The Wolf Den #600 - Keep Going
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In This Issue:
Keep Going
Bitcoin Thoughts And Analysis
Legacy Markets
Tether Evolves
JP Morgan Bans Kanye West
Inflation Barely Budges
An Epic Battle With The SEC And The Future Of Decentralized Media | Jeremy Kauffman, CEO at LBRY
My Recommended Platforms And Tools
Keep Going
Today marks the 600th issue of The Wolf Den Newsletter.
What a long strange trip it's been.
I am currently writing from the airport in Dallas, finally heading home after a whirlwind of travel, conferences, recordings and meetings.
The major constant through all of it is this newsletter.
While I occasionally take a break for a day or two (there won't be a newsletter on Monday, as I am taking a day off for my kids), I make an effort to remain consistent in delivering my views, regardless of my location, level of exhaustion or the state of the market.
And I am exhausted!
I also attempt to share my thoughts on the charts, but truly believe that most analysis should be avoided when the market is this choppy. If I wouldn't trade it, I would not encourage you to do so either. That's why you don't see altcoin charts very often these days.
The bear market has been brutal. Does that mean you should quit? No. This makes it the perfect time to double down on your educational journey, to dig into the market and prepare for bluer skies ahead.
That's why I just keep going.
I have been inspired by the things that I have seen in the industry over the past few weeks, and remain committed to my goal to bring the masses into crypto. The things that are being built now will set a high bar for the future of the industry, and the entrepreneurs building in this space are insanely smart. Now is not the time to give up hope - it is the time to build.
I appreciate each and every one of you who choose to read this newsletter. I hope that you will be here for another 600 newsletters and through the inevitable bull market to come.
I can promise you that I will be.
Thank you for reading.
Bitcoin Thoughts And Analysis
DAILY CHART
Bulls are getting slaughtered. Bears are getting slaughtered. Everyone trying to trade this market is getting slaughtered.
As you can see on the daily chart, yesterday saw an early dip and then massive move to the upside - coinciding with the 5th largest intraday day move EVER for the stock market.
Today had a rip up before dampened price action following stonks.
Brutal volatility in a tight range.
The whipsaw price action is punishing both sides, which is why trading is largely avoidable.
The 50 MA remains a key resistance.
Legacy Markets
"US stocks fell after a report showed US year-ahead inflation expectations rose for the first time in seven months. The dollar gained and Treasuries fell."
Some of the main moves in markets:
Stocks
The S&P 500 fell 1.3% as of 11:20 a.m. New York time
The Nasdaq 100 fell 1.8%
The Dow Jones Industrial Average fell 0.5%
The Stoxx Europe 600 rose 0.5%
The MSCI World index fell 0.5%
Currencies
The Bloomberg Dollar Spot Index rose 0.5%
The euro fell 0.3% to $0.9748
The British pound fell 1% to $1.1218
The Japanese yen fell 0.9% to 148.49 per dollar
Cryptocurrencies
Bitcoin was little changed at $19,370.89
Ether rose 1.4% to $1,311.43
Bonds
The yield on 10-year Treasuries advanced seven basis points to 4.01%
Germany’s 10-year yield advanced seven basis points to 2.35%
Britain’s 10-year yield advanced 13 basis points to 4.32%
Commodities
West Texas Intermediate crude fell 3.4% to $86.06 a barrel
Gold futures fell 1.4% to $1,654.20 an ounce
Tether Evolves
Tether has eliminated commercial paper completely from their treasury, opting instead for U.S. Treasury Bills. This should finally put an end to the FUD surrounding exposure to Chinese Real Estate etc.
Bonds are looking sexy for both companies and individuals with current rates.
This should boost Tether’s bottom line and solidify its strength for years to come. Consider Tether and the dollar that much stronger.
JP Morgan Bans Kanye West
I won't bother to comment on Kanye's politics, bad takes, or mental health, but I will point out the disturbing fact that JP Morgan has said sayonara to Yeezy's bank account.
Bitcoiners jumped on the bandwagon to recruit Ye. As cringe as that is, they have a point. Other than rare exceptions (like terrorist activity) access to banking should be a fundamental birthright, not dependent on the whims of the institution. I am not a fan of Kanye. At all. But I still thinks this is absurd.
Bitcoin has never banned an individual and never will.
Inflation Barely Budges
The stock market is broken and we live in the upside down. After months of aggressive rate hikes to correct record-setting inflation, numbers worsened... and the stock market ripped.
Core inflation for September notched a 40-year high, accelerating to 6.6% from the year prior. That is a 0.6% increase. The Fed is unlikely to listen to the UN, Cathie Wood or anyone else. Their self-imposed mandate is to raise rates until the pain train is at full speed.
Everything is breaking.
An Epic Battle With The SEC And The Future Of Decentralized Media | Jeremy Kauffman, CEO at LBRY
Jeremy Kauffman is an American entrepreneur and political activist known for founding LBRY, a blockchain-based file-sharing and payment network that powers decentralized platforms. We met during Mainnet to discuss the future of decentralized social media platforms and the role of the SEC in the adoption of crypto.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.
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