EddieJayonCrypto
17 Aug 23
The market took a small dive yesterday and there is a clear reason why. Here is what is on my mind today.1. We got wrecked by the FOMC minutes. Just in case you are wondering. Chairman Powell was far more dovish during the press conference, but the FOMC minutes are far more hawkish. Worse yet, they ...
The market took a small dive yesterday and there is a clear reason why. Here is what is on my mind today.1. We got wrecked by the FOMC minutes. Just in case you are wondering. Chairman Powell was far more dovish during the press conference, but the FOMC minutes are far more hawkish. Worse yet, they say confirm what I was saying. There is a chance of another rate hike. Well, that sent the markets into a downward frenzy. 2. Here is a little tidbit I had not noticed. XRP surpassed Bitcoin and Ethereum in daily transactions. This has been consistently done since August first. That is a pretty interesting fact. However, given their push toward institutions and governments I am not really surprised. 3. The CFTC has given a huge middle figure to the SEC by granting Coinbase the country's first centralized exchange to offer Bitcoin and Ethereum futures. This is huge, especially when you consider that Ethereum was not considered a commodity by the SEC. As a matter of fact, if you think about what the SEC has been doing paints a picture that Ethereum is definitely within their sites. 4. You never want to hear your name associated with the word "colluded". Well, unfortunately, Gary Gensler is beginning to hear some rumbles with his name in the same sentence and I think the rumors are true. People are saying he colluded with anti-crypto lawmakers like Elizabeth Warren and had a relationship with Better Markets. They are the association that sent a letter to the SEC saying they should NOT approve a Bitcoin spot ETF. Mind you, he is not supposed to take sides in his role as SEC Chairman 5. I was blipping by and came across an article on Cryptopolitan that asks a very good question. Is MetaMask's rise similar to that of Google, setting it up as the possible Google of Web3? That is an awesome question and I think there are some serious legs to the idea. Think about how many websites are using MetaMask for verification, validation and, ultimately, authorization of transactions. If you are interested in learning more, I seriously think you should read that article. 6. Have you heard that Polygon Labs has cut a partnership agreement with South Korea's SK Telecom to create a Web3 ecosystem? Well, it is a thing. This includes supporting new ventures. That means there is cash coming to help new projects get into the web3 space. In case you didn't know, South Korea is a major crypto hub and is wildly tech savvy. This deal could develop into good momentum for MATIC (soon to be POL).