tl;dr
• The FOMC meeting kicks off today; I am expecting a 25bp move to be announced Wednesday• Apple, Alphabet, Amazon and Meta all report this week; amidst the layoffs it should be interesting• Mike Novogratz, CEO of Galaxy Digital, says key indicators will be the driver for institutions to get into cry...
• The FOMC meeting kicks off today; I am expecting a 25bp move to be announced Wednesday
• Apple, Alphabet, Amazon and Meta all report this week; amidst the layoffs it should be interesting
• Mike Novogratz, CEO of Galaxy Digital, says key indicators will be the driver for institutions to get into crypto
• Polygon and Tezos both jump but surrender some gains
• Could an Amazon move into Web3 and NFTs for regulators to clarify rules around digital assets?
• Montenegro taps Ripple for a stablecoin pilot program; is XRP going to be leveraged?
• The digital yuan is introduced to another 17 provinces
FOMC starts today with Apple, Alphabet, Amazon and Meta all reporting this week. Here is what is on my mind today.
1. This week, you have the FOMC meeting that kicks off today. AS I have stated before, I am expecting a 25 basis point move. This number is already baked into the market and should be a non-event. Any other number, up or down, would send the market into a frenzy.
2. Tech giants, Apple, Alphabet, Amazon and Meta all report earnings this week. Amidst all of the layoffs, I am very interested to see what they each bring to the table. More importantly, I am interested in how their numbers will affect the overall stock market and, possibly, the Cryptoverse.
3. Mike Novogratz, CEO of Galaxy Digital, says institutions are waiting for retail investors to come back into the space before they dive in. Retail investors represent a strong positive energy. Mike says it would mean they actually believe in the crypto market and have done their research. That will drive institutions to get back in. That is not to say some frontrunning institutions aren't already making the leap now. It is to say the bulk of them are waiting for that key indicator.
4. If you were paying attention, you saw Polygon jump all the way up to $1.19 and Tezos touch $1.17. Then you saw both give back some of those gains. Like I said, the movement of the two projects demonstrate the impact of news on prices. I am paying attention to the new lows, getting in and waiting for the next news to hit. I am trying to teach myself to watch the waves so I can ride them instead of getting slammed on the rocks.
5. I had not given it any thought, but I saw an article on CoinDesk that really made me think about the possibility of Amazon entering the Web3 and NFT space. Such a move could cause regulators around the word, including the US, to clarify regulations around digital assets.
6. If you have been paying attention, the digital yuan is making some big moves with their CBDC, introducing it to another 17 provinces. I think this is a big deal as I continue to see how much the BRICS nations are doing to continue moving away from the US Dollar.
7. Montenegro taps Ripple to help develop a stablecoin pilot project. The country is also a candidate for membership in the European Union. Even though not a member yet, the euro is used in the country, but is not technically legal tender yet. With all of that said, the question is would XRP be leveraged for the new stablecoin? This is a very interesting development.