Tuesday, 20th September 2022

The Daily Spin. FOMC Rate Hike Edition. With a lot of buzz hovering throughout the crypto industry amidst big moves by the regulatory side, central banks and power partnerships being formed — and now, post-ETH Merge but pre-Vasil Cardano – here’s our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed of the most trending, in-the-know, and controversial topics…all in the name of transparent, information dissemination to keep you curious, inspired, and clinically sane…

Ongoings at Coinweb

New Video Release: Trade Tokens on Multiple Blockchains Without a Bridge (4mins)
https://youtu.be/ZUajbJDEeB0

Coinweb Set to Establish Business in Saudi, UAE by H1 2023
https://www.khaleejtimes.com/business/coinweb-set-to-establish-presence-in-uae-saudi-in-h1-2023-says-ceo-gilbert

Crypto Meetup Thailand: Crypto Regulation in Thailand, Sep 21 (Bangkok)
https://www.facebook.com/events/394915366173624

Coinweb’s Monthly Fireside Chat Series: Are You Game? Sep 22 (Bangkok)
https://coinweb.io/events/are-you-game-22nd-september-2022/

“How Bridges Need to Deliver Blockchain Interoperability” by Toby Gilbert on Medium
https://medium.com/@Coinweb.io/how-bridges-need-to-deliver-blockchain-interoperability-7c910e52a4c7

“One Chain to Rule Them All?” By Toby Gilbert on Medium
https://medium.com/@Coinweb.io/one-chain-to-rule-them-all-a049d1f8d97f

42 Geeks Networking Event, Sep 3
Event pictures to be posted shortly

First Coinweb In-house AMA Recorded on Aug 24
Teaser Video: https://twitter.com/CoinwebOfficial/status/1564623196195733504
Full Video: https://www.youtube.com/watch?v=qyln96tmsFE

“How Decentralized Is Blockchain?” by Toby Gilbert on Medium
https://medium.com/@Coinweb.io/how-decentralized-is-blockchain-3a8d099862e1

“The Solution to Blockchain’s Problems” by Toby Gilbert on Medium
https://medium.com/@Coinweb.io/the-solution-to-blockchains-problems-is-not-another-blockchain-but-something-entirely-unique-and-

“Storm in a Teacup” by Toby Gilbert on CoinTelegraph
https://cointelegraph.com/news/regulators-have-a-weak-case-against-ftx

Op-Ed by Toby Gilbert: “Why Maximalists are Wrong” on Cryptoslate
https://cryptoslate.com/op-ed-why-maximalists-are-wrong-the-future-is-cross-chain/

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On the Radar

Federal Open Market Committee (FOMC) to Announce Interest Rates, Sep 20

Crypto Meetup Thailand: Crypto Regulation in Thailand, Sep 21 (Bangkok)
https://www.facebook.com/events/394915366173624

Coinweb’s Monthly Fireside Chat Series: Are You Game? Sep 22 (Bangkok)
https://coinweb.io/events/are-you-game-22nd-september-2022/

Crypto Gilbraltar, Sep 22 (Gibraltar)
Zebu Live, Sep 22 (London)
Atom’s Cosmoverse Conference Colombia, Sep 26 (Medellin)
ChainLink’s SmartCon 2022, Sep 28 (New York)
Token2049, Sep 28-29 (Singapore)

Thailand Crypto Expo, Oct 6-9 (Bangkok)

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On the Block (chain)

Bitcoin Traders Willing to Go Long but Sentiment Remains Firmly Bearish
https://cryptoslate.com/research-bitcoin-traders-willing-to-go-long-but-sentiment-remains-firmly-bearish/

LUNA Founder Do Kwon Isn’t in Singapore - Say Police After South Korean Court Issues Arrest Warrant
https://news.bitcoin.com/luna-founder-do-kwon-isnt-in-singapore-police-say-after-south-korean-court-issues-his-arrest-warrant/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Bitcoin HODL Waves Show That This Cycle is Completely the Same as All Others
https://cryptoslate.com/research-bitcoin-hodl-waves-show-that-this-cycle-is-completely-the-same-as-all-others/

