Non-Farm payrolls is up this Friday at 8:30 am EST. It will be the biggest driver of the market until CPI. Fed Chairman Powell mentioned that he will be data-dependent only on further monetary policy, "Policy has not been restrictive enough for long enough." He also noted some damage to the US economy would inevitably result from policy changes to date, noting the US economy could experience "a period of below-trend growth and some softening of labor market conditions."
The most important data points that will drive the Fed's further policy will be employment and inflation data. Non-farm Payrolls, CPI, and PCE will be some of the most important numbers the Fed will consider for their monetary policy.
This week, we get the most significant reading of the health of the US jobs market in the form of the Non-Farm Payrolls (NFP) report. Compiled by the Bureau of Labor Statistics (BLS), it surveys both government and private enterprises to determine the number of workers in the US, excluding those involved in farming, private enterprise, household business, not-for-profits, and the military.
NFP data is typically released as an increase or decrease in the number of jobs created. With each month's NFP report, investors also get readings on the official US unemployment rate and the change in Average Hourly Earnings. Together, they constitute an important window into the health of the US economy. A strong NFP report indicates a strong economy and increased spending capacity to increase economic growth and vice versa.
This week, economists expect the NFP report to show 203,000 jobs were created in the US economy in July. This is slightly down on June's 209,000 increase and well below the 12-month rolling average of 316,000 jobs per month. So, it is clear the market is expecting another indication that the US jobs market is cooling. This is a good sign as it shows inflation is also cooling down.
The story continues with the US housing market struggling with a low supply and lackluster demand, outpacing inventory. Currently, the median sales price for a home is $382,000, up 2.6% YoY. This is one of the most significant increases since November of 2022. However, the inventory of new listings is down over 22% YoY. The current levels of listed houses are lower than the last three years, meaning we need to catch up by tens of thousands of homes. Active listings are the same story, showing a -17% change YoY. At these averages, with mortgage rates continuing to stay elevated, the average mortgage for a 30-year fixed rate is $2,599.
Sales have also shown over the past few weeks to be declining rapidly compared to this time last year. Pending Home Sales were down 15% YoY and are lower than they have been in the last three years. New Listings are also down 22% from a year ago. Twenty metropolitan cities saw prices decline over the past few weeks, but overall, there has been a steady increase across most markets. Cities such as Austin and Las Vegas, two metros seeing the biggest price decline, were the only cities that saw increases in median sales price.
After the FOMC meeting this last week, there is less chance of a broad recession looming. The housing market will benefit since most people can maintain job security. That keeps the level of buyers that can afford housing higher. Also, builders will be slightly more optimistic about selling homes, and inventory will be able to pick up. Recent PPI data has also shown that material prices in some sectors have declined. Housing unaffordability remains a large problem for the housing market, but peaking in rates would allow more buyers to enter the market. One of the biggest concerns is how fast the rates come down, which could flood the market with much more demand than supply. Those who have been interest rate trapped for a long time could sell their homes for better rates. That, in turn, would not allow home pricing to come down, something that a recession would most likely fix, which means that housing prices could continue to stay inflated.
The US released building permits and new home sales data on Wednesday last week. Both came back lower, down from 1.496M to 1.441M for permits, a -3.7% decrease MoM. New home sales dropped by over 15 thousand sales, a MoM dropped 2.5% compared to last month's reading of 5.6%.
The US released pending home sales and Singapore’s Property Index on Thursday. Pending home sales dropped 15.6% YoY, increasing 0.3% MoM. Compared to last year, this will continue to get slightly better, as 2022 showed a significant surge in sales that could not be sustainable over a long period. Singapore had property index QoQ drop 0.2%, down from last quarter’s increase of 3.3%.
Housing starts for Japan, lending and approvals of mortgages for GB, and a plethora of Australian and New Zealand data released Monday. Japan saw a decrease in housing starts by 4.8%, and construction orders increased by 8.6% YoY for June—a large increase from the previous and well above forecast. Despite higher rates, Great Britain had a slight increase in lending and mortgage approvals. India reported a significant spike in infrastructure output YoY as well, with an 8.2% increase for June, compared to 4.3% previous. New Zealand reported a 3.5% increase in building permits for the month of June. Australia's numbers were mostly negative. CoreLogic Dwelling prices came down from the previous to 0.9%. Investment lending for homes came down as well to 2.6%. Home loans and building permits dropped significantly from the previous spike we saw last month. Private house approvals came back at -1.3%, and building permits YoY were down 18%, one of the bigger decreases they have seen.
Great Britain on Tuesday announced Nationwide House Prices, and the US reported Construction Spending. YoY housing prices dropped 3.8% and 0.2% for Great Britain for July. Construction spending MoM for the US rose 0.5% for the month of June, but down slightly from the previous.
Thursday
Friday
Monday
Tuesday
With a large sample of data released last week, there were considerable changes to the yield curve. The FOMC meeting resulted in an expected rate hike to 5.25%-5.50% and some neutral terminology from Fed Chair Head Jerome Powell. The FOMC was much more optimistic, mentioning that a broad recession was less likely. In response to the meeting, market rates/yields stayed relatively unchanged, but the equity market volatility increased. On Thursday, unemployment claims came down, and GDP unexpectedly increased to 2.4%. With data showing that the economy is resilient, rates jumped on fears of further rate hikes. However, on Friday, front-end rates dropped back to where they were the previous week. Back-end rates stayed elevated as the market continued increasing to yearly highs. Once again, the back-end rates are nearing 4.0%, including the 10-year yield.
