Daily Bullets 💊: Hot CPI = Tight Monetary Policy Likely to Continue
💊 Daily Bullets 💊 Thursday, October 13th
Markets finally started moving after being stuck in basically the same spot for a month. Yesterday’s FOMC minutes revealed the Federal Reserve is committed to raising interest rates - which means we can expect continued restrictive monetary policy and reluctance from market participants to shift to being risk-on. US CPI - long story short- came in higher than expected which as of recently has consistently caused panic and moves down: 8.2% YoY, 0.4% MoM vs Expected: 8.1% YoY, 0.2% MoM
Sharing is caring and knowledge is power! Do you find this newsletter helpful? Then be a Chad or Chadette and share this newsletter with your friends and colleagues
⛓ Crypto News:
A judge has partially denied a motion by Aptos Labs CEO Mohammed “Mo” Shaikh to dismiss a lawsuit filed by entrepreneur Shari Glazer, who claims to have been cheated out of equity as an early investor
J.P. Morgan and Visa are teaming up to streamline cross-border payments using their private blockchain networks, Liink and B2B Connect
October becomes worst month in DeFi history as hackers steal $718M across 11 protocols
FalconX is launching a risk management platform for institutional clients in order to offer cross-margin capabilities and broader liquidity access
Hidden Road, with backers like Castle Island Ventures and Citadel Securities, has launched an over-the-counter prime brokerage for digital assets
Polygon powers India police complaint portal to battle corruption by allowing citizens to register complaints against the police without worry of it being dismissed or manipulated
Stepn denied reports it has laid off contract workers, said it is actively hiring and hinted that a new project is on the way
A group of web3 companies has launched an alliance focused on raising awareness about the need for data privacy following U.S. sanctions on coin mixer Tornado Cash - includes p0xeidon labs, Nym Technologies, Secret Network from SCRT Labs, Orchid, Railgun, Status and Oasis Foundation
Solana is live on thirdweb - brings full stack web3 development kit and network of 60,000 builders
Bitcoin rewards app Lolli launch of new mobile app for iOS and Android featuring new Lolli Card Boosts, which allows shoppers to earn up to 10% in bitcoin rewards on in-store purchases
👨⚖️ Economic/Government/Regulatory:
US crypto policy advocacy group Coin Center has filed a lawsuit against the Treasury Department’s Office of Foreign Asset Control (OFAC) over sanctioning cryptocurrency mixer Tornado Cash
Brazil's Rio de Janeiro will accept crypto-payments for property taxes
The Chinese digital yuan, the largest CBDC pilot in the world, transactions volume crossed $14B. Plans to expand on citizen payments and cross-border operations with Hong Kong
US judge allows crypto advocates to join Ooki DAO defense against CFTC
💸 Exchange News:
Crypto exchange platform Binance has concluded its 21st quarterly BNB burn, eliminating around $547M worth of BNB tokens from its supply
BitMEX adds 14 tokens as it moves beyond derivatives trading
Blockchain.com becomes the second crypto exchange in two days to receive preliminary approval to provide crypto services within Singapore
🏦 DeFi News:
Introducing the refreshed Uniswap Web App
Temple DAO: A fair path forward - proposal seeks to enable every party in the Temple DAO to win. Middle ground
🖼 NFT/Gaming/Metaverse News:
Limit Break has purchased a commercial spot starring DigiDaigaku for SUPERBOWL LVII February 12th 2023
Gaming veteran Konami Digital Entertainment is hiring for a slew of roles specifically related to NFTs, web3 and the metaverse
French authorities utilized research from blockchain sleuth ZachXBT to charge five people on suspicion of stealing $2.5M worth of NFTs via phishing scams
Metaverse platform Mona has rolled out a new AI tool to help builders design more realistic objects in online worlds
Damien Hirst, one of the UK’s best-known modern artists, set fire to hundreds of artworks this week – with plans to torch thousands more – as part of a long-running NFT project
Sir Anthony Hopkins is launching an NFT collection which promises randomly selected holders Zoom meetings with the two-time Oscar winning actor
Ukrainian Art Museum to launch exclusive NFT collection on Binance NFT in support of Ukraine cultural heritage
Organizations are partnering with NFT projects and accepting crypto donations to draw attention to Breast Cancer Awareness Month
💰 Fundraises:
Crypto custodial firm Copper raises $196M in Series C round
Uniswap Labs raised $165M in Series B funding, led by Polychain Capital with participation from a16z crypto, Paradigm, SV Angel, and Variant
BlockTower launches $150M fund backed by BPI France and Mass Mutual
Venture capital firms Accel and Quona have led an $18M round into Singapore-based crypto investment app Pillow
Neel Somani, a former Terra developer, raised $15M for his Solana-based cross-chain modular rollup startup, Eclipse
Crypto hardware startup Fabric Systems has raised $13M in seed equity funding, to build two products - a liquid-cooled bitcoin miner and a computer processor for advanced cryptographic algorithms
Dragonfly and OpenSea back $10M raise for NFT financing firm MetaStreet
Exceed raised $8M in seed capital for new SEC-compliant ventures that are expected to bring creatives, investors, and fans together on music and art-led projects
NFT startup Otterspace has raised $3.7M to build a protocol and application that it hopes can reduce financialization in web3
Nuwton received institutional investments
👶 Early Stage Projects:
Introducing Polynomial Portal - one click deposit from any chain
Introducing, Quix, the official Optimism NFT Bridge
Introducing, Aera, the world’s first autonomous, data-driven treasury management protocol
Introducing Sudoswap.Vision - detailed stats on Sudoswap pools
Introducing Clique: an identity oracle that bridges data from web2 to web3
nxyz beta - provides flexible, reliable blockchain indexing for web3 developers
Lithium Finance testnet to mainnet
Zomma new testnet on Arbitrum
Maverick - aims to be a game and learning platform for Web3 developers
Introducing: Waves Camp Incubator - Apply for funding & support
What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?
📊 Data:
TL;DR: Today we see a wee bit of smart money flowing BUSD and WBTC with outflow from stables USDC and USDT and WETH. Weekly still showing a netflow into DAI and BUSD and out of USDC and WETH. DigiDaigakus coming in with some volume and floor up ~ 20% on news that they’ll be airing a superbowl ad.
Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D):
- Outflow (1D):
Weekly:
- Inflow (7D):
- Outflow (7D):
Nansen NFT Hot Contracts:
What is the Data telling you? See anything that sticks out to you?
🎓 Research/Reads:
Eastern Europe’s Crypto Market Active, With Spikes in Last Year Driven by Russia-Ukraine War - source
Messari - State of Osmosis Q3 2022 - source
Beyond IBC - ZK Light Clients, Verkle Trees and connecting IBC to non-Cosmos chains -- the future of Interchain bridging with native IBC support - source
One month after launch, how is the ETHW ecosystem doing? - source
Chainalysis - Hodlers prefer centralized exchanges over DeFi for security - source
WTF is Account Abstraction - Scaling the UX and security of crypto by 10X - source
What’s the Difference Between Rare NFTs and Rare Traditional Art? - source
Have you seen our institutional-quality research?
🌍 Crypto Twitterverse:
Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!
Momentum 6 offers research, analysis, and coverage of the fast-paced Crypto space.
The Crypto space never sleeps. Each day is filled with an overwhelming amount of information spread across various sources.
This newsletter offers a Crypto-native perspective and a one-stop shop for everything you need to stay updated on the daily goings on in the Crypto world.
Subscribe to receive our brief daily and extended weekly newsletter along with in-house research content!
Please Share, Leave Feedback, and Follow us on Twitter, Telegram, and LinkedIn to stay connected with us.