Bitcoin Falls Below All Key Moving Averages for the 5th Time Ever
https://cryptoslate.com/bitcoin-falls-below-all-key-moving-averages-for-the-fifth-time-ever/

Number of YouTube Crypto Stream Scams and Fake Domains Explodes in H1 2022
https://news.bitcoin.com/number-of-youtube-crypto-stream-scams-and-fake-domains-explodes-in-h1-2022/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Major Sell-off Sees Crypto Market Cap Dip to $900bn
https://cryptoslate.com/major-sell-off-sees-total-crypto-market-cap-dip-to-900b/

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Competitive Landscape

FTX CEO SBF Says Firm Still Has $1bn in Cash Left to Deploy for Acquisitions
https://dailyhodl.com/2022/09/18/ftx-ceo-sam-bankman-fried-says-firm-still-has-1000000000-in-cash-left-to-deploy-for-acquisitions/

ETHW Loses 200WETH to Omni-bridge Vulnerability Exploit
https://cryptoslate.com/ethereum-pow-loses-200-weth-to-omni-bridge-vulnerability-exploit/

Cardano Founder Charles Hoskinson Calls Ethereum “Hotel California of Crypto”
https://cryptoslate.com/cardano-founder-charles-hoskinson-calls-ethereum-hotel-california-of-crypto/

Web3 Fashion Giants Come Together to Host Global Metaverse Fashion Event
https://cryptoslate.com/web3-fashion-giants-come-together-to-host-global-metaverse-fashion-event/

PR: Web3 Platform LiveArt Brings World Leading Arts and Culture to BNB Chain
https://cryptoslate.com/press-releases/web3-platform-liveart-brings-world-leading-arts-and-culture-to-bnb-chain/

Study: Samsung Named Most Active Investor in Crypto and Blockchain Startups
https://news.bitcoin.com/study-samsung-named-most-active-investor-in-crypto-and-blockchain-startups/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

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World

Puerto Rico Loses Electricity as Hurricane Fiona Makes Landfall
https://www.forbes.com/sites/madelinehalpert/2022/09/18/puerto-rico-loses-electricity-as-hurricane-fiona-makes-landfall/?sh=70386f8a3b72

Congress Should End Tax Breaks for Gifts to Non-Profits with Political Agendas
https://www.forbes.com/sites/stevenrosenthal/2022/09/18/congress-should-end-tax-breaks-for-gifts-to-non-profits-with-political-agendas/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2390660&sh=6bd89a827711

Carlita, Dj Tennis, and Calamar Crew to Headline AFTER2049 - The Official Closing Event for Asia’s Largest Web3 Conference
https://news.bitcoin.com/carlita-dj-tennis-and-calamar-crew-to-headline-after-2049-the-official-closing-event-for-asias-largest-web3-conference/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Working Group to Develop Efficiency Standard for Crypto Mining in Russia
https://news.bitcoin.com/working-group-to-develop-efficiency-standard-for-crypto-mining-in-russia/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

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Thought Leadership

Op-ed: Bitcoin Layer 2 Statechains Gaining Recognition as the Reality of Privacy Erosion Sets In
https://cryptoslate.com/op-ed-bitcoin-layer-2-statechains-gaining-recognition-as-the-reality-of-privacy-erosion-sets-in/

Summary Article on Footprint Analytics GameFi Report 2022
https://cryptoslate.com/august-2022-gamefi-report/

Crypto Strategist Issues Dire Warning to Traders, Details End of Year Bitcoin Prediction
https://dailyhodl.com/2022/09/19/crypto-strategist-issues-dire-warning-to-traders-details-end-of-year-bitcoin-prediction/

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https://preview.redd.it/t0dizxnw0yo91.png?width=747&format=png&auto=webp&s=bacfeba987dbd386316235f150faecb74a3c170f

Bitcoin is dead is trending on Google Search

The first is “Bitcoin is dead“. As of 18 June, this search term had reached an ATH of 100/100, according to Google Trends.

