Cryptic ball: and stocks are back up!
Volatility was expected before the FOMC announcement, but now that uncertainty is resolved it is time to enjoy summer and to squeeze them bears! A 75bps hike was indeed confirmed, pushing bitcoin above June's range. What's next?
- Stonks pumped as the Fed's chair moved in mysterious ways. Jerome Powell said the Fed wouldn't offer "clear guidance" about the next moves, but we all know the world's most powerful central bank isn't feeling very powerful now.
- Cryptoassets followed, with bitcoin up +10% since yesterday and ether nearly 20%! This is a trader's paradise, and I'm anticipating the rest of the summer will provide equally interesting opportunities, even if no major pump.
- Still, what matters are clear setups like the one we just experienced. While the next FOMC meeting is only in September, I reckon August will be peaceful and I'll be covering any relevant news in that regard.
- Meantime, it's important to remember that Facebook's Meta just posted its first quarterly revenues decline today! Tomorrow we have the very important Apple earnings coming out, so let's hope the elite stock doesn't ruin the party.
All-in-all, and as Puru says,"when stocks start rallying on bad news" it's time to pay attention to possible shifts in trend. While things may get worse later in the year if inflation remains out of control, it's time to place some bets.
Chart art: and crypto is back up!
Three things: and web3 is back up.
- Miles Jennings shares five rules for web3 founders.
- Jason Choi shares 28 principles for web3 founders.
- Anthony Beaumont shares how traction works for web3 founders.