Inflation Report: Big Swings Expected Today

10.08.2023

Dear traders,

Big data is impacting the market today, signaling upcoming significant fluctuations.

Jake
TOP Trader

BTC is still holding its support at $29,500 and is currently consolidating for its next move. Be prepared for the upcoming significant price shift.

ETH is still trading below the resistance level of $1,870, consolidating just beneath this line. It requires more substantial buying pressure to initiate an upward bounce.

XRP is still trading below the channel in the mid-$0.6 zone and is awaiting the next significant price movement. However, there is an ongoing risk until any bearish market news is cleared.

LINK is currently trading in the mid-$7 zone and needs to breach the $8 mark for a stronger push. This provides an excellent entry point for long positions and presents an attractive long-term buying opportunity.

SOL has found support at $24.2, indicating a potential upcoming upward movement. This is a favorable position for long-term investments.

EOS is trading within the mid-$0.7 range and requires a more substantial upward momentum to achieve a bullish breakout. While it remains a suitable option for long-term investments, a significant push is needed to break the resistance.

LTC has rebounded from the $78 support level and aims to surpass the $88 resistance. This offers an excellent opportunity for long-term investments.

The DXY is exhibiting a bullish break, with the next target set at 103.

Crypto/stock daily news:

$4.5M WORTH OF ETH GETS BURNED

Crypto reminds me a lot of that old TV show “1000 Ways To Die”.

Both are full of crazy, unexpected, “gotta-see-it-to-believe-it” stories. And usually, someone ends up getting hurt.

On today’s episode, we’re gonna talk about The $4.5M Burn.

Here’s what happened:

A crypto whale (nd4.eth) sent 2,500 ETH, worth ~$4.5M to a “burn” address.
Sending crypto to a burn address removes it from circulation forever. *poof* gone, just like that.

No one knows who the whale is, or why they would burn millions of dollars worth of ETH.

Some think nd4.eth fat-fingered the address. Others think it could be a tax write-off.

A few have also pointed out that it isn’t the first time the whale has burned crypto assets (i.e. they also burned a Bored Ape this morning), so it could just be a party trick. Who knows.

Trading of the Day: ~2,200 ETH has been burned from transaction fees every single day over the last week. That’s a burn rate of 1.52 ETH per minute.

Burned ETH = fewer tokens in circulation = ETH becomes ultrasound money.

**ETH investors erupt in cheers**

FAST NEWS:

Circle is launching a new programmable wallet for developers. The goal? Simplify stuff like private key security, blockchain node operations, transaction management, and interoperability across blockchains.

Only ~30% of USDC adoption has come from the U.S. Surprisingly, most of the adoption has come from Asia, LATAM, and Africa.

Binance secured two crypto licenses in El Salvador. It’s the first crypto exchange to get a license in the country.

L1 Digital raised $150M for its second crypto fund. 70% of the funds will be invested directly into crypto startups and the other 30% into early-stage crypto-focused investment firms.

Binance is starting an initiative to buy back its own corporate bonds. The buyback initiative will see the U.S.-based exchange buy back up to $150 million of its $1 billion bonds set to mature in 2031.