Like the yield curve, the expectations for future rate hikes will be held until the end of the year. The September, November, and December meetings are shown below, with rates expected to stay at 5.25%-5.50%. The first expected rate cut is forecasted to occur in March 2024. The extent to which rates will come down is yet to be determined, but given that a recession does not occur, there is a good chance that the forecast will hold up until inflation has been reduced to 2.0%.
While economists do not expect higher rate hikes, bonds are still not showing that they are being bought up. High-yielding bonds still outperform investment-grade bonds due to the much higher yields, but both remain range-bound. HYG is moving higher towards the supply zone above, which has been respected for quite some time. The equity market continues to outperform, and many more analysts are becoming more bullish. Over the last few years, though, the yield premium for the market is becoming less attractive when compared to TIPS, showing that treasuries are becoming more attractive.
EARNINGS SEASON CONTINUED: Spread your bets - this is the busiest earnings week! Here are a bunch of trades that pique my interest.
Wayfair's platform connects consumers with a wide variety of home goods products from over 100,000 suppliers. The company offers a variety of features to help consumers find the products they are looking for, including a search engine, product recommendations, and a visual search feature. It’s one of the leading online retailers of home goods in the United States. The company's platform is used by millions of consumers every month, and the company's revenue has grown steadily in recent years.
Strong earnings: Wayfair is expected to report strong earnings in the upcoming quarter. The company is expected to earn -$0.67 per share.
Recovery in e-commerce: The e-commerce industry is recovering from the COVID-19 pandemic. This is good news for Wayfair, as the company is a leading online retailer.
Strong balance sheet: Wayfair has a strong balance sheet. The company has a high level of cash and cash equivalents, which gives it the financial flexibility to weather any storms.
Trade idea: $90 call expiring 8/18
Warner Bros. Discovery is a significant player in the media and entertainment industry. The company's assets reach millions of people around the world, and people of all ages enjoy its content. It has a strong brand portfolio, including Warner Bros., Discovery Channel, CNN, and Turner Sports. These brands are trusted by consumers and are known for producing high-quality content.
Strong earnings: Warner Bros Discovery is expected to report strong earnings in the upcoming quarter. The company is expected to earn $0.70 per share, a 10% increase from the same quarter last year.
Growth in streaming: Warner Bros Discovery is expected to see growth in its streaming business. The company's streaming service, HBO Max, has been gaining subscribers, and the company is expected to launch a new streaming service, Discovery+, in the near future.
Positive outlook: Warner Bros Discovery's management is optimistic about the company's future prospects. The company's CEO, David Zaslav, has said that he expects the company to "be a leader in the streaming wars."
Trade idea: $15 call expiring 8/18
PayPal is one of the leading online payment companies in the world. The company's platform is used by millions of merchants and consumers worldwide, and it processed over $1.3 trillion in payments in 2022. The company operates as a payment processor for online vendors, auction sites, and other commercial users and individuals, enabling them to send and receive payments electronically.
Strong earnings: PayPal is expected to report strong earnings in the upcoming quarter. The company is expected to earn $1.05 per share, a 10% increase from the same quarter last year.
Growth in e-commerce: PayPal is expected to see growth in its e-commerce business. The company's platform is used by millions of merchants and consumers around the world, and the company is expected to continue to grow its market share.
Positive outlook: PayPal's management is optimistic about the company's future prospects. The company's CEO, Dan Schulman, expects the company to "continue to grow and innovate."
Trade idea: $90 call expiring 8/18
Booking Holdings (BKNG) is a travel technology company that owns and operates online travel brands, including Booking.com, Priceline.com, and Agoda.com. The platform connects travellers with accommodation, transportation, activities, and other travel-related products and services.
Booking Holdings is one of the largest online travel companies in the world. In 2022, the company processed over $280 billion in gross bookings. Booking Holdings' platform is used by over 447 million unique visitors per month. The company's business model is based on providing travellers with a convenient and efficient way to book travel-related products and services. Booking Holdings' platform offers a wide variety of options, including hotels, flights, rental cars, tours, and activities.
Strong earnings: Booking Holdings is expected to report strong earnings in the upcoming quarter. The company is expected to earn $28.84 per share.
Recovery in travel: The travel industry continues to recover from the COVID-19 pandemic, even with inflation increasing ticket prices.
Strong balance sheet: Booking Holdings has a strong balance sheet. The company has a high level of cash and cash equivalents, which gives it the financial flexibility to weather any storms.
Trade idea: premiums are expensive on this name, so feel free to buy what you can afford without going too out of the money. I also like this as a longer-term stock hold.
Expedia Group, Inc. is a publicly-traded company that operates an online travel agency (OTA) and a metasearch engine. The company was founded in 1996 and is headquartered in Bellevue, Washington. Expedia's platform allows users to search for and book travel products, including flights, hotels, car rentals, and vacation packages. The company also offers various travel-related services, such as travel insurance and currency exchange. Expedia is one of the leading OTAs in the world. The company's platform is used by millions of travellers every year, and it generated over $25 billion in revenue in 2022.
Strong earnings: Expedia is expected to report strong earnings in the upcoming quarter. The company is expected to earn $2.32 per share.
Recovery in travel: The travel industry is recovering from the COVID-19 pandemic. This is good news for Expedia, as the company is a leading travel booking platform.
Strong balance sheet: Expedia has a strong balance sheet. The company has a high level of cash and cash equivalent.
