The Fed rocks the boat.
BlackRock muscles into DeFi.
And NFTs ask the market,
"What the Funko?"
My name is JChