EddieJayonCrypto
26 Oct 22
• Google missed both top and bottom lines while Microsoft hit on both, but guided down; Meta is poised to tank; Amazon and Apple report tomorrow• Fed Chair Powell is under pressure from politicians telling him to decrease the incline• Crypto pumps and could be on the back of several pieces of good n...
• Google missed both top and bottom lines while Microsoft hit on both, but guided down; Meta is poised to tank; Amazon and Apple report tomorrow• Fed Chair Powell is under pressure from politicians telling him to decrease the incline• Crypto pumps and could be on the back of several pieces of good news; causes massive $800M short squeeze• Venmo teams with Amazon, does it mean Amazon is in no rush to work with crypto?• CashApp cuts deal with Lightning Network to add functionality• JPMorgan to offer new Web3 digital identity wallet, most likely built with their own Onyx blockchainGAMMA stocks are coming in and, so far, they are hurting the market while the Cryptoverse is showing a decoupling given its rise yesterday that seems to be continuing today. Here is what is on my mind today.1. The economy is, indeed softening. You can tell since Google missed both top and bottom lines. Even with Microsoft hitting on top and bottom lines, their guidance was weak and they did not do as well as people thought they would with Azure. Trust me, My company is a Microsoft Partner and we do a lot of work on Azure. There is a lot of runway there. That said, we are expecting Meta's numbers today and I am expecting a bloodbath. Apple and Amazon are schedule to report earnings tomorrow. 2. Fed Chair Powell has been called out on the carpet by a lot of politicians telling him too many rate hikes can wreck the economy and force us to miss any advantages we have. That makes me rethink my 75 basis point prediction from a few weeks ago to lean a little more toward 50. It would not be dovish, but would show a sign that they do not have to keep going to steep an incline. 3. If you have been paying attention, you saw the crypto markets jump. I am still not sure why, but I do know what happened because of it. There was a massive Bitcoin short squeeze to the tune of about $800M. That is when you have people that bet on something going down, but instead it goes up. 4. Venmo cut a significant deal with Amazon to allow people to pay using Venmo. I only mention this because a lot of people are wondering when or if Amazon will get directly into crypto and allow people to pay using digital assets. Venmo, a PayPal company, acts a lot like crypto and could be a sign they have nothing going on in the near future or maybe they will but maybe a deal with Lightning Network like CashApp has done. CashApp is acting like they really want to be an all-around wallet for people. 5. We all know JPMorgan has their Onyx Blockchain. Well, now they are building a digital identity Web3 wallet it could be based on the technology. This is going to make trading of digital assets, including those that have been tokenized, a lot easier for their customer. Just remember that is still a centralized situation. Meaning it is still going to be like working with a bank and having someone's hands in your pocket.