tl;dr
There is a lot going on in the United States alone, but we are seeing a big player stumble on the global stage as others are gaining on them. Here is what is on my mind today.1. The Fed will be looking at a lot of key data to come out this week. We start the week with a Fed Governor speaking today. ...
There is a lot going on in the United States alone, but we are seeing a big player stumble on the global stage as others are gaining on them. Here is what is on my mind today.
1. The Fed will be looking at a lot of key data to come out this week. We start the week with a Fed Governor speaking today. Tomorrow we get the Consumer Price Index (CPI). The current forecast is 0.3%. The same it has been for the past two reports. Then we get the Producer Price Index (PPI) on Wednesday. That number is expected to be 0.1%. We are also expecting a slight pullback in US Retail Sales of -0.1%. Thursday and Friday bring a couple more Fed Governors speaking.
2. My eyes are on the window that is currently open for the SEC to possibly approve 12 Bitcoin Spot ETFs. As we all know, this could bring in a huge boon to the Cryptoverse. More importantly, I think it would truly turn all of finance on its ear. Billions that has been sitting on the sidelines could potentially come crashing into the market from the likes of Fidelity, BlackRock, Invesco, ARK Invest/21Shares, Valkyrie, VanEck and more. Not to mention you have BlackRock and the ARK Invest/21Shares team with Ethereum Spot ETF applications.
3. I had no idea the largest bank in the world is Industrial & Commercial Bank of China Ltd. By now, you know they were attacked by cyber criminals over the past few days. They were forced to use a USB stick to process crucial US Treasury trades. What I am noticing is who is being reported as being accused of the attack. Apparently, there is a group with Russian ties called Lockbit. If this is true, I wonder just how much of a strain this will put on the fledgling relationship.
4. I have been seeing signs that Binance is losing ground around the world. In a major move in South Korea, Bithumb is said to be preparing for an IPO on the KOSDAQ in 2025. That is a lot bigger than one may think. That is going to bring much needed funds, notoriety and pride to the local centralized exchange. Then you have Bybit adding enhancements to its crypto debit card in Europe as Binance exits the space. Then you have Kraken with their news last week that they are looking to develop their own Layer 2. When you are at the top you can only fall down. The overarching story is the looming debt ceiling problem in the United States. The government risks defaulting on Saturday.
5. Speaking of Kraken. I told you last week they are looking at 3 major players in the Zero Knowledge space. In a surprise move, it sounds like Charles Hoskinson is tossing Cardano's hat in the ring. Needless to say, if Kraken were to go with them or Polygon, it would be huge move for either blockchain team.
6. Coinbase is in the news with opening perpetual futures for Avalanche and Solana. Clearly, this is going to be a boost to both blockchains and for investors, too. Traditional futures contracts have expiry dates, whereas perpetual futures contracts do not.
7. There are rumors of a major hack that may have affected a wallet said to be connected to Binance. If the story is true, the wallet has been drained of $27M. I am still trying to track this story down, but this could be huge and prove to be more than just an embarrassment for Binance.
8. Imagine if certain centralized exchanges added Shibarium to their offerings. Well, that is exactly what could happen if the Shiba Inu development team has a say in it. Apparently, they are in talks with several exchanges to just that. AS per Shytoshi Kusama, they are in talks with several friends, as he puts it.
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