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Riding The Wave
Riding The Wave
Riding The Wave News Summary 127

Riding The Wave News Summary 127

Bitcoin Climbs Above $22K as Powell Softens Tone on Day 2 of Congressional Testimony, Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month, & more.

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Thomas Holland
Mar 08, 2023
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Riding The Wave
Riding The Wave
Riding The Wave News Summary 127
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

  2. Bitcoin Climbs Above $22K as Powell Softens Tone on Day 2 of Congressional Testimony

  3. Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month

  4. Russian crypto advocates urge Putin to stop regulatory hostility

  5. The SEC's Custody Rule Would Be a Net Positive for Crypto


Tweets

Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: 🇺🇸 FED Chair Jerome Powell says the cost of failing to control inflation will be extremely high.
4:27 PM ∙ Mar 8, 2023
1,328Likes224Retweets
Twitter avatar for @therationalroot
Root 🥕 @therationalroot
The Short-Term Holders avg. purchase price crossed back above #Bitcoin's avg. purchase price.
Image
4:08 PM ∙ Mar 8, 2023
192Likes41Retweets
Twitter avatar for @Mr_Derivatives
Heisenberg @Mr_Derivatives
Google searches for Bank CD's are at ALL TIME HIGHS. It's happening folks. lol
Image
12:13 PM ∙ Mar 8, 2023
276Likes17Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
#WATCH: Today Fed Chair Powell commented on interest rates. He said: “Data has come in stronger than expected… interest rates are likely to be higher than anticipated.” Powell said the Fed will do whatever they can to get 2% inflation. Did the Fed pivot just get cancelled?
11:15 PM ∙ Mar 7, 2023
633Likes134Retweets
Twitter avatar for @NorthmanTrader
Sven Henrich @NorthmanTrader
Maybe they think we're stupid.
Image
8:20 AM ∙ Mar 8, 2023
1,180Likes211Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive @BTC_Archive
NEW: 🇺🇸 Anyone attacking self-custody is against individual freedom - U.S. Congressman Warren Davidson 🤝
10:53 AM ∙ Mar 8, 2023
1,003Likes194Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
JUST IN: Odds of a 50 basis point rate hike this month hit a new high of 75%! More shocking, the odds of TWO 50 basis point rate hikes are now 20%. Markets now see a 36% chance that rates go to 5.75% or higher. This is by far the most hawkish shift in expectations we’ve seen.
Image
3:06 PM ∙ Mar 8, 2023
389Likes86Retweets
Twitter avatar for @elerianm
Mohamed A. El-Erian @elerianm
As many of you know, I have felt for a few months now that the 2 year yield was the best indicator of what broader financial markets would do and why. Today’s comments by #FederalReserve Chair Powell pushed this yield to over 5% … 1 of 2
Image
8:09 PM ∙ Mar 7, 2023
1,177Likes191Retweets
Twitter avatar for @GameofTrades_
Game of Trades @GameofTrades_
Every time the Philly fed manufacturing index dipped below -25, a recession took hold of the economy We’re now at -24.3
Image
6:00 PM ∙ Mar 7, 2023
819Likes191Retweets
Twitter avatar for @glassnode
glassnode @glassnode
Approximately 40k $BTC from wallets associated with US Government law enforcement seizures are on the move. Of these, the majority appear to be internal transfers (so far), however approximately 9,861 $BTC seized from the Silk Road hacker have been sent to our Coinbase cluster.
Image
11:11 PM ∙ Mar 7, 2023
948Likes264Retweets
Twitter avatar for @0xDesigner
0xDesigner @0xDesigner
ERC-4337 makes it easy to set recurring payments with spend limits. Hate it or love it, this will make subscriptions as common in web3 as they are in web2.
Image
3:08 PM ∙ Mar 7, 2023
1,613Likes258Retweets
Twitter avatar for @GameofTrades_
Game of Trades @GameofTrades_
The S&P 500 broke the downtrend line, and investors are getting excited This has happened in every major bear market rally since 1960 A thread 🧵
Image
6:53 PM ∙ Mar 7, 2023
4,530Likes902Retweets
Twitter avatar for @IIICapital
Joe Burnett (🔑)³ @IIICapital
JUST IN: FTX acquiring BlockFi for $1 billion. Wait a second… https://t.co/BtOfyQNV4r
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: #Binance US gains court approval to acquire bankrupt crypto lender Voyager Digital's assets for $1 billion.
3:20 AM ∙ Mar 8, 2023
46Likes6Retweets
Twitter avatar for @100trillionUSD
PlanB @100trillionUSD
#Bitcoin RSI stuck at 45🤔
Image
4:36 PM ∙ Mar 7, 2023
1,743Likes252Retweets
Twitter avatar for @IIICapital
Joe Burnett (🔑)³ @IIICapital
M2 money supply is contracting at a rate not seen since the Great Depression almost 100 years ago. Hiking interest rates while the total money supply falls seems like a recipe for an economic disaster. Avoid counterparty risk, buy BTC, and send to cold storage until 2030. https://t.co/vTq5Pj9HbW
Image
8:38 PM ∙ Mar 7, 2023
394Likes65Retweets
Twitter avatar for @MacroAlf
Alf @MacroAlf
Portfolio manager at one of the largest hedge funds in the world, and he specializes in real estate:
Image
8:50 PM ∙ Mar 7, 2023
11,246Likes1,616Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive @BTC_Archive
BREAKING‼️ Judges express scepticism on SEC distinction between #Bitcoin spot and futures pricing - CoinDesk 🤝 “They move together 99.9% of the time” 🧐
Image
4:53 PM ∙ Mar 7, 2023
1,267Likes224Retweets
Twitter avatar for @intocryptoverse
Benjamin Cowen @intocryptoverse
Senator Kennedy to Powell: “If history is right, unless you get some help, in order to get inflation down from 6.4% to 4.4%, the unemployment rate is going to have to rise to 7%, based on history." Powell: “That is what the record would say.”
3:56 PM ∙ Mar 7, 2023
750Likes77Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: 🇺🇸 Missouri passes bill to protect #Bitcoin and #crypto mining rights.
Image
4:24 PM ∙ Mar 7, 2023
4,222Likes941Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: 🇺🇸 FED Chair Jerome Powell warns interest rates are likely to rise higher than previously expected.
3:14 PM ∙ Mar 7, 2023
3,459Likes749Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: #Ethereum network surpasses 1.9 billion transactions.
1:20 PM ∙ Mar 7, 2023
2,580Likes415Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive @BTC_Archive
BREAKING‼️ Kraken exchange to launch its own bank "very soon" says Chief Legal Officer. 🧐
1:27 PM ∙ Mar 6, 2023
3,000Likes486Retweets
Twitter avatar for @MacroAlf
Alf @MacroAlf
Economists’ expectations for future inflation is irrelevant. They always expect inflation to go back to 2% anyway. Like literally always.
Image
5:52 PM ∙ Mar 6, 2023
1,408Likes198Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive @BTC_Archive
💥414 Days until the next #Bitcoin halving! LFG! 🚀
2:05 PM ∙ Mar 7, 2023
1,657Likes298Retweets
Twitter avatar for @therationalroot
Root 🥕 @therationalroot
Halving progress 71%. #Bitcoin
Image
10:03 PM ∙ Mar 6, 2023
1,434Likes316Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: 🇺🇸 SEC files emergency action against Miami investment adviser BKCoin for $100 million #crypto fraud scheme.
4:48 PM ∙ Mar 6, 2023
1,780Likes356Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: 🇺🇸 100% nuclear-powered #Bitcoin mining facility launches in Pennsylvania.
2:49 PM ∙ Mar 6, 2023
5,512Likes984Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: Kraken’s chief legal officer says the exchange plans to launch its own bank.
12:15 PM ∙ Mar 6, 2023
5,548Likes1,061Retweets

