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Riding The Wave
Riding The Wave News Summary #66

Riding The Wave News Summary #66

Thomas Holland's avatar
Thomas Holland
Aug 10, 2022
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Riding The Wave
Riding The Wave
Riding The Wave News Summary #66
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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. U.S. Inflation Slowed to 8.5% in July, CPI Report Shows; Bitcoin Jumps

  3. Tornado Cash User Continues to Send ETH to Prominent Figures, Buterin Admits He Used the Mixer

  4. Nvidia ups its metaverse bet with new developer tools

  5. Canada's 2nd Largest Pension Fund Embroiled in Celsius Collapse


Tweets

Twitter avatar for @GarethSoloway
Gareth Soloway @GarethSoloway
5.9% core #CPI. Market expected north of 6%. Stripping out food/energy is key. I doubt this rally lasts long though, be wary. Economy is slowing, inflation is still high, recession is still likely. A lot of headwinds.
1:41 PM ∙ Aug 10, 2022
1,426Likes144Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: Coinbase $COIN revenue fell 31% to $803 million in Q2 2022.
8:22 PM ∙ Aug 9, 2022
1,966Likes289Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
UPDATE: Curve Finance warns users not to use their frontend after $573,000 was stolen.
9:13 PM ∙ Aug 9, 2022
1,182Likes192Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
💥US Inflation 8.5% in July - down from 9.1% in June.
12:34 PM ∙ Aug 10, 2022
1,815Likes249Retweets
Twitter avatar for @callieabost
Callie Cox @callieabost
🧊 THE JULY CPI REPORT 🧊 🧊 Inflation cooled across the board ⛽️ Gas/energy prices and goods inflation is slowing 🍔 Food inflation still rising (⬆️ grocery bills) 🥴 Services inflation rising YOY but down MOM 🏔 Fed rate hikes may be working, but the job may not be done yet
1:04 PM ∙ Aug 10, 2022
29Likes5Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
When the stock market rises 2% after inflation comes in at 8.5%, you know the system is broken. We are truly trading in a historic time which will be referenced for decades to come.
12:33 PM ∙ Aug 10, 2022
992Likes156Retweets
Twitter avatar for @MacroAlf
Alf @MacroAlf
Quite some damage has been done so far, sure. But the combined market cap of stocks with price/sales above 10x (!) is still at $8 trillion. Reminder: something that dropped 80% can still drop another 80%.
Image
6:54 PM ∙ Aug 9, 2022
780Likes94Retweets
Twitter avatar for @WClementeIII
Will Clemente @WClementeIII
CPI prints have been pretty pitoval for BTC price action. Big day tomorrow innit.
Image
11:30 PM ∙ Aug 9, 2022
1,170Likes139Retweets
Twitter avatar for @milesdeutscher
Miles Deutscher @milesdeutscher
There's a hot new narrative brewing in DeFi. It's called "Real Yield", where protocols pay out yield to users based on revenue generation. 🧵: My TOP 10 picks to capitalise on this growing sector, and how they could become the pillars of the next cycle. 👇
5:41 PM ∙ Aug 9, 2022
2,764Likes808Retweets
Twitter avatar for @Montana_Wong
Montana Wong @Montana_Wong
Ethereum is about to experience a once-in-a-lifetime phenomena called the "Triple Halvening" after the upcoming Merge. What this is, and how this will drastically affect every ETH holder 👇
6:18 PM ∙ Aug 8, 2022
7,434Likes2,184Retweets
Twitter avatar for @callieabost
Callie Cox @callieabost
The S&P 500 just fell less than 0.2% for three straight days, which isn't something you see often in a bear market. Last time that happened in a 🐻? April 1982, about four months before the S&P 500 bottomed.
9:17 PM ∙ Aug 8, 2022
32Likes3Retweets
Twitter avatar for @conorsen
Conor Sen @conorsen
Earnings season is out of the way, we’ve got 2 months of soft headline CPI reports coming up, the labor market is holding up, oil can’t hold a bid, and professional/active investors are underweight stocks.
12:24 PM ∙ Aug 8, 2022
226Likes24Retweets
Twitter avatar for @MacroAlf
Alf @MacroAlf
The New York Fed recently developed a very cool index that measures the health of the Global Supply Chain. In 2022, the situation has been steadily improving with July being the first month where the decline was uniform across index subcomponents.
Image
6:47 PM ∙ Aug 8, 2022
775Likes135Retweets
Twitter avatar for @thedefiedge
Edgy - The DeFi Edge 🗡️ @thedefiedge
Today: • U.S.A sanctions Tornado Cash • Holdnaut (CEX) has frozen withdrawals • Circle blacklists Tornado cash addresses (freezes USDC) • Github suspends accounts of Tornado contributors (@bantg) This is why decentralization is essential - it's freedom.
7:52 PM ∙ Aug 8, 2022
825Likes130Retweets
Twitter avatar for @WifeyAlpha
Wifey @WifeyAlpha
A short thread on late stage bear market rallies 🧵 In the later stages of bear market rallies there are numerous signals both quantitative and qualitative. We will start for the former and end with the latter. 1/6
11:31 AM ∙ Aug 9, 2022
2,439Likes439Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: 🇺🇸 United States has banned crypto mixer Tornado Cash.
2:22 PM ∙ Aug 8, 2022
8,991Likes1,847Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: Chainlink says its protocol will not support #Ethereum's proof-of-work forks.
7:14 AM ∙ Aug 8, 2022
5,447Likes806Retweets