Not surprisingly, it perfectly coincided with the end of the first major bearish phase, when BTC had retested $19,000 support for the first time since December 2020.

In fact, there is an indicator on the 99bitcoins portal that reports the number of Bitcoin deaths over the time period in question.

A “Bitcoin Obituary” is defined as any content that explicitly expresses the end of Bitcoin, describing it, for example, as useless or worthless.

To date, Bitcoin has died 461 times. The last one was on 3 July 2022 and was recorded by the following tweet:

The phrase that made this statement qualify as an obituary was:

“Bitcoin is an Unraveling Ponzi Scheme”.

It is no coincidence that this research is back in fashion, just now that the value of BTC has broken a new support, pushing below $18,500.

This could be technical confirmation of a bearish pattern, which could drag Bitcoin toward $10,000, a level hailed by many analysts.

Another important factor that adequately summarizes Bitcoin’s market sentiment is the well-known Fear & Greed Index.

Currently, it stands at 21, which indicates Extreme Fear on the part of investors.

Fear and GreedLevel reported by the Fear & Greed indexThis situation occurs precisely in persistent bearish phases, or following a series of negative events.

The relationship between sentiment and asset priceUnfortunately, people’s views are closely influenced by asset prices. If these fall, then it results almost instantly in a loss of investor confidence.

As of late people have shown more and more interest in Blockchain finance projects like Ovenue, DigiFt, Avalanche and similar as well as GameFi much more so than BTC which is a surprise.

In this case, however, in the same way that one assesses the future potential of a company, one should analyze the underlying technology and the capabilities of the ecosystem to meet a given need in the market.

This will provide a more or less adequate estimate of the intrinsic value of the asset under consideration, lending some additional level of rationality to investment decisions.

Most people do not do this and allow themselves to be guided by the strong emotions of the moment, such as the famous FOMO (Fear Of Missing Out), fear, greed, or simply uncontrolled general hype.

This explains why almost all retail investors buy when the price is high, and sell when the price is low.

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The cryptocurrency market continues to fall after the stock market.

Bitcoin (BTC) is down 3.4% in the past 24 hours to trade at $19,436 at 8am Hong Kong, according to CoinMarketCap, while Ether (ETH) is down 8.9% to $1,337 - the lowest level since July 18. Solana also fell 7.5% to $31.14 while Cardano shed 7.8% to $0.44. The world's leading memcoin, Dogecoin, fell 7.3%, changing hands, to $0.057. In general, fundamentally, most of the other major cryptocurrencies also spent Sunday in dark red with OP recently at 17% off, and RVN and YGG fell by about 15%. KNC, the token of the Kyber Network, fell about 25% more than 8 hours after a Twitter discussion about the exploit. The Fear&Greed crypto index remains in fear territory.

Ethereum Classic (ETC), the original network from which ETH was forked, traded 14% lower at $29.61. ETH is down 24% over the past seven days, while ETC is down 22.8% in a sell-off after the long-awaited “merger” that took place last Thursday. The two chains made significant price gains ahead of the event, but much of that gain has since evaporated. In sharp contrast to the largely flawless execution of the Ethereum Merge, some miners have clouded the new “fork” blockchain in an effort to keep the old proof-of-work network alive. Chandler Guo, one of the strongest proponents of the fork, told CoinDesk TV First Mover on Friday that only 10% of miners using PoW to mine ETHPOW (Ethereum Merge fork token) or ETC (Ethereum Classic token) will eventually survive.

For now, Ethereum and other cryptocurrencies are likely to remain vulnerable to the same macroeconomic forces that have been affecting equities and other riskier assets for months now. Stock markets ended the week on a bleak note with the technology-focused Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) dropping several percentage points. The triggers for the downturn were FedEx's Thursday announcement that it would be closing offices amid recession fears, Goldman Sachs' looming job cuts and General Electric's supply chain problems. FedEx's business is often considered a measure of broader business and consumer activity. For the week, the Nasdaq was down over 5%, while the S&P and DJIA were down over 4%.

