Happy Wednesday, Blockfolians
The Lede
We can talk about influencers or whales or Tether or anything else people say shapes crypto markets, but ultimately, the big kahuna of market shaping forces is the macro context.
For the last year, crypto has been bid up alongside tech stocks and other risk assets as a response to cheap money and crazy central bank expenditures.
That might be shifting as the Fed is starting to signal that they anticipate raising interest rates earlier than previously thought.
Now, they’re still not talking about making any shifts until the end of 2023, but it’s clear they’re paving the way.
Does that mean crypto prices will be impacted? Who knows, but it’s worth paying attention to.
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Highly Relevant Reading
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Another Van Eck Bitcoin ETF delay
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Here come the DAO investment funds – BitDAO raises $230m
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A new crypto working group in Congress
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A new Bitcoin Fund from NYDIG and Morgan Stanley
A Really Big Number We Should Be Paying Attention To
129.1 million exahashes per second
That’s the current BTC 7-day average hashrate, a 6.5 month low following a mining crackdown in China.
Final Thought
Solana going mainstream