Trade idea: $135 call expiring 8/18
Other plays worth scaling into with earnings at a later date before IV pumps:
Crude has rallied to levels last seen during April, with WTI closing above the $80 round number. Calendar spreads for both main grades are now comfortably backwardated, exhibiting the tightness in the market over the last few weeks. WTI is headed towards the longest weekly rallies in more than a year. The macro landscape has helped as there is the sentiment that the Fed might be towards the end of its hiking cycle. Refined products have also been performing very well, with gasoline and gasoil cracks holding very strong. Gasoline demand in the US has been very strong at levels above pre-Covid while refinery outages in Europe alongside low stock levels in Europe and Singapore have supported gasoil cracks.
Stocks
Stocks were uneventful last week, as levels in the US remained fairly stable compared with the previous week with minor draws across the barrel.
Positioning
For another week, positioning data showed that speculators were net buyers of oil contracts, however, the change during the week was very small. The buying interest was once again more towards the US WTI contract vs. Brent and quite heavy on RBOB gasoline and gasoil in Europe. Positioning on diesel has now reached a 6-month high.
Floating Storage
Once again, floating storage volumes drifting lower after peaking in early July. Asia and West Africa were the regions that mainly contributed to this.
China
Russian Supply
Physical Market
Gasoline
Distillates
There has been a lull in crypto yet again, with BTC staying within the $29,000-29,500 range for most of the week, followed by a flush from $29,500 to $28,600 Monday night.
We have now tested the target zone of $28,800-29,000 for a second time. It is unlikely to hold should we test $28,800 once more. If BTC cannot hold this level, we can still expect a move down to the $27,000-$28,000 level, as mentioned in prior weeks.
A positive note is that BTC has closed above the lower range of the $28,800-29,000 demand zone. If we can hold this $28,800-29,000 zone, it is still possible that we can rally to test the $30,000 level before potentially heading lower. I want to reiterate that reclaiming $29,000 is bullish, and we can easily test the $30,000 range, so shorting these levels is not ideal just yet. If we move back to $30,000, that is a good area to reconsider going short. We are in the middle of the $28,000 and $30,000 zones, so it would be better to wait to long/short until BTC reaches one of these zones.
The weekly chart is a bit unsettling, as BTC could be setting up for a move to test the lower range around $22,000 should the weekly head and shoulders/rising wedge plays out. We have plenty of support levels to test and potentially bounce to new highs from before we get that low, but it is worth mentioning as this rising wedge is becoming very clear on the weekly timeframe.
Recap: We remain bearish to neutral in the mid-term as we deal with this chop, yet macro remains bullish as we continue to make higher lows; however, we are weary of a potential Weekly head and shoulders/rising wedge. $30,000 target in the short term, but we expect a rejection from this level.
Outlook
ETH should come back higher to around the $1860-1880 area to retest the recent breakdown level. There is a chance $1815 was the short-term bottom and we see a move to $1900-1920 in the coming days as we hold the lower range of this consolidation zone of about $1820. It would not be surprising if we held these lows after this recent flush.
In the last two weeks, we accurately identified the Daily head and shoulders pattern that had formed, along with the 12hr supply/resistance zone around $1880 for a short entry at $1880 and a TP at $1860 mentioned in the newsletter along with the Telegram channel. We hit lows of $1815 on Monday and, if we test these lows once again, can continue to edge lower towards the $1750 zone that we have mentioned for weeks now.
More specifically, from last week’s Technical Analysis section we mentioned that "We are nearing the top of the $1750-1880 range, so if we get a move back to $1880-1900 it may be a good place to start shorting...[we can expect] a move lower in the mid-term to the Weekly demand zone on ETH at $1750." -- Once again short entry was specified at $1880 and given in the telegram. The $1750 level is still our ultimate target, but it may be best to wait until we move back towards the $1860-1880 level to re-short if you are not in a position.
DXY has held the psychological level of around 100 and roared back to hit 102.4. This scenario was mentioned last week as we said "Should we reclaim the range DXY recently lost, we can expect to see the 103 level." DXY did in fact reclaim the 101.5 range and moved up to 102.4 so far, on its way to our target of 103. This scenario was considered possible last week as we were bearish on crypto. DXY tends to be an inverse signal to risk assets like crypto. So since we were bearish on crypto, we then considered DXY could have a bullish move, even though it did not seem likely last week as DXY still looked bearish.
We can identify the head and shoulders pattern on DXY that we broke down from. This is another reason why we considered it a possibility to bounce higher and retest the neckline of the head and shoulders breakdown level. Once we tag around 103, we can expect a move lower to test the 101.5-102 level as it has turned from resistance into support following a clean break over 102.
Logically, as crypto flips bullish in the short term, we can expect a move lower in DXY. This leaves the potential for DXY to not reach the 103 level and come back to support around 101.5-102.
On the weekly timeframe, it is very possible that we break out from this falling wedge pattern over the coming weeks. We find it quite interesting that BTC is forming a rising wedge on the weekly (Bearish) and DXY is forming a falling wedge on the weekly timeframe (Bullish). Something to note.
We are looking at two potential scenarios here, as ETH/BTC looks to hold the 0.0625 level that we have been mentioning. If we can hold this level we can still expect a move over 0.065 to the upper range of the consolidation zone. Should we lose the 0.062 level it is possible that ETH/BTC comes lower to test the 0.06 level at the lower range and we move up from there.
A meme coin that has been higher on our radar than, for example, PEPE, DOGE, and SHIB. A couple of weeks ago, we let our readers know:
“Another coin that is high on our radar at this moment is SHIB.
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Currently, SHIB is trading at 0.000007535, just slightly below the daily 10 and 20 EMA’s. Our main resistance for SHIB is the daily 55 EMA at 0.000007963.
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We believe that if SHIB gets above and closes above the daily 55 EMA, this will open up the floodgates for a move back up to the 0.000009500 level.”
