The Last 168 Hours in DeFi
Failed rally or pullback? Crypto getting a real test from threat of Recession
MARKET:
Dead cat bounce ahead of a deeper bear market or just a pullback? that’s the question on every investor’s mind after two consecutive days of sharp price declines. Bitcoin was not able to flip daily resistance at $48k and the next major support is around $41-$41.5k.
Major bank, Deutsche, has publicly called for a recession in 2023-24 and the financial markets are beginning to price that in. Professional investors are rebalancing from equities to cash and treasury bills as interest rates start to rise and growth is expected to slow. All eyes are on next week’s CPI data.
BTC Open Interest is still higher than mid-Summer 2021, and it could go a lot lower still.
NEWS:
NFTs:
Citi Sees Metaverse Economy as Large as $13T by 2030
REGULATORY:
Major announcement from Janet Yellen and the Treasury, a more favorable outlook on cryptocurrency
United Kingdom bullish crypto, while EU bearish:
Love the jabs from the CFTC at the SEC
RUGS:
Inverse Finance is caput
POD O’ THE WEEK:
Ethropy Referral Links
Osmosis Validator for Four Moons - Delegate $OSMO
Voyager Referral - Get $25 in $BTC
Ethropy Wallet - ethropy.eth
Buy a Ledger Hardware Wallet (Affiliate Link)