EddieJayonCrypto
13 Oct 22
• CPI came out and it is hotter than expected; the hawk is coming• Sam Bankman-Fried says fast and cheap settlements is where crypto can help traditional finance• Apparently, Crypto.com has laid off as much as 40% of their staff while dropping $145M on new European headquarters in Paris• Binance's U...
• CPI came out and it is hotter than expected; the hawk is coming• Sam Bankman-Fried says fast and cheap settlements is where crypto can help traditional finance• Apparently, Crypto.com has laid off as much as 40% of their staff while dropping $145M on new European headquarters in Paris• Binance's UK subsidiary is accused of filing erroneous annual reports• Working with Sardine, Metamask integrates instant ACH crypto orders directly on the platform• U.S. Federal Reserve Vice Chair Michael Barr Said the Fed is working with the OCC and FDIC to regulate crypto asset activities that banks are involved inWell, CPI is out and it is far hotter than what was expected. The hawk is coming. Here is what is on my mind today.1. You can expect the dollar index to get hotter, too. It looks like the service sector seems to be the driver and the stock market has dropped like a hot rock in expectation of a very hawkish Fed. With so much data comping in so hot, my thought is that a full percentage point is definitely on the table for the next hike. Even the Social Security Administration is raising the cost of living benefit by 8.7% to attempt to keep up with inflation. We hear about record profits from businesses, but we do not necessarily hear about them trickling that money down to their employees. They may be forced to. 2. Sam Bankman-Fried says fast and cheap settlements is where crypto can help traditional finance. His interview on Unchained Podcast was very revealing. I agree with him in that once traditional institutions see the value of using crypto for settlements the practice will take off like wildfire. 3. It looks like Crypto.com laid off a lot more staff than was previously reported. Supposedly, the number is closer to 40%. I told you a while ago when Coinbase had their layoffs that I thought it was due to rapid growth. For both companies it turns out it was actually the lack thereof. Meaning they thought they were growing faster than they thought. When that happens companies hire more people than they actually need. Oddly enough, even with 40% of their staff gone, Crypto.com still dropped over $145M on new office space in France for their European headquarters. Way to take care of your people. 4. Binance's UK subsidiary is accused of filing erroneous annual reports. This is not good considering Binance is the world's largest crypto exchange. Not to mention it really does dampen their push to become more regulatory compliant. They have a lot to clean up and they had better look at their operations across the globe. 5. Working with Sardine, Metamask integrates instant ACH crypto orders directly on the platform. Metamask has been making some very strategic moves and this one seems to be quite significant. I am expecting more from that team as we move forward. They are well poised for success when the bull market begins. Their big moves started way back in February with their purchase of ConsenSys and MyCrypto integration. 6. U.S. Federal Reserve Vice Chair Michael Barr Said the Fed is working with the OCC and FDIC to regulate crypto asset activities that banks are involved in. Given the amount of traditional institutions involved in the crypto space, I am not surprised.