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nerdzvest Insight
Expect a sideway movement for most markets with July FOMC around the corner
We have seen markets see-saw movement post the US inflation data release. This could indicate where the market is currently standing with people already pricing in recession fears. Does this mean that the bottom is in or near?
The Nerdz reckons that a temporary bottom has started formed as we remain sideway for some time already. However, many signs still point towards a potential worsening situation in many economies. The Nerdz still leans towards a cautious side especially when the yield curve continues to invert. There could be potential upswing in the coming days/week heading into the July FOMC. However, this could be part of the sideway movement that is forming currently.
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Nerdz Indicator
Short Term: Cautious
Medium Term: Bearish
Long Term: Opportunistic
Key Happenings
Celsius filed for bankruptcy
Crypto lending platform Celsius has filed for Chapter 11 bankruptcy. Recently, Celsius closed off the last of its decentralized finance (DeFi) debts owed to Compound, Aave and Maker, reducing its initial debt of $820 million to just $0.013 over the course of a month. However, the fate of depositors who still have their assets locked up on the lending platform remains unknown. Moreover, Vermont’s Department of Financial Regulation (DFR) stated that it believed the company was “deeply insolvent” and doesn’t possess “assets and liquidity” to fulfil its obligations toward the customers and accused them of mismanaging customer funds by allocating them toward risky investments.
https://cointelegraph.com/news/breaking-celsius-is-reportedly-filing-for-bankruptcy-imminently
Polygon is selected to participate in Disney Accelerator program
Layer-2 scaling platform Polygon has been selected to partake in Disney’s 2022 Accelerator Program to build on Polygon’s Web3 technology. The Ethereum scaling platform is one of six projects to be accepted into the Accelerator Program, which is focused this year on augmented reality (AR), nonfungible tokens (NFTs) and artificial intelligence (AI).
https://cointelegraph.com/news/polygon-selected-to-participate-in-disney-s-2022-accelerator-program
Shanghai supports enterprises in the space of blockchain, NFT and Web 3
Based on Shanghai’s Municipal Government “14th Five-Year Plan for the Development of Shanghai’s Digital Economy”, Shanghai plans to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), the Metaverse and Web3. While the plan keeps silent on the prospects of decentralized finance (DeFi), it mentions “digital finance” with a promise to promote smart contracts and improve asset trading, payment and settlement, registration and custody. However, the section puts an emphasis on exploring the pilot of the digital yuan.
https://cointelegraph.com/news/shanghai-included-blockchain-nfts-and-web3-in-its-5-year-plan
Market Updates
US and European markets remain rangebound
The announcement of higher inflation in US (9.1%) shocked the markets as participants quickly price in a potential 1% rate hike which saw the equities market dipping. However, the market retrace back the losses as the news slowly sink in.
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