On July 13th, SHIB printed the confirmation we shared by closing a daily candlestick above the daily 55 EMA. After closing above the daily 55 EMA, SHIB consolidated a bit before breaking to the upside as expected.
At the time of writing, SHIB is trading around 0.00008600. This means that people who entered on the first daily candlestick close back above the daily 55 EMA on July 13th are up more than 7.5% by now. The fact that SHIB has closed 3 consecutive candles above the daily 55 EMA again is very bullish and likely leads to continuation to at least the daily 200 EMA (currently sitting at 0.000009307).
SHIB is also currently in the process of making a daily 20/55 EMA bull cross. This is typically a very strong buy signal and a signal that we have shared plenty of times in the newsletter to ride up big moves (examples would be the 4H 20/55 EMA bull cross for Gold or the weekly 20/55 EMA bull cross for NDQ, which have lead to monster gains in the past).
For people with no exposure to SHIB yet, it makes sense to hope for a backtest of the daily 20 EMA, which is currently sitting at 0.000007982 (but which moves up every day as the price is trading above this EMA).
Alternatively, a more aggressive approach is to wait for a backtest of the 10 EMA on the daily timeframe, which is currently sitting at 0.000008155 (but which also moves up every day as the price is trading above this EMA).
Suppose SHIB manages to get and close above the daily 200 EMA. In that case, we expect even further upside possibilities to the 0.00000999 level, which would be our second profit-taking target (after the daily 200 EMA).
A bearish statement for SHIB from here would be if SHIB gets back below the daily 55 EMA. We personally do not intend on holding our SHIB bags if we get a daily candle close below the daily 55 EMA from here. Currently, the daily 55 EMA for SHIB is sitting at 0.000007969 (but just like the 10 and 20 EMA’s, it is moving up every day as the price keeps trading above it).
Last week, we covered PEPE again. More specifically, we made a comparison of how weak PEPE looked (looks) in comparison to the dog meme tokens. Nothing has changed so far, as PEPE had a rough week last week, dropping 14% and making a low as low as 0.0000012223.
Last week, we said, “Straight off the bat, we want to make it clear that, contrary to Doge, we don’t necessarily expect a bright future for PEPE.
We can’t become bullish on PEPE before it breaks above 0.0000015670 and holds there with three consecutive daily candle closes”
While on the way up, it's all fun and games, people are often not ready for the opposite candle to print on the way down.
As mentioned above, bullish confirmation for PEPE only comes upon the reclaim of the daily 10/20 and 55 EMA and equally the reclaim of the POC.
As long as we don’t do that, there is a lot of downside risk for PEPE. While people might think this coin will be their free ticket to a revisit of the all-time highs, we believe this is very much a “retail mindset” and not all too likely.”
We have been right so far in not touching PEPE longs and pointing to the absolute and relative weakness, especially in comparison to DOGE and SHIB. However, we also mentioned last week that we are not interested in shorting PEPE but rather are waiting for TRUE bullish confirmation to play out first before taking the leap in long positions.
Currently, there are 2 support levels for SHIB that we are looking at for a long position this week.
First and foremost, we have last week’s low as support to play around. As mentioned above, PEPE nuked down last week and made a low at 0.0000012223. IF PEPE trades back to this level, we are looking at a long position.
The long entry for this position is the first 4H candle close above 0.000012223 after the price has fallen below the level. The stop loss for this trade is on the low, made below the 0.0000012223 low, and taking profit at 0.0000013620 (50%) and 0.0000015100 (50%).
Secondly, if PEPE drops below 0.0000012223 but fails to reclaim this support level by closing a 4H candle back above, we are looking at a lower level of support at 0.0000010930. This level is the high of the daily candlestick of June 20th and marks the bottom of a big fair value gap made on the daily timeframe.
The entry confirmation for this second setup is very similar in that we need to see PEPE drop down and below 0.0000010930. Then, only after PEPE closes a 4H candlestick back above 0.0000010930 do we suggest taking a long position (on the 4H candle close back above our support). The stop loss for this trade is on the low made below the 0.0000010930 level and taking profit at 0.0000012223 (a broken support level that would turn into resistance - 50%) and 0.0000013620 (the next resistance level above - 50%).
A few weeks ago, we shared a bullish position on the 4H timeframe for Gold. More specifically, we suggested that:
“If we create a confirmed bull cross on this (4H) timeframe where the 20 EMA crosses back above the 55 EMA, it would be a reasonable idea to take a long position.
Targets for this long position would be 1940 and 1980. The invalidation would come when the 20 EMA drops back below the 55 EMA on the 4H timeframe, creating a death cross. This would indicate Gold trading down to at least retest the 1893$ support level again.”
From the 20/55 EMA bull cross formed on the 4H chart on July 10th, Gold ran up to 1987, hitting our 1980 long target. More recently, on July 29th, the 20 EMA dropped back below the 55 EMA on the 4H timeframe, which is the timeframe we have been monitoring.
Typically when the 20 EMA drops back below the 55 EMA on a significant timeframe, this indicates that the bullish power has left the move. We are currently not short on Gold but rather looking at new opportunities to pick up a profitable long position.
For this, we have a couple of options.
A crucial level of support for Gold going forward is the 200 EMA on the daily timeframe.
Currently, this EMA is hovering around the 1906$ level.
Severe bearish confirmation for Gold would be dropping below the 200 EMA and closing three consequent daily candles below it. At that point, any short to mid-term Gold long scenarios would seem invalidated to us, and we would look at a move down to at least the 1870 level but more likely a drawdown back to the 1830 level.
