Daily Bullets 💊: Hot CPI = Tight Monetary Policy Likely to Continue
💊 Daily Bullets 💊 Thursday, October 13th
Markets finally started moving after being stuck in basically the same spot for a month. Yesterday’s FOMC minutes revealed the Federal Reserve is committed to raising interest rates - which means we can expect continued restrictive monetary policy and reluctance from market participants to shift to being risk-on. US CPI - long story short- came in higher than expected which as of recently has consistently caused panic and moves down: 8.2% YoY, 0.4% MoM vs Expected: 8.1% YoY, 0.2% MoM
⛓ Crypto News:
- A judge has partially denied a motion by Aptos Labs CEO Mohammed “Mo” Shaikh to dismiss a lawsuit filed by entrepreneur Shari Glazer, who claims to have been cheated out of equity as an early investor
- J.P. Morgan and Visa are teaming up to streamline cross-border payments using their private blockchain networks, Liink and B2B Connect
- October becomes worst month in DeFi history as hackers steal $718M across 11 protocols
- FalconX is launching a risk management platform for institutional clients in order to offer cross-margin capabilities and broader liquidity access
- Hidden Road, with backers like Castle Island Ventures and Citadel Securities, has launched an over-the-counter prime brokerage for digital assets
- Polygon powers India police complaint portal to battle corruption by allowing citizens to register complaints against the police without worry of it being dismissed or manipulated
- Stepn denied reports it has laid off contract workers, said it is actively hiring and hinted that a new project is on the way
- A group of web3 companies has launched an alliance focused on raising awareness about the need for data privacy following U.S. sanctions on coin mixer Tornado Cash - includes p0xeidon labs, Nym Technologies, Secret Network from SCRT Labs, Orchid, Railgun, Status and Oasis Foundation
- Solana is live on thirdweb - brings full stack web3 development kit and network of 60,000 builders
- Bitcoin rewards app Lolli launch of new mobile app for iOS and Android featuring new Lolli Card Boosts, which allows shoppers to earn up to 10% in bitcoin rewards on in-store purchases
- US crypto policy advocacy group Coin Center has filed a lawsuit against the Treasury Department’s Office of Foreign Asset Control (OFAC) over sanctioning cryptocurrency mixer Tornado Cash
- Brazil's Rio de Janeiro will accept crypto-payments for property taxes
- The Chinese digital yuan, the largest CBDC pilot in the world, transactions volume crossed $14B. Plans to expand on citizen payments and cross-border operations with Hong Kong
- US judge allows crypto advocates to join Ooki DAO defense against CFTC
💸 Exchange News:
- Crypto exchange platform Binance has concluded its 21st quarterly BNB burn, eliminating around $547M worth of BNB tokens from its supply
- BitMEX adds 14 tokens as it moves beyond derivatives trading
- Blockchain.com becomes the second crypto exchange in two days to receive preliminary approval to provide crypto services within Singapore
🏦 DeFi News:
- Introducing the refreshed Uniswap Web App
- Temple DAO: A fair path forward - proposal seeks to enable every party in the Temple DAO to win. Middle ground
🖼 NFT/Gaming/Metaverse News:
- Limit Break has purchased a commercial spot starring DigiDaigaku for SUPERBOWL LVII February 12th 2023
- Gaming veteran Konami Digital Entertainment is hiring for a slew of roles specifically related to NFTs, web3 and the metaverse
- French authorities utilized research from blockchain sleuth ZachXBT to charge five people on suspicion of stealing $2.5M worth of NFTs via phishing scams
- Metaverse platform Mona has rolled out a new AI tool to help builders design more realistic objects in online worlds
- Damien Hirst, one of the UK’s best-known modern artists, set fire to hundreds of artworks this week – with plans to torch thousands more – as part of a long-running NFT project
- Sir Anthony Hopkins is launching an NFT collection which promises randomly selected holders Zoom meetings with the two-time Oscar winning actor
- Ukrainian Art Museum to launch exclusive NFT collection on Binance NFT in support of Ukraine cultural heritage
- Organizations are partnering with NFT projects and accepting crypto donations to draw attention to Breast Cancer Awareness Month
- Crypto custodial firm Copper raises $196M in Series C round
- Uniswap Labs raised $165M in Series B funding, led by Polychain Capital with participation from a16z crypto, Paradigm, SV Angel, and Variant
- BlockTower launches $150M fund backed by BPI France and Mass Mutual
- Venture capital firms Accel and Quona have led an $18M round into Singapore-based crypto investment app Pillow
- Neel Somani, a former Terra developer, raised $15M for his Solana-based cross-chain modular rollup startup, Eclipse
- Crypto hardware startup Fabric Systems has raised $13M in seed equity funding, to build two products - a liquid-cooled bitcoin miner and a computer processor for advanced cryptographic algorithms
- Dragonfly and OpenSea back $10M raise for NFT financing firm MetaStreet
- Exceed raised $8M in seed capital for new SEC-compliant ventures that are expected to bring creatives, investors, and fans together on music and art-led projects
- NFT startup Otterspace has raised $3.7M to build a protocol and application that it hopes can reduce financialization in web3
- Nuwton received institutional investments
👶 Early Stage Projects:
- Introducing Polynomial Portal - one click deposit from any chain
- Introducing, Quix, the official Optimism NFT Bridge
- Introducing, Aera, the world’s first autonomous, data-driven treasury management protocol
- Introducing Sudoswap.Vision - detailed stats on Sudoswap pools
- Introducing Clique: an identity oracle that bridges data from web2 to web3
- nxyz beta - provides flexible, reliable blockchain indexing for web3 developers
- Lithium Finance testnet to mainnet
- Zomma new testnet on Arbitrum
- Maverick - aims to be a game and learning platform for Web3 developers
- Introducing: Waves Camp Incubator - Apply for funding & support
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: Today we see a wee bit of smart money flowing BUSD and WBTC with outflow from stables USDC and USDT and WETH. Weekly still showing a netflow into DAI and BUSD and out of USDC and WETH. DigiDaigakus coming in with some volume and floor up ~ 20% on news that they’ll be airing a superbowl ad.
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D):
- Outflow (1D):
- Inflow (7D):
- Outflow (7D):
- Nansen NFT Hot Contracts:
What is the Data telling you? See anything that sticks out to you?
- Eastern Europe’s Crypto Market Active, With Spikes in Last Year Driven by Russia-Ukraine War - source
- Messari - State of Osmosis Q3 2022 - source
- Beyond IBC - ZK Light Clients, Verkle Trees and connecting IBC to non-Cosmos chains -- the future of Interchain bridging with native IBC support - source
- One month after launch, how is the ETHW ecosystem doing? - source
- Chainalysis - Hodlers prefer centralized exchanges over DeFi for security - source
- WTF is Account Abstraction - Scaling the UX and security of crypto by 10X - source
- What’s the Difference Between Rare NFTs and Rare Traditional Art? - source
Have you seen our institutional-quality research?
🌍 Crypto Twitterverse:
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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