CPI comes bullish, will the market push higher?

12.07.2023

Dear traders,

The market shows a slowdown in inflation, which is bullish, and the US dollar is losing strength.

Jake
TOP Trader

BTC is showing green but is still waiting for a bigger push up. Market makers are preparing for big swings in both directions. The price is still within a trading range, and only a break and hold above $31,200 on a daily basis will strongly push the price bullish.

ETH is showing green momentum and is preparing for the next big push. It needs to break above $1,940 on a daily basis for a bigger bullish push up and to reach $2,000.

XRP is still trading below $0.48 and needs to break this level for a bullish push up. To sustain the upward momentum and break higher, a substantial increase in volume is required.

LINK is showing an opportunity for a bigger push up and now needs to break $6.45 for a bigger bullish breakout. Nevertheless, it presents a good opportunity for spot buying and holding.

SOL shows bullish momentum and is holding above the resistance at $22. It now needs to continue the push for the next leg up. However, it still remains a favorable option for long-term investment.

EOS still shows no strength and is now trading above $0.7, needing a bigger bullish continuation. Despite this, it remains a viable option for long-term spot buying.

LTC is slowly bouncing back from $95 and preparing for the next leg. The next support target is $90, and it needs to hold that level. Additionally, in 30 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY dropped like a bomb after good US inflation data and is now approaching the 100 support zone.

Crypto/stock daily news:

BITCOIN NEEDS ORDINALS & ROLLUPS – VITALIK

Bitcoin & Ethereum are the yin and yang of blockchains.

One’s the OG, no frills, payments-focused network. The other is home to thousands of decentralized apps & NFTs.

Well, the founder of one just weighed in on the other…

That’s right folks, Vitalik Buterin (Ethereum co-founder) shared his thoughts on where Bitcoin is right now in a Twitter Spaces:

1/ Bitcoin Ordinals are good and reignited a “builder culture”

Ordinals have been a game-changer for Bitcoin.

It brought NFTs to the OG blockchain and gave developers a new “toy” to play around with.

As a result, we’ve seen ~16.4M Ordinals inscriptions. And in Q2:

Bitcoin NFTs saw $210.7M in trading volume (a 2,834% increase from Q1)

While Ethereum NFT trading volume dropped 38%

There’s also been a ton of popular projects (like Bored Apes) that dropped new collections on Bitcoin.

Images, videos, text, and even video games have all been inscribed on the Bitcoin blockchain.

All are use cases Bitcoin has never seen before…

…and that OG Bitcoiners are not fond of. (Here’s a live look at Bitcoin maxis over the last few months:)

But even though Bitcoin-maxis aren’t fully onboard, Vitalik believes Ordinals are good for the future of Bitcoin.

2/ Bitcoin should try scaling solutions, like Ethereum.

Bitcoin’s Achilles’ heel is its slow speed. But you could unclog it if you tack on “toll roads” that help push traffic through more easily.

That’s what ZK rollups do.

Optimism & Arbitrum are 2 successful ones that have made Ethereum speedier. (The former has processed 100M+ transactions.)

Vitalik pulled an Ahem, Bitcoin, you should be open to them.

Trader JAKE Take: We love Vitalik (AKA V-God), but we disagree with him here…

Comparing Bitcoin to Ethereum is like comparing milk to juice.

They have different use cases.

One is built as an alternative currency. The other is built for decentralized apps.

And that’s okay. That’s why we believe the future is multichain.

(But either way, Vitalik had some bars for the Bitcoin Boys. And we’re adding “lack of builder culture” and “you can’t scale” to our list of disses.)

FAST NEWS:

Robert F. Kennedy (pro-crypto presidential candidate) actually does hold Bitcoin, about $100K – $250K of it. He said in May that he wasn’t a BTC investor, but a spokesperson said he bought it after that comment.

The team behind StepN (move-to-earn game) is launching a new crypto game called Gas Hero. It’s a multiplayer online game that’ll use StepN’s GMT as its token when it launches.

Six Republican congresspeople want the SEC & DOJ to investigate Prometheum’s ties to China. The company became the first regulated crypto platform in June.