The 1870 and 1830 support levels are valid support levels to play from, provided that we wait for a move of price below either of those levels. Only on the first 4H candle close back above either of these support levels would we suggest taking a long position.
Finally, we are keeping a close eye on LDO.
Based on the daily timeframe, we have determined key support and resistance levels to play from.
In terms of support, we have
In terms of resistance, we have
At the time of writing, LDO is trading at 1.8956, slightly above the 1.8756 support level.
Generally speaking, whenever a support level fails to hold, we look for the lower level of support to come into play. Vice versa, with the resistance levels, whenever a resistance gets broken, we should, in theory, go to the resistance level above it.
In terms of long possibilities, we suggest waiting for the price to move down to any given support level. Then, on the first 4H candle close back above the given support level, we take our entry.
The stop loss for our long trades always comes on the low that has been made below the level of support we are trading from. The targets for our longs are always the next resistance levels above the price.
For short options, the opposite is true in that we recommend waiting for price to move up to any given resistance level. Then, we take our entry on the first 4H candle close below the given resistance level.
The stop loss for our short trades always comes on the high that has been made above the level of resistance we are trading from. The targets for our shorts are always the next support levels below the price.
Florida Governor Ron DeSantis has vowed to end what he calls "Biden's war on Bitcoin" if he is re-elected in 2024.
DeSantis, a vocal supporter of Bitcoin and other cryptocurrencies, has criticized the Biden administration for its perceived hostility towards the industry. In a recent interview, DeSantis said he would "toss CBDCs into the trash can" if he were president. CBDCs, or central bank digital currencies, are digital versions of fiat currencies issued by central banks.
DeSantis's comments come as the debate over CBDCs and their potential impact on the cryptocurrency industry is heating up. Some argue that CBDCs could threaten the privacy and security of cryptocurrencies, while others believe that they could help promote financial inclusion.
What policies DeSantis would implement if he became president remains to be seen. Still, his comments suggest that he would strongly support the cryptocurrency industry.
Tether, the world's largest stablecoin, has reported a substantial Q2 profit of $850 million.
The company also revealed $72 billion in exposure to US Treasuries, up from $62 billion in Q1. Tether's reserves are backed by fiat currencies, commercial paper, and other assets.
The company's latest financial report comes as the cryptocurrency industry faces increased scrutiny from regulators. However, Tether's profit and growth are evidence of the strong demand for stablecoins, which are seen as a haven for investors during market volatility.
Tether's Q2 financial report is a positive sign for the cryptocurrency industry. The company's profit and growth are evidence of the strong demand for stablecoins, which are seen as a haven for investors during market volatility.
However, Tether must continue to address regulatory concerns to maintain its market share. If the company can do so, it will be well-positioned to continue growing in the future.
Here are some key takeaways from Tether's Q2 financial report:
Bald Coin is a deflationary token that will be burned at 1% per transaction. This means that the total supply of Bald Coin will decrease over time, making it more valuable. The token can be used to pay fees on the Base blockchain and access exclusive content on the Coinbase website.
The launch of Bald Coin is part of Coinbase's efforts to expand its offerings in the meme coin space. Meme coins are a type of cryptocurrency often based on popular internet memes. They have become increasingly popular recently, with some meme coins achieving multi-billion-dollar market capitalizations.
The launch of Bald Coin has been met with mixed reactions from the cryptocurrency community. Some have praised Coinbase's efforts to innovate in the meme coin space, while others have criticized the company for creating another "pump and dump" token.
Animoca Brands, a Hong Kong-based blockchain gaming company, has invested $30 million into Hi, a Web3 super-app that aims to be a one-stop shop for all things crypto.
Hi is a mobile app that allows users to buy, sell, and trade cryptocurrencies and access various other crypto-related services, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). The investment from Animoca Brands is a significant vote of confidence in Hi, and it could help the app to become a significant player in the Web3 space.
“We are excited to invest in Hi and support their mission to make Web3 more accessible to everyone,” said Yat Siu, co-founder and chairman of Animoca Brands. “Hi is a unique platform that brings together a wide range of crypto-related services in a user-friendly way, and we believe that it has the potential to be a major player in the Web3 space.”
The investment from Animoca Brands is a sign that the Web3 space continues to grow. It is also a sign that Animoca Brands is committed to the future of Web3, and it could help to bring more users into the space.
South Korea's Financial Services Commission (FSC) has announced the formation of an interagency investigation unit to tackle cryptocurrency crime.
The unit will comprise investigators from the FSC, the Korea Financial Intelligence Unit (KFIA), and the National Police Agency (NPA). The unit aims to investigate and prosecute cryptocurrency-related crimes, such as fraud, money laundering, and tax evasion.
The creation of the unit is a sign that South Korea is taking cryptocurrency crime seriously. In recent years, there have been several high-profile cryptocurrency scams and hacks in South Korea, and the government has been under pressure to do more to crack down on cryptocurrency crime.
The unit will be led by the FSC and will have a budget of 1 billion won (around $850,000). The unit will be able to access information from all three agencies, giving it a comprehensive view of cryptocurrency crime in South Korea. The unit will also be able to cooperate with international law enforcement agencies to investigate and prosecute cryptocurrency crimes that cross borders.
The creation of the unit is a positive step for South Korea's cryptocurrency industry. It shows that the government is committed to protecting investors and businesses from cryptocurrency crime. This could help to deter criminals from targeting cryptocurrency users and businesses in South Korea. The unit will help to ensure that the industry is safe and transparent.
Binance, the world's largest cryptocurrency exchange, is expected to launch crypto services in Japan by August. The company has been in talks with Japanese regulators for months and is reportedly in the final stages of approval.
