EDX Markets
Doodles has raised $54M at a $704M valuation led by the VC firm of Reddit’s Alexis Ohanian, FTX Ventures
The number of crypto startups in the latest batch at Y Combinator, the accelerator that gave rise to companies like Coinbase and Opensea, has hit a record number despite the global downturn
Lending platform Maker doubled the debt ceiling of its stETH vault this week as it looks to reduce its reliance on centralized stablecoins such as USDC
Binance’s BTC-USDT pair is the most liquid trading pair in crypto. Since eliminating BTC trading fees, the pair now accounts for 93% of Tether market activity
The Ethereum proof of work fork will deploy within 24 hours of The Merge
Ex-Coinbase manager's brother pleads guilty in first crypto insider trading case
Decentralized Wi-Fi network Helium Network has proposed moving to the Solana blockchain however there’s interest in bringing it to Algorand instead
Sweat Economy $SWEAT - TGE, airdrop and listings
Crypto custody firm Bitgo files $100m lawsuit against Galaxy Digital for breaching merger agreement
Poolin, one of the largest bitcoin mining pools, will issue IOU (I Owe You) tokens to impacted customers after it froze withdrawals last week
The Linux Foundation has announced the OpenWallet Foundation to support open source digital wallets
Opera crypto browser integrates MetaMask ahead of ethereum merge
Trading platform Abra announced plans for regulatory compliant US bank supporting digital assets
Heather Morgan, a.k.a. "Razzlekhan," has asked the court to clarify pre-trial conditions to allow her to access her crypto wallets to assess her tax burdens
Securitize, a leading digital asset securities firm, launching a fund tokenizing an interest in KKR’s Health Care Strategic Growth Fund II (“HCSG II”) on the Avalanche public blockchain
Introducing the new Synapse with an even more refined look and user experience
Swype - Arbitrum users can on & off-ramp directly from their bank accounts to any token on Arbitrum and vice versa without using a bridge
Shell v2 is live on Arbitrum One
Optimism Bedrock Alpha testnet release
Kujira launches collateralized stablecoin USK
Aada Finance, the first protocol to offer NFT lending and borrowing services on the Cardano blockchain, is offering a $25,000 bug bounty competition as part of its mainnet launch
Cairo 1.0 - Cairo's biggest advancement to date
Public launch of Muffin - a concentrated liquidity AMM
Release of Increment Beta v2 on zkSync 2.0 testnet
Hippo Labs announces devnet aggregator launch on Aptos
Arrakis Finance - V2 and Arrakis PALM are coming
What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?
TL;DR: On both the daily and the weekly, people are selling their efferium for buttcoin. Doodles leading NFT volume on the back of that $54M raise. Renga also doing numbers - Floor up 150% in 3 days
Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): WBTC ($9.4M), USDT ($8.8M), DAI ($2.5M), aWETH ($2.5M), cbETH ($1M)
- Outflow (1D): WETH ($24.3M), USDC ($12.1M), MKR ($2M), RPL ($1.4M), APE ($982k)
- Inflow (7D): WBTC ($54.6M), aWETH ($45.9M), cUSDC ($29.5M), USDC ($16.4M), MPL ($8.4M)
- Outflow (7D): WETH ($105M), cETH ($49.8M), aUSDC ($9.1M), BUSD ($3.4M), MATIC ($3.3M)
Nansen NFT Hot Contracts:
Doodles: 1154 ETH
RENGA: 717 ETH
CryptoPunks: 638 ETH
Black Box: 412 ETH
ENS: 399 ETH
What is the Data telling you? See anything that sticks out to you?
Glassnode - A Rally Off the Bear Market Lows - source
What’s Up With DeFi Before Merge? A Compilation of all the Important Findings from Different DeFi Forums - source
Bringing IBC to Ethereum using ZK-Snarks - source
How To Build A Successful Convex - source
Money: The bubble that never pops - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
Magic Eden launches MetaShield to protect NFT creator royalties. It identifies NFTs listed/traded on marketplaces that bypass creator royalties
NFT marketplace Rarible partners with Immutable to broaden its gaming NFT offerings
American teen comedy Mean Girls may be making a Web3 comeback, with recent trademark filings by Paramount Pictures revealing plans to expand the brand into “crypto-collectibles”
Luxury sports car developer Lamborghini is set to roll out its second round of NFTs this month, this time offering specific utility for avid collectors
Web3 native fashion brands hit the runway in real life at NY Fall Fashion Week
South Korean authorities have sentenced a man to four years in prison for collecting sexual content of underaged victims he met in the metaverse
🌍 Crypto Twitterverse:
What’s your take on these Twitter takes?
UK venture firm Northzone eyes web3 startups with new €1 billion fund
Crypto data infrastructure platform Goldsky has announced a $20M seed round led by Felicis and Dragonfly Capital
WormholesChain raises $10M to drive the development of Web3 multidimensional infrastructure
ARPG game Stella Fantasy raises $6M - will be on Klatyn
Crypto options trading startup Synquote closed a $2.8M seed funding round to build out a platform for trading derivatives contracts in tokens that don’t usually have such markets
Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!
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