Fed announcement today; big moves coming.

20.09.2023

Dear traders,

The Fed will announce today whether they will make one more rate hike this year, which could be very bearish.

Jake
TOP Trader

BTC is currently in the mid-27k resistance range and still needs a big push to break it. It is still in danger of a bigger drawdown. Take care of your trades.

ETH has broken the $1630 resistance and is showing bullish momentum for a bigger push up. However, it still needs significant buying volume for the push up.

XRP is bouncing up from the $0.5 resistance and needs to hold above it for a bigger push up. It is still in danger if the $0.5 support is lost.

LINK has broken the $6.45 support and is pushing strongly to break the $7 resistance and continue the push.

SOL is breaking the $20 resistance and needs to hold above it for a bigger push up.

EOS is attempting to break the strong $0.6 resistance and is now pushing the price up strongly. However, it still needs significant buying volume to push the price up.

LTC is showing bullish momentum and trying to break the strong $70 resistance before the next big push up.

DXY is breaking under 105, which could lead to a price decline.

Crypto/stock daily news:

PROVIDING LIQUIDITY 101

In decentralized finance (DeFi), liquidity is king.

It measures how easily an asset can be converted into cash, without causing prices to crash.

But there’s a problem: liquidity in DeFi is like a college party – everyone wants to drink it, but no one wants to provide it.

Well, here at GT protocol we zig while everyone zags.

So this week, we wanted to test out becoming a liquidity provider (LP).

Why? Because providing liquidity can:

Decrease the slippage on crypto swaps.

Keep asset values stable and allow for large amounts of volume to trade.

Earn you some yield. (aka you provide liquidity and in return, you get a slice of the trading fees)

We ended up providing liquidity across 3 different protocols on 3 different blockchains. Just call me Mr. Liquidity.

We…

1/ Locked up ETH and DAI (a stablecoin) in a liquidity pool on Uniswap on the Base chain.

2/ Provided ETH as liquidity to Stargate Finance’s bridge on Optimism.

3/ Deposited ETH and ARB into a Camelot DEX liquidity pool on Arbitrum.

We promised we’d bring you along on the ride too, so we created a Guide to Providing Liqudity.

You’ll get a more in-depth analysis of the game plan, why we chose those liquidity pools, and a play-by-play of how we did it.

FAST NEWS:

Kraken Pro has become the one-stop shop for Pro Traders. Packed with new trading and analytics tools, a polished UI, and a fully customizable trading interface, it’s Kraken’s most powerful trading platform—ever. *

Optimism announced a new $26M airdrop for its governance members. It’s the popular Layer 2’s third airdrop and will be distributed among 31,870 crypto addresses.

FTX is suing Sam Bankman Fried’s parents in order to “recover millions of dollars in fraudulently transferred funds”. According to the filing, the parents fraudulently received ~$30M worth of assets. The apple doesn’t fall far from the tree.

Blockchain Capital secured $580M to launch two new crypto funds. The funds will focus on sectors that include decentralized finance, centralized finance, infrastructure, gaming, and consumer/social.

Stoner Cats NFTs have been banned from various marketplaces like OpenSea, Blur, and Rarible. The move comes after the project got sued by the SEC last week for selling unregistered securities.

A federal judge denied the SEC’s request to inspect Binance.US’ technical infrastructure. Another week, another L for the SEC in court.