US Federal Reserve officials have repeatedly reaffirmed their commitment to raising interest rates in recent months until inflation is brought under control. Thus, investors are looking forward to the upcoming US Federal Reserve meeting this week from September 20-21, which is expected to further raise interest rates by 75 basis points as part of the ongoing campaign to fight inflation. Meanwhile, last week, the World Bank warned that the Fed's efforts to fight inflation in this way could lead to a recession in the global economy by 2023.

In such conditions of high market volatility and "tremor" of cryptocurrency rates, higher interest rates of the Fed and the ECB, high inflation and even higher inflationary expectations, the most reliable and stable way not only to keep your funds in cryptocurrency, but also to increase them is to invest in the ASTL project (https://astl.io) with stable ROI payments of up to 18% per annum on the initial investment, not dependent on crypto market fluctuations, and in a stable cryptocurrency - USDT.

The cryptocurrency market continues to fall after the stock market.

Bitcoin (BTC) is down 3.4% in the past 24 hours to trade at $19,436 at 8am Hong Kong, according to CoinMarketCap, while Ether (ETH) is down 8.9% to $1,337 - the lowest level since July 18. Solana also fell 7.5% to $31.14 while Cardano shed 7.8% to $0.44. The world's leading memcoin, Dogecoin, fell 7.3%, changing hands, to $0.057. In general, fundamentally, most of the other major cryptocurrencies also spent Sunday in dark red with OP recently at 17% off, and RVN and YGG fell by about 15%. KNC, the token of the Kyber Network, fell about 25% more than 8 hours after a Twitter discussion about the exploit. The Fear&Greed crypto index remains in fear territory.

Ethereum Classic (ETC), the original network from which ETH was forked, traded 14% lower at $29.61. ETH is down 24% over the past seven days, while ETC is down 22.8% in a sell-off after the long-awaited “merger” that took place last Thursday. The two chains made significant price gains ahead of the event, but much of that gain has since evaporated. In sharp contrast to the largely flawless execution of the Ethereum Merge, some miners have clouded the new “fork” blockchain in an effort to keep the old proof-of-work network alive. Chandler Guo, one of the strongest proponents of the fork, told CoinDesk TV First Mover on Friday that only 10% of miners using PoW to mine ETHPOW (Ethereum Merge fork token) or ETC (Ethereum Classic token) will eventually survive.

For now, Ethereum and other cryptocurrencies are likely to remain vulnerable to the same macroeconomic forces that have been affecting equities and other riskier assets for months now. Stock markets ended the week on a bleak note with the technology-focused Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) dropping several percentage points. The triggers for the downturn were FedEx's Thursday announcement that it would be closing offices amid recession fears, Goldman Sachs' looming job cuts and General Electric's supply chain problems. FedEx's business is often considered a measure of broader business and consumer activity. For the week, the Nasdaq was down over 5%, while the S&P and DJIA were down over 4%.

US Federal Reserve officials have repeatedly reaffirmed their commitment to raising interest rates in recent months until inflation is brought under control. Thus, investors are looking forward to the upcoming US Federal Reserve meeting this week from September 20-21, which is expected to further raise interest rates by 75 basis points as part of the ongoing campaign to fight inflation. Meanwhile, last week, the World Bank warned that the Fed's efforts to fight inflation in this way could lead to a recession in the global economy by 2023.

In such conditions of high market volatility and "tremor" of cryptocurrency rates, higher interest rates of the Fed and the ECB, high inflation and even higher inflationary expectations, the most reliable and stable way not only to keep your funds in cryptocurrency, but also to increase them is to invest in the ASTL project (https://astl.io) with stable ROI payments of up to 18% per annum on the initial investment, not dependent on crypto market fluctuations, and in a stable cryptocurrency - USDT.