Bitcoin Climbs Above $22K as Powell Softens Tone on Day 2 of Congressional Testimony

U.S. Federal Reserve Chairman Jerome Powell "stressed" that the central bank has yet to make a decision on the size of the rate hike when the Federal Open Market Committee (FOMC) meets later in March.

Testifying before the House Financial Services Committee for his semi-annual monetary policy report on Wednesday, Powell made a notable change (from Tuesday's Senate testimony) in his prepared remarks. "I stress that no decision has been made on this," Powell added Wednesday when talking about the pace of rate hikes.

Markets on Tuesday took Powell's prepared remarks as suggesting the Fed was likely to hike rates 50 basis points at the FOMC's March meeting instead of the previously assumed 25. Bitcoin and stocks both saw sizable declines and the dollar a powerful rally following the testimony. The insertion of the "no decision" wording Wednesday could be an attempt to soothe those hawkish fears.

Bitcoin (BTC) bounced more than $200 on the news, now back above $22,000 at $22,200, and the S&P 500 moved from a modest loss to a modest gain. The dollar is giving back some of Tuesday's sizable advance.

While crypto came up during Wednesday's hearing, it was not a major issue even among lawmakers who tend to be outspoken on the sector.

Powell did say the Fed had yet to make any decisions on issuing a potential central bank digital currency (CBDC) in response to a lawmaker's questions.

Full Article


Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month

Bitcoin exchange Coinbase has remained a firm “buy” for ARK Invest throughout its recent price drop.

The latest data shows ARK continuing to buy Coinbase shares despite bankruptcy concerns over Silvergate Bank — a major Coinbase partner.

In the latest demonstration of its fearless approach to the crypto space, ARK purchased another 47,568 shares of Coinbase on March 7.

This adds to the roughly 6 million shares already held in ARK’s ARKK exchange-traded fund (ETF) at the start of the month, and is already its third purchase of the week.

Also benefiting this week is the largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust (GBTC).

Amid crunchtime for owner Grayscale in its long-running battle to convert and launch GBTC as an ETF in the United States, the trust saw a modest uptick in value as the week began.

A court is currently deciding whether U.S. regulator, the Securities and Exchange Commission, has the right to continue denying the launch of the market’s first Bitcoin spot price ETF.

ARK meanwhile owns 5.53 million GBTC shares, having most recently increased exposure in November 2022, immediately after the FTX debacle broke. In January, it reduced its holdings by 500,000 shares.

Full Article


Russian crypto advocates urge Putin to stop regulatory hostility

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