Riding The Wave News Summary 81

SWIFT Partners With Crypto Data Provider Chainlink on Cross-Chain Protocol in TradFi Play, Bitcoin Could ‘Double in Price’ Under CFTC Regulation, Chairman Behnam Says, & more.

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News

Table of Contents

1. Tweets

2. SWIFT Partners With Crypto Data Provider Chainlink on Cross-Chain Protocol in TradFi Play

3. Bitcoin Could ‘Double in Price’ Under CFTC Regulation, Chairman Behnam Says

4. The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

5. Web3 Gets Its Signature Awards Ceremony: Decrypt Studios Launches The Crypties

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Tweets

unusual_whales @unusual_whales

Nearly three in four (71%) employees say the cost of living due to inflation is outpacing their salary and wages, according to a Bank of America, $BAC.

unusual_whales @unusual_whales

A year ago, 30-year mortgage rates were around 3%. Just two weeks ago, the average 30 year mortgage rate in the US hit 6%, the first time since 2008. It is now above 7%.

Altcoin Daily @AltcoinDailyio

CONFIRMED: SWIFT integrating Chainlink $LINK. 🌊

The Kobeissi Letter @KobeissiLetter

Today's rally in stocks was the beginning of a much needed relief rally. We should see this relief rally continue just enough to trap the next wave of bulls. From there, we open for the next leg lower and a fresh low in stocks. This market won't bottom until more fear hits.

The Kobeissi Letter @KobeissiLetter

We are back to seeing heavy selling in the overnight session for $SPX. Bears continue to capitalize on low volume time periods to take out key levels of support. Soon, we will see heavy selling overnight carry over into regular trading hours. This opens for a limit down day.

TechDev @TechDev_52

#Bitcoin log price vs. log time. The steeper it gets, the longer it takes.

Callie Cox @callieabost

Now that the Fed is basically forecasting some type of recession, it's probably time to tell you: Since 1950, the S&P 500 has declined an average of 32% in every pullback that's coincided with a recession (n=10).

Dan Tapiero @DTAPCAP

NO WORDS.

The Kobeissi Letter @KobeissiLetter

This is truly terrifying: 1. Payment on a $400,000, 30 Year mortgage 1 year ago: $1,600 2. Payment on a $400,000, 30 Year mortgage NOW: $2,600 In the same time period, total credit card debt is up over 20%. Rising rates, rising mortgage payments, and rising credit card debt.

Watcher.Guru @WatcherGuru

JUST IN: Walmart, $WMT launches two new immersive experiences in the #Roblox metaverse.

unusual_whales @unusual_whales

Analysts at the mutual fund giant Vanguard estimate the likelihood that the U.S. will drop into a full-blown recession sometime during the next 12 months at 25%, and some time during the next 24 months at 65%.

Callie Cox @callieabost

This is p incredible. Nothing like a supply chain crisis to spur a wave of deglobalization 🙃 (which btw is one of those big trends you should watch while everybody is distracted by the markets)

hk @hassankhan

The US officially has more manufacturing jobs now than it did prior to the pandemic (photo 1)! This brings us back to similar # of manufacturing jobs as we had in the 2008 recession (photo 2). The last time before ‘08 we had <13M manufacturing jobs? 1946 (photo 3) https://t.co/elPfpPFcgC

Blockworks @Blockworks_

Fed Chair Powell: DeFi has significant issues around the lack of transparency

Watcher.Guru @WatcherGuru

JUST IN: The total value locked in the #Ethereum 2.0 Deposit Contract surpasses 14 million $ETH.

The Kobeissi Letter @KobeissiLetter

Events in the average bear market that have not happened yet: 1. 10 months pass before the bottom 2. $VIX hit 45+ before every bear market bottomed 3. Stocks fall 36%, the current low is just a 24% decline 4. Short trade gets crowded This is not your average bear market.

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SWIFT Partners With Crypto Data Provider Chainlink on Cross-Chain Protocol in TradFi Play

SWIFT, the interbank messaging system that allows for cross-border payments, is working with Chainlink, a provider of price feeds and other data to blockchains, on a cross-chain interoperability protocol (CCIP) in an initial proof-of-concept.

CCIP will enable SWIFT messages to instruct on-chain token transfers, helping the interbank network to be able to communicate across all blockchain environments.

The partnership between Chainlink and SWIFT in cross-chain interoperability will help bridge the gap between traditional and digital assets for TradFi institutions, he added. Chainlink's native token is LINK.

Last year, SWIFT said that it was planning a series of experiments in the first quarter of 2022 around improving the exchange of information between the participants and systems that interact during the lifecycle of tokenized assets.

SWIFT partnering with chainlink is great news for crypto as a whole as well as for Chainlink and its token LINK. SWIFT is one of the core pieces of today’s financial world, so the fact that they are testing integrations with crypto shows that we may be closer than people expect to a merge between traditional and new finance.

Full Article

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Bitcoin Could ‘Double in Price’ Under CFTC Regulation, Chairman Behnam Says

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said Wednesday that CFTC-led regulation could have significant benefits for the crypto industry, including a potential boost to the price of bitcoin.

“Growth might occur if we have a well-regulated space,” Behnam told attendees during a fireside chat at NYU School of Law. “Bitcoin might double in price if there’s a CFTC-regulated market.”

“Non-bank [crypto] institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field,” Behnam added. “And they may say otherwise, they might bicker about the type of regulation – but what they love most is regulation because they are the smartest, the fastest and the most well-resourced. With those attributes, they can beat everyone else in the market.”

The CFTC’s battle with the dual issues of jurisdiction over crypto markets and its comparatively small operating budget has impacted its ability to effectively deal with crypto crime, Behnam told the audience on Thursday.

“We’re only touching the tip of the iceberg,” Behnam said. “The 60 or so cases [the CFTC has] brought, we’ve had to solely rely on whistleblowers, on customer complaints and on tips coming to us.

“We don’t have the traditional surveillance tools, the market oversight tools, to monitor trading platforms, to oversee broker-dealers or similarly-situated intermediaries…those are the types of things we fall a little bit short on, not because of lack of effort but because of a lack of jurisdiction,” he added.

Crypto as a whole has been begging for regulations for years as it’s hard to build when the rules are unclear. No one wants to spend years building a project and large amounts of money only for it to all come crashing down due to a weak foundation; lacking regulations are that weak foundation.

There is also the secondary issue of lack of expertise amongst enforcement which I expect to be naturally resolved over time. Enforcement will likely seek out courses on crypto, colleges will likely create courses, and expert talent will be poached from crypto companies into other fields to fill gaps.

Full Article

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The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?