U.S. Inflation Slowed to 8.5% in July, CPI Report Shows; Bitcoin Jumps

U.S. inflation slowed last month, possibly strengthening a widely-held narrative that the worst of consumer-price increases is behind the economy.

Bitcoin (BTC) jumped 2% and Ethereum (ETH) 7% in the minutes after the report, signaling relief on the part of crypto traders that the Federal Reserve might be able to relax its aggressive approach to tightening monetary conditions.

The consumer price index (CPI) surged 8.5% in July on a year-over-year basis, though it was unchanged from the previous month, partly thanks to lower energy prices, a report by the Bureau of Labor Statistics showed. The annual figure compared with an average estimate of 8.7% in a survey of economists by FactSet.

Stripping out food and energy prices because of their strong volatility, core CPI remained unchanged at 5.9% over the past 12 months, slightly missing expectations of 6.1%.

“I think the market will continue to find confidence in the Fed staying on track with its proposed increases to the interest rates at the September meeting and we will continue to see our relief rally pick up steam in the crypto market,” said Howard Greenberg, cryptocurrency educator at Prosper Trading Academy.

With the current economic situation regarding inflation & rate hikes, I wouldn’t be surprised to see Bitcoin & Crypto move upward in price after the news just announced for CPI. Of course, I dont think we are out of the woods yet and that it is very likely that we see a drop-down to current prices or lower after this subsides (unless we continue to come in under for CPI, which I dont expect).

Full Article


Tornado Cash User Continues to Send ETH to Prominent Figures, Buterin Admits He Used the Mixer

An anonymous user is continuing to send small amounts of ethereum (ETH) from a Tornado Cash wallet to the public addresses of prominent figures, ranging from celebrities to crypto CEOs, presumably as a way to protest against the US Treasury's decision to sanction the mixing service. Meanwhile, Ethereum co-founder Vitalik Buterin has publicly admitted that he used Tornado Cash in the past, and for good causes.

Etherscan transactions further show that almost all major crypto exchanges, including , FTX, , , , , and , have received small amounts of ETH from Tornado Cash. Furthermore, even the Ethereum Foundation's treasury and the official Ukrainian crypto donation accounts have been included.

As part of the sanctions, all Americans, as well as US-based companies, are barred from interacting with Tornado Cash. A failure to comply could lead to penalties of USD 50,000 to USD 10,000,000 in fines and 10 to 30 years imprisonment.

Notably, since the receipt of tokens from Tornado Cash is not willful and comes without any prior knowledge or engagement, it seems unlikely that it could be considered a violation of the sanctions. However, its consequences still remain unclear.

Meanwhile, Buterin has joined the cult of users criticizing the sanctions against Tornado Cash, saying that the privacy tool could also be used for good causes. In particular, the Ethereum mastermind said he used the mixer to donate to Ukrainian causes while protecting the recipients. “I’ll out myself as someone who has used TC to donate to this exact cause,” he wrote.

Tornado and other similar services have strong use cases, but until they take stronger precautions against hackers using them, I would expect them to continue to be banned as they do more harm than good.

Full Article


Nvidia ups its metaverse bet with new developer tools

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