Follow me on Medium and Twitter @nerdzvest
nerdzvest Insight
Expect market to remain sideway if no surprises arise
After weeks of decline, the market is treating the silence of no news as good news as it rallied from oversold levels. The Nerdz reckons that market is likely to remain range-bound as uncertainty surrounding the Ukraine war, global supply chain crunch and high inflation levels still persists. One should keep a close watch on some of the upcoming economic releases such as QoQ GDP announcement, Fed Chair Powell speech and Manufacturing PMI as these could dictate the sentiment of the market throughout the week. For Crypto holders, The Nerdz believes that we have seen the temporary local bottom but one should stay cautious amidst the uncertainty surrounding various companies insolvency and the potential issues in El Salvador.
Nerdz Indicator
Short Term: Cautious
Medium Term: Bearish
Long Term: Opportunistic
Key Happenings
Russia squeezes European gas supplies
Gazprom, Russia’s state-backed energy supplier, has reduced its gas flows to Europe by about 60% over the past few weeks. This comes as Europe tries to reduce its reliance on Russia for its gas in response to the war in Ukraine. However, this reduction has led to European leaders becoming increasingly concerned about the possibility of a full shutdown of gas supplies from Russia.
Meta begins testing NFT on Instagram
Meta announced that it will begin testing NFTs on Instagram Stories using its augmented reality platform Spark AR. Creators and collectors will also be able to share their digital collectibles across Facebook and Instagram in the future when it rolls out the feature on Facebook.
https://cointelegraph.com/news/meta-set-to-begin-testing-nfts-on-instagram-stories-with-sparkar
Shopify announces tokengate commerce
Shopify allows merchants to connect with fans and drive sales by creating exclusive merchandise for tokenholders. The initiative, dubbed “tokengate,” is available in early-access beta mode as part of a new series of connect-to-consumer initiatives developed this year.
Lido staking dominance raises concern in Ethereum community
Lido DAO token holders have commenced voting to determine whether the DeFi platform should reduce its staking pool. Lido currently holds 31% of all staked Ether on the Ethereum proof-of-stake blockchain, the Beacon chain. The staking dominance has raised fears within the Ethereum community as it might threaten Ethereum’s decentralization with excessive influence over transaction verification. On the other hand, Lido’s staking dominance could help prevent a takeover by a centralized exchange and ensure the blockchain remains decentralized.
https://cryptoslate.com/why-lido-staking-dominance-is-raising-centralization-fears/
El Salvador’s Bitcoin bet worsens fears of insolvency
El Salvador’s economic growth has plummeted, stoking fears that it might not be able to settle its loan obligations of more than $1 billion in the next year. Meanwhile, President Bukele’s Bitcoin bet has not worked out with the government running an unrealized paper loss on bitcoin of around $50 million. Due to its cryptocurrency link, negotiations have also stalled with international lenders while rating agencies have knocked down El Salvador’s credit score citing the uncertainty of the country’s financial future. This worsens the situation as it becomes more expensive for the country to borrow cash.
https://www.cnbc.com/2022/06/25/el-salvador-bitcoin-experiment-not-saving-countrys-finances.html
Market Updates
No news is good news as market rallied from oversold level
With the anticipation of June 75bps rate hike out of the way, the market saw a sharp relief rally after weeks of decline. The bounce from the bottom was significant especially on Friday after market hits oversold levels amidst all the uncertainty and fear of recession. Meanwhile, Chinese equities continue their rally after months of decline.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
Also, Read
- Red Dog Casino Review | Swyftx Review | CoinGate Review
- Bookmap Review | 5 Best Crypto Exchanges in the USA
- How to trade Futures on FTX Exchange | OKEx vs Binance
- CoinLoan Review | YouHodler Review | BlockFi Review
- ProfitTradingApp for Binance Review | XT.COM Review
- SmithBot Review | 4 Best Free Open Source Trading Bots
