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ETH trades lower as well, we are closely watching Altcoins: Ether traded down to around $1,316, down 1.6% WoW. But largely staying range bound. Long term we are bullish on ETH but short to medium term all crypto is most probably going to follow macro. Altcoins had some exceptions in XRP and Compound, increasing by 32% and 29% WoW. We are keeping a close watch on ATOM, MATIC, GMX, AAVE, UNI and ENS, that we believe should do well, but yes again all eyes on FED and USD liquidity first.
Back to FED and rising DXY: Stocks had a brutal week post Feds 75 bps decision, as fear of a global recession loom. Besides FED, other central banks also raised rates – Riksbank, Swiss, BoE etc which is starting to hurt some emerging currencies. Japan intervened in FX markets for the first time in 24 years. These are signs that something about to break. The question then is would the FED pivot before that happens? DXY Continued it’s meteoritic rise crossing 113. Above 120 is pure vacuum and global mayhem.
BTC lower over the week: BTC is range-bound but trying to break the support below 17,500. There is a good probability that we see lower once and quickly move to 15-16k but that would all depend on how equity markets behave as we enter October.
NFT weekly volumes up last week: Weekly NFT volumes for last week stood at $100.1M, up 8.7% WoW. Azuki made a splash last week with the wildly expected announcement that the founders are closing in on a fundraise. We have seen multiple bluechip NFT projects getting funding in just the past month and we believe this trend will continue for the foreseeable future.
Key Charts
NFT Floor (7D)
Latest Crypto News
Nasdaq Starts Crypto Custody Service for Institutional Clients (Coindesk)
Wintermute Whacked by $160M Hack Exploiting Known Vulnerability (Blockworks)
Payment firm Stripe allows Crypto Payout in USDC for Freelancers (CryptoTimes)
Bitcoin Mining Data Center Firm Compute North Files For Bankruptcy (Decrypt)
MicroStrategy Buys 301 More Bitcoins, Now Holds Almost 130K (Coindesk)
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