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Stay alive: Market update | Sept 9

Updated: Jul 30, 2024
Published: Sep 11, 2023
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Let’s face it; that’s a lot of liquidation. Granted, documents indicate that FTX won’t flood the market all at once; we’ll probably see about $100 to $200 million in weekly sales. But still, the news has become a major FUD-driver, especially in the  Solana ecosystem. 

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What’s happening in the market?

So, the week is off to a pessimistic start, all thanks to speculation that FTX might end up liquidating about $3.4 B in crypto if the courts greenlight the move this week. 

For traders actively involved in the market and wishing to monitor these potential movements closely, keeping an eye on specific wallets associated with FTX on the Solana blockchain is crucial. Here are the wallets worth monitoring:

  • FTX Cold Wallet 1: Link
  • FTX’s Cold Wallet 2: Link 
  • FTX Cold Wallet 3: Link
These wallets are pivotal as they are associated with FTX's holdings on the Solana blockchain, and their activity could provide valuable insights into the liquidation process.
Disclaimer: This is not financial or investment advice. Any capital-related decisions you make are your full responsibility and yours only.

Macro update

On the macro front, the August US CPI figures are coming out on Wednesday 13th. Headline is forecast to be 0.6% Month-on-Month (MoM) - quite an increase from the previous 0.2%. This expectation is obviously bearish. Any higher than 0.6% would cause carnage in the markets; any lower will be priced in.

Towards the end of the month, on Wednesday, 20th September, we have the Fed’s decision on interest rates. The FOMC is expected to pause, meaning they won’t raise rates. However, the inflation figures for August will influence this decision heavily.

A hike is more likely if CPI MoM comes in higher than 0.6% - again, this would be bearish.

Binance has recently made headlines, though not for favourable reasons. Nevertheless, as a potential source of consolation, Richard Teng, Binance's regional head, has emphasised that Binance's situation differs from FTX's. This is despite the ongoing lawsuits, diminished partnerships, and rumours of bank runs. 

However, the departure of numerous Binance executives and the company's declining partnerships with traditional financial entities like Mastercard and Visa are causing concern among investors.

What does all this mean for you?

TLDR: There are fewer reasons to be optimistic about crypto this week.

But the truth is we’ve been here before – many times. We understand the feeling, scratch that – we KNOW that feeling because we are also personally invested. 

But this is not the time to be paralysed by fear.  

https://youtu.be/ZThhV6cG5nE

Whatever you do, the most important thing in this market is to stay alive – meaning don’t take risks that will wreck you.

Okay, Cryptonary, what’s next?

Cryptonary’s got you covered

However, we have some things lined up this week to help you make sense of the current uncertainty and position your trading and investment portfolios to come out on top.  
  • Today: Our weekly analysis focuses on how you can optimise your portfolio for safety and capital preservation while we navigate the uncertainties ahead.
  • Tuesday: We have an update on Frax (FSX) – sink or swim; what does the future hold?
  • Wednesday: We start you with a deep dive into unshETHing (USH). The project recently announced the rollout of phase 1 of its Project Sentience: reshETH. But we are going beyond the news of the latest announcement to give you unique insights into how to play USH.
  • Later in the week, we understand that many people seek relative stability in stablecoins, so we are guiding you to get the best out of your stablecoins. Do you want to earn more yield on stables? This one is of you.
  • There’s also in-depth research on some exciting airdrop opportunities, but we aren’t letting the cat out of the bag.  You’ll have to check back in for updates. 🤐
 

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