Binance's entry into Japan would be a significant coup for the company, giving it access to one of the world's most lucrative cryptocurrency markets. Japan is home to a large and sophisticated investor base, and it is one of the most advanced cryptocurrency markets in the world.
Binance has been banned from operating in Japan since 2018 when the country's Financial Services Agency (FSA) deemed the company to be operating illegally. However, Binance has since made several changes to its business practices, including setting up a local entity in Japan and hiring a team of Japanese compliance officers.
The FSA is reportedly satisfied with Binance's changes and is expected to grant the company a license to operate in Japan in the coming weeks. This would be a significant boost for Binance's global expansion plans, and it would also be a positive development for the cryptocurrency industry in Japan.
If you are a crypto enthusiast in Japan, then you should be excited about Binance's potential entry into the market. The company's arrival would make it easier for you to buy, sell, and trade cryptocurrencies, and it would also help to increase the visibility of the cryptocurrency industry in Japan.
Crypto enthusiasts who hold Gucci Vault Material NFTs have a new way to redeem their tokens. The luxury fashion brand has announced that NFT holders can now exchange tokens for a Gucci bifold wallet or duffle bag.
The wallet retails for $460, while the duffle bag retails for $1790. However, the NFTs are trading for around $412 on OpenSea, so NFT holders could potentially get a good deal by exchanging their NFTs for physical goods.
The Gucci Vault Material NFTs were awarded to those who participated in a 10KTF mission in Battle Town. 10KTF is a digital fashion collective that creates NFTs of virtual clothing and accessories.
This is not the first time Gucci has rewarded NFT holders with physical goods. In April, the brand announced that it would be giving away a physical version of its Dionysus bag to the owner of a rare NFT.
Gucci's latest move is a sign of luxury brands' growing acceptance of NFTs. As the NFT market grows, more brands will likely reward NFT holders.
For crypto enthusiasts, this is an exciting development. It shows that the NFT market is maturing and that brands are starting to take NFTs seriously. It also provides a new way for collectors to get exclusive Gucci merchandise.
If you are a holder of a Gucci Vault Material NFT, you may want to consider exchanging your token for a physical good. You could potentially get a good deal, and you will also be supporting the growth of the NFT market.
Beatport, the iconic electronic music platform, has launched an NFT marketplace on Polkadot. The marketplace will allow users to buy and sell NFTs of music, art, and experiences.
Beatport is one of the world's leading electronic music platforms, with over 3 million tracks and 1 million users. The platform's new NFT marketplace will allow users to buy and sell NFTs of music, art, and experiences.
The marketplace is built on Polkadot, a scalable and interoperable blockchain platform. This allows Beatport to offer various features, such as cross-chain compatibility and custom NFTs creation.
The marketplace is currently in beta but is expected to go live in full later this year. The platform will offer a variety of features, such as the ability to buy and sell NFTs, create custom NFTs, and access exclusive content.
The launch of Beatport's NFT marketplace is a significant development for the electronic music industry. It shows that the industry embraces new technologies and that NFTs are becoming a more mainstream way to buy and sell music.
The British Museum, one of the world's most prestigious museums, has announced that it will enter the metaverse. The museum has partnered with The Sandbox, a popular Ethereum-based metaverse game, to create a range of NFT digital collectibles.
The NFTs will be based on the museum's vast collection of artifacts, which spans over 8 million objects worldwide. The collectibles will be available for purchase on The Sandbox's marketplace, and they will offer owners exclusive access to events and experiences within the metaverse.
The British Museum's move into the metaverse is a significant development. It shows that even the most traditional institutions are embracing new technologies. It also suggests that the metaverse is becoming a more mainstream platform for cultural engagement.
For crypto enthusiasts, the British Museum's move into the metaverse signifies things to come. As the metaverse continues to grow, we can expect to see more and more museums and cultural institutions creating NFTs and other digital experiences.
This is an exciting development for the museum and its visitors. It will allow people worldwide to explore the museum's collection in a new and immersive way. It will also help to raise awareness of the museum's mission to "be a museum of the world, for the world."
In a historic auction, Sotheby's sold a collection of 500 generative NFT artworks by Vera Molnár for 631 ETH, or $1.2 million.
The auction opened with a ceiling price of 20 ETH, or roughly $37,000 at today's prices, and closed after an hour, with all pieces selling for the highest bid. The artworks, titled "Themes and Variations," were created using Art Blocks Engine, a platform that allows artists to create generative NFTs.
The auction was a success, and it showed that there is a growing demand for generative NFT art. It also helped to raise awareness of Vera Molnár's work, which has been praised for its innovative use of color and form.
The auction's success is a sign of the growing popularity of generative NFT art. This type of art is created using algorithms, which allows artists to create unique and unpredictable artworks. As NFTs become more mainstream, we can expect to see more and more generative NFT art being created.
Lacoste has launched a new virtual store that offers exclusive perks to holders of its UNDW3 NFTs.
The store, located on the Ethereum blockchain, features a variety of Lacoste merchandise, including clothing, accessories, and home goods. NFT holders can purchase items from the store with ETH and receive exclusive discounts and benefits.
Some of the exclusive perks that NFT holders will receive include:
In a unique collaboration between a luxury cannabis dispensary and an NFT art gallery, Gotham in New York City hosted a generative art show that explored the intersection of cannabis and code.
The show, which ran from July 15-22, featured various generative art pieces, which are artworks created using algorithms. Some of the artists featured in the show included Ben Snell, DADA.NYC, GUTS, Mlle. Robot and Shawnimals. Bright Moments founder and CEO Vanessa Pappas curated the show.
