Riding The Wave News Summary 77

Everybody's Throwing a Watch Party for the Ethereum Merge. Here's Where to Go, Crypto's market cap drops below $1 trillion after disappointing inflation data, & more

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News

Table of Contents

1. Tweets

2. Everybody's Throwing a Watch Party for the Ethereum Merge. Here's Where to Go

3. Crypto's market cap drops below $1 trillion after disappointing inflation data

4. Monitoring the Merge: What a Successful Ethereum Upgrade Will Look Like

5. Ethereum Classic Hash Rate Soars as Merge Nears and Miners Roam

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Tweets

Willy Woo @woonomic

Have we bottomed? I like to quantify accumulation as coins moving away from sellers to urgent buyers. Red line tracks this. Black arrows are all the same height. So far we haven't had the levels of accumulation synonymous to prior bottoms.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Average 30-year fixed mortgage rate in the US increases to 6.24%.

The Kobeissi Letter @KobeissiLetter

The Fed has no longer has any option but to slow the economy to control inflation. As a result of their hawkish policy, unemployment must rise and housing prices must fall. The longer it takes to control inflation, the more likely a depression becomes. Stop fighting the Fed.

Root 🥕 @therationalroot

—◡–◡–◡— #Bitcoin

Willy Woo @woonomic

Have we bottomed? In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by @glassnode). We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%.

Alf @MacroAlf

If you are looking for the timing of a Fed pivot, this visualization is very helpful. Historically, you need: - A sustainable path to 2% (not 3 or 4!) inflation - Fed Funds > CPI for a few quarters The timing mostly depends from the MoM CPI ahead.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Odds of 100bps interest rate hike hits 48%.

unusual_whales @unusual_whales

JUST IN: The average interest rate on the most popular U.S. home loan rose above 6% for the first time since 2008 and is now more than double the level it was one year ago, Mortgage Bankers Association (MBA) data has showed.

The Kobeissi Letter @KobeissiLetter

This bear market combines both aspects of 2001 and 2008. By comparison, the Nasdaq had 7 rallies of 20% or more which were all followed by a lower low in 2000-2001. So far, we have had just 1 rally of 20% or more. History continues to suggest the bear market is very young.

Watcher.Guru @WatcherGuru

JUST IN: 🇰🇷 South Korean city of Busan partners with #crypto exchange Huobi to help develop its blockchain ecosystem.

Jurrien Timmer @TimmerFidelity

No bull: If a 14x forward multiple is the correct valuation, then simple math will tell us that the fair value for the S&P 500 is 3200-3400 at an EPS of $230. This suggests that this bear market is not yet over.

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Everybody's Throwing a Watch Party for the Ethereum Merge. Here's Where to Go

The Ethereum Merge is becoming an occasion for celebration on top of all the speculation.

Ethereum, the second-biggest blockchain network, is scheduled to transition from proof-of-work (PoW) to proof-of-stake (PoS) a little after 12:30 a.m. ET, 5:30 a.m. BST, or 12:30 p.m. in Hong Kong and Singapore.

For those who want to stay up and party with their fellow HODLers, below is a list of live stream watch parties:

Bankless: The eve of the Merge Livestream (Sept. 14, 5 p.m. ET)

Ethereum Foundation: Ethereum Merge viewing party (Sept. 14, 11 p.m. ET)

And for those at EthBerlin in Germany, conference organizers have put together an in-real-life launch party kicking off that evening

I don’t personally plan to stay up for the merge, but if you are and were looking for entertainment, these live streams will have you covered. The Ethereum foundations stream hasn’t started yet, but bankless appears to be doing an Ethereum-themed drinking game and bingo.

Full Article

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Crypto's market cap drops below $1 trillion after disappointing inflation data

Bitcoin dangled above its crucial $20,000 mark as of Tuesday afternoon, selling off as much as 10% since the release of inflation data and outpacing the S&P 500's (-4.3%) and Nasdaq Composite's (-5%) losses. The total market capitalization for all crypto assets slipped below $1 trillion again, falling approximately 7% on the day to $998 billion from $1.07 trillion according to Coinmarketcap.

The losses underscore that cryptocurrency's fortunes are very much still tied to the moves by the central bank.

"Hopes of a soft landing, the end of the Fed hiking cycle, and a resilient consumer, are fading away," Edward Moya, a senior market analyst with Oanda, told Yahoo Finance. "So over the short term, cryptocurrencies are going to be vulnerable to further selling pressure."

“Bitcoin and other cryptocurrencies being more forward looking tend to reflect expected headwinds for the near-term future. The threat of inflation gives the Fed more leeway to hike rates faster maybe than what people we’re thinking,” Hines told Yahoo Finance, adding that sentiment around risk assets may be so bad now that there "may be room for markets to run higher over the next year."

The downside to being forward-looking is that if the hike ends up being more than expected, we can experience a second drop. With inflation still coming in over estimates, we will definitely be getting another hike, the upside is that the rate of growth for inflation appears to have slowed

Full Article

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Monitoring the Merge: What a Successful Ethereum Upgrade Will Look Like