tl;dr
• This is a big numbers week with the GAMMA stocks reporting: Google, Amazon, Microsoft, Meta and Apple this week• We have some Fed-watched economic data coming this week; I am not expecting anything that would point to a pivot• There is a swirl around Cardano since Charles Hoskinson has been hintin...
• This is a big numbers week with the GAMMA stocks reporting: Google, Amazon, Microsoft, Meta and Apple this week
• We have some Fed-watched economic data coming this week; I am not expecting anything that would point to a pivot
• There is a swirl around Cardano since Charles Hoskinson has been hinting at something coming, could it finally be the listing on FTX?
• SBF revises his controversial crypto standards proposal, is he out of his depth?
• Binance finally gets licensed to operating in Cyprus, joining FTX on the big money island nation
This is a big numbers week and there could be big impacts on the Cryptoverse. Here is what is on my mind today.
1. Tech has not been doing well in the stock market as of late. This week is going to be a big one with earnings reports coming from Google, Apple, Microsoft, Amazon, and Meta. Clearly, good or bad numbers from these companies can sway the market and have an effect on the Cryptoverse. Together they represent almost 25% of the S&P 500 index. I think we already know Meta is expected to come back with poor numbers. More than a 150 DOW component companies will be reporting numbers this week. The second busiest week for such reporting.
2. On the economic front, we are expecting the Consumer Confident Index, jobless claims, Durable goods orders, and S&P Manufacturing PMI. These are additional data points the Fed uses to gauge the economy. People are already talking about a Fed pivot. I think the conversation is far too soon. I think rates will rise again, any kind of pivot would happen sometime in Q1 2023. Remember chatter can move markets, too, if there is enough of it.
3. Cardano's Charles Hoskinson keeps hinting at something coming. We already know a listing on FTX has been slow on arrival. Think about that. Cardano is ranked 8 in terms of market cap and FTX is just getting around to it? Bias on centralized exchanges is nuts. Cardano is the biggest competitor to SBF-backed Solana. Gee, I wonder if that was the reason.
4. So, SBF wakes up and revises his crypto standards proposal…because of major backlash. He is a very smart guy, but I think he could be a tad out of his depth with this one. If I were the head of a CEX, I would want a voice in the creation of regulations, but I would not want to stand alone. SBF has been seemingly going on his own to push regulation in a certain direction.
5. First there was FTX and now there is Binance receiving licensing to operate in Cyprus. These are big moves considering Cyprus is a haven for Russian expats. There is also an abundance of Russian techies that have moved to the island nation. Russia is experiencing a brain drain that gets little attention. The migration (in some cases escape) from Russia has been happening since the tanks rolled into Ukraine. This is important because we are talking about capable workforce that is now accessible. This adds to what seems to be a burgeoning workforce in India, as well.