The show was open to the public for free, attracting many visitors. Many of the visitors were crypto enthusiasts interested in seeing how NFTs could be used to create new art forms.
For crypto enthusiasts, the show was a glimpse into the future of art. As NFTs become more mainstream, we can expect to see more and more generative art being created. This type of art is well-suited for the blockchain, as it can be easily verified and traded.
The show at Gotham Dispensary was a sign of things to come. As the intersection between cannabis and NFTs continues to grow, we can expect to see more and more innovative projects that combine these two worlds.
Researchers at Ohio State University have found a way to help AI models overcome catastrophic forgetting. Catastrophic forgetting is a phenomenon that prevents AI models from learning new information without forgetting what they have already learned. This is a significant obstacle to AI development, which can learn and adapt the same way humans do.
The researchers' new method involves using "continual learning." Continual learning allows AI models to learn new information without forgetting what they have already learned. The researchers say their method could be used to develop AI models that can learn and adapt like humans.
This is a significant development in the field of AI. If the researchers can overcome catastrophic forgetting, then it could lead to the development of AI models that can perform a wide range of tasks that are currently beyond the capabilities of AI.
For example, AI models that can learn and adapt like humans could be used to develop new medical diagnostic tools or self-driving cars. The possibilities are endless.
A new website called Replika allows users to create their own AI girlfriends. The website uses artificial intelligence (AI) to create a chatbot designed to be a companion and friend. Users can customize their AI girlfriend's appearance, personality, and interests. The AI girlfriend can then chat, text, and even play games with the user.
The website was created by Eugenia Kuyda, who lost her best friend to suicide in 2017. Kuyda wanted to create a way to keep her friend's memory alive, so she decided to use AI. The AI girlfriend on Replika is trained on a massive dataset of text and code. This allows the AI girlfriend to learn and adapt to the user's preferences.
The website has been met with mixed reactions. Some people have praised the website for its potential to help people who are lonely or grieving. Others have criticized the website for potentially being used for creepy or unethical purposes.
If you want to try Replika, you can sign up for the website for free. However, it is important to be aware of the ethical implications of using AI chatbots before you do so.
Despite an industry-wide strike by content creators, Netflix continues hiring for artificial intelligence (AI) roles. The company has posted several new AI-related job openings in recent weeks, including positions for a machine learning engineer, a data scientist, and a research scientist.
Netflix's move to continue hiring for AI roles has been criticized by some content creation community members, who argue that the company is not doing enough to support its own workers. However, the company has said that it is committed to exploring the potential of AI to transform its business.
For crypto enthusiasts, Netflix's focus on AI could have several implications. On the one hand, AI could automate tasks, improve the user experience, and create new content. This could lead to new opportunities for crypto-related content creators, such as the ability to create content more efficiently or to reach a wider audience.
On the other hand, AI could also lead to job losses in some areas, such as content creation. This could harm the crypto community, making finding talented content creators to produce high-quality content more difficult.
Ultimately, the impact of Netflix's focus on AI on the crypto community is still uncertain. However, the company's decision to continue hiring for AI roles is a significant development that crypto enthusiasts should watch.
Stay tuned for more news on the future of AI at Netflix and the implications for the crypto community.
OpenAI has been privately testing a new iteration of its generative artificial intelligence (AI) imaging model, and early samples leaked online have shown it capable of producing some stunning and realistic images. The model, called DALL-E 2, is a successor to DALL-E, which was released in 2021 and could generate images based on text descriptions. DALL-E 2 is reportedly much more potent than its predecessor, and it can generate more realistic and detailed images.
The leaked images show that DALL-E 2 can generate images of various objects and scenes, including people, animals, landscapes, and even fictional characters. The images are often indistinguishable from real photographs and have been met with widespread praise from the AI community.
However, it is essential to note that DALL-E 2 is still in development, and it is not yet clear when it will be released to the public. Additionally, it is possible that the final product may not be as powerful or versatile as the leaked images suggest.
Nevertheless, the development of DALL-E 2 is a significant step forward in the field of AI, and it will likely have a significant impact on how we create and interact with images in the future.
Researchers at the University of California, Berkeley, have developed an artificial intelligence (AI) model that can detect disease in MRI scans more accurately than human radiologists.
The model, called TwinGAN, was trained on a dataset of 100,000 MRI scans from patients with various diseases, including Alzheimer's, Parkinson's, and cancer. TwinGAN achieved an accuracy of 95% in detecting disease in new scans, which is significantly higher than the accuracy of human radiologists, who typically achieve an accuracy of around 85%.
The researchers say that TwinGAN could be used to improve the early detection of disease, leading to earlier treatment and better patient outcomes. The model could also be used to develop new treatments for disease by identifying the specific patterns in MRI scans associated with different diseases.
Of course, the development of TwinGAN is just one step in the field of AI healthcare. However, it is a significant step forward, and it shows AI's potential to revolutionize how diseases are diagnosed and treated.
For the next few weeks, we will give you a series of challenges to complete. Each challenge will work to benefit you physically and psychologically.
Join our new TELEGRAM GROUP to share your journey! We look forward to hearing from you! Send pictures of your adventures and ways to relax.
CHALLENGE: Catch up with your friends. We easily lose track of time and get so caught up with work that we forget to nurture our friendships. It is so important to disconnect from work and reconnect with friends. Realize that these special moments where we are connecting with others are what life is all about.
Ingredients:
Directions:
WINE: This is great with a full-bodied Verdicchio dei Castelli di Jesi, such as Podium from Garofoli. Many other full-bodied Italian whites will work as well.
