Did Janet Yellen Just Leak the Biggest Crypto Catalyst of the Year?
Market Update | Major News | Notable Events
This article was originally posted at CryptoBanter.
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Hi Fam!
You’ll have to excuse my absence, I was away on a two-week vacation. The good news is that I’m back and ready to bring you the best daily updates for the awesome price of zero.
It’s wild what has occurred in the past couple of weeks and crypto has been front and center. When I sit down to do my research it now includes geopolitical content, a wide range of markets, and even presidential orders. It’s all a testament to how impactful digital assets are becoming in an ever-changing landscape.
So stay tuned and enjoy the ride!
Did Janet Yellen just leak the next crypto catalyst?
Meanwhile, Biden cuts Russian oil out of the US economy, and some commodities' charts begin to look like altcoins.
Biden Sets to Ban Russian OIl and Gas
Market Update
Major Crypto News
Notable Events
Janet Yellen has reportedly leaked her statement on the much anticipated crypto executive order that Biden’s team put together. According to reports, the order is set to be signed tomorrow and will support “responsible innovation that could result in substantial benefits for the nation.”
US President Biden sets to ban Russian oil and natural gas imports in further retaliation for the invasion of Ukraine as the geopolitical chess game intensifies.
The move will likely raise gas prices at the pump and further plummet the Ruble causing further crippling to the Russian economy. Where are regular Russian citizens to go with their money to avoid the pain?
The macro uncertainties are making some commodity charts look like altcoins.
Oil Futures:
https://www.tradingview.com/chart/v7j9tiND/
Nickel:
https://www.tradingview.com/chart/v7j9tiND/
Market Update
Despite global macro uncertainty, Bitcoin (BTC) continues to hover near the 37k support and had a late run to 41.4k that may be a front runner on the release of Biden’s executive order.
https://www.tradingview.com/chart/v7j9tiND/
Ethereum (ETH) total market total value locked (TVL) has fallen to the lowest level in its history to 55.26%. Recent TVL strength showcased by Terra, Cosmos, and Avalanche ecosystems are beginning to dig into Ethereum TVL dominance. The upcoming Ethereum Merge will be an important moment in the coming weeks as ETH will likely see +10% APY for staking rewards.
Zcash (ZEC) and Monero (XMR) respectively climbed 21% to $142 and 27% to $202 in the last 24H as the privacy narrative begins to heat up. Tornado Cash (TORN) likewise climbed 21% to $53. Could this be Russian citizens exiting the Ruble?
Andre Cronje's associated projects have suffered after the developer's reported exit from crypto. (7d)
Yearn Finance (YFI) $ 20,072 -7%
Solidity (SOLID) $1.85 -78%
Fantom (FTM) $1.33 -26%
Keep3rV1 (KP3R) $366.75 -46%
Notable Gainers (24h)
ECOMI (OMI) $0.0043 +20%
Synthetic Network (SNX) $4.48 +16%
Arweave (AR) $36.11 +17%
Terra (LUNA) $93.78 +18%
Uniswap (UNI) $9.31 +10%
Avalanche $78.19 +8.6%
Xido Fin. (XIDO) $21.17 +41%
Defi Kingdoms (JEWEL) $4.98 +25%
Bitcoin Fear and Greed Index: 21 Extreme Fear (-2)
Bitcoin “Google” Trends: 43
Bitcoin “Crypto” Trends: 30
Major Crypto News
Avalanche Foundation launches an incentive program up to $209M named Multiverse to accelerate the adoption and growth of "subnet functionality." Some collaborators include DeFi Kingdoms (JEWEL), Aave (AAVE), Valkyrie, and Golden Tree Asset Management.
Bain Capital Ventures launches a $560M crypto-based fund to invest in crypto startups, a first for the TradeFi firm.
NFT project World of Women and The Sandbox (SAND) partner with a $25M fund to lead women into the metaverse.
Coinbase caves to government pressure and blocks the accounts of 25k Russian to support sanctions. The move is widely criticized in the crypto community and raises the ever-increasing need for self-custodied wallets.
Notable Events
Synapse Network (SNP) Introduces a fiat on-ramp.
Coinbase announces the listing of Aergo (AREGO), Aioz (AIOZ), Eternity Chain (ERN), Golem (GLM), Highstreet (HIGH), Status Network (SNT), and Synapse (SYN).
The Take
The geopolitical chess match continues as politicians enact Russian sanctions, but a bunkered digital asset class holds resilient in price. Commodity prices begin to soar, and the Ruble starts to collapse to the dismay of Russian citizens. While some play for speculation, crypto can be a lifeline for others, like Ukrainian and Russian citizens.
And will Biden give digital assets the green light in the US today?
Thanks for reading the Morning Brew!
Gabri