The stock market is currently going through one of the biggest Sharpe Ratio bull runs in history. A 1 in a 100-year rally in tech stocks from the bottom and YTD. If earnings keep crushing, GDP and economy keep steady with employment holding around 200k, we could see the stock rally continue. I am always taking precautions on our spot positions by taking short-term puts options. With Payrolls coming up, I like taking some 3-4 week lower premium 375 strike Puts options on QQQ. My goal is to get out of them ahead of Payrolls at a profit and free-roll some through payrolls as a hedge to the market. If the market pumps after, it’s a free option. If the market dumps, I am protected with a free roll. I believe we see a small pullback ahead of payrolls like we always do ahead of large data events. The market will de-risk.
On the other hand, Crypto has been in endless consolidation for months after a push on $BTC to 32K post $XRP ruling by the court of it not being a security. Alts hit new level highs on that news and have not given 100% of those gains. I like staying long here on the crypto front with $BTC, $ETH positions. The hack in Curve and other DeFi protocols has given some good entry points. I like being long $CRV, $COMP at the moment as we called in the newsletter Telegram.
A number that comes in hot is 250K+ on employment would see strong moves across the board as a potential for further hikes comes into play. This would see the dollar strengthen and rates move higher. Stocks should see a strong downturn across the board, with tech getting hit the most. This scenario would increase the odds of further hikes by the Fed and higher for longer scenarios.
Alternatively, a cooler-than-expected reading, for example, below 180,000, would likely see the US dollar sell-off and stocks and bonds rally as it reduces the need for further Fed hikes. We should all risk assets move higher across the board.
We added more crypto on the dump down to 1800 on ETH and 28 500 area on BTC.
We added some more animugs and 0N1 Force.
Discord and Twitter of the following communities:
(n.d.). US Treasuries Yield Curve. US Treasuries Yield Curve. https://www.ustreasuryyieldcurve.com/
(n.d.). CME FedWatch Tool. CME Group. https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
(n.d.). Linguine with Razor Clams (Linguine ai Cannolicchi). Stefan's Gourmet Blog. https://stefangourmet.com/2015/08/30/linguine-with-razor-clams-linguine-ai-cannolicchi/
(n.d.). Https://www.Livemint.Com/companies/news/global-air-travel-will-reach-over-95-of-pre-pandemic-levels-in-2023-11685974202583.Html. Livemint. https://www.livemint.com/companies/news/global-air-travel-will-reach-over-95-of-pre-pandemic-levels-in-2023-11685974202583.html
(n.d.). Lacoste's New Virtual Store Has Exclusive Perks for Ethereum NFT Holders. Decrypt. https://decrypt.co/150014/lacoste-new-virtual-store-exclusive-perks-ethereum-nft-holders
(n.d.). Sotheby's Historic Dutch Auction: Vera Molnár's Generative NFT Artworks Fetch $1.2M in Ethereum. Decrypt. https://decrypt.co/150284/sothebys-historic-dutch-auction-vera-molnars-generative-nft-artworks-fetch-1-2m-ethereum
(n.d.). Ron DeSantis Promises to End 'Biden's War on Bitcoin', Toss CBDC 'Into the Trash Can'. Decrypt. https://decrypt.co/150711/ron-desantis-biden-war-on-bitcoin-crypto-trash-cbdc
(n.d.). You Can Now Build Your Own AI Girlfriend—Here's How. Decrypt. https://decrypt.co/150383/you-can-now-build-your-own-ai-girlfriend-heres-how
(n.d.). Iconic Electronic Music Platform Beatport Launches NFT Marketplace on Polkadot. Decrypt. https://decrypt.co/150302/iconic-electronic-music-platform-beatport-launches-nft-marketplace-polkadot
(n.d.). Cannabis and Code: Generative Art Show Takes Over NYC's 'Luxury' Dispensary. Decrypt. https://decrypt.co/150396/cannabis-code-genrative-art-show-takes-over-nyc-luxury-dispensary
(n.d.). Meme Coin Mania Drives Degens to Base, the Ethereum Level-2 Chain from Coinbase. Decrypt. https://decrypt.co/150647/bald-coin-based-ethereum-base-layer-2-coinbase
(n.d.). AI Can Find Signs of Disease in MRI Scans That Doctors Might Miss. Decrypt. https://decrypt.co/150591/ai-mri-scan-disease-detection-longevity
(n.d.). The British Museum Will Enter the Metaverse via 'The Sandbox'. Decrypt. https://decrypt.co/150405/british-museum-enter-metaverse-via-sandbox
(n.d.). South Korea Rolls Out Interagency Investigation Unit to Tackle Crypto Crime. Decrypt. https://decrypt.co/150127/south-korea-announces-interagency-investigation-unit-tackle-crypto-crime
(n.d.). Uncensored and ‘Insane’: A Look at OpenAI’s Secret Image Generator. Decrypt. https://decrypt.co/150259/openai-image-generator-preview-uncensored-mattvidpro
(n.d.). Tether Reports $850 Million Q2 Profit, $72 Billion Exposure to US Treasuries. Decrypt. https://decrypt.co/150678/tether-reports-850-million-q2-profit-72-billion-exposure-to-us-treasuries
(n.d.). Binance Expected to Launch Crypto Services in Japan by August. Decrypt. https://decrypt.co/149937/binance-expected-launch-crypto-services-japan-august
(n.d.). Netflix Pushes Ahead with AI Hiring Despite Industry-Wide Strike. Decrypt. https://decrypt.co/150210/netflix-pushes-ahead-with-ai-hiring-despite-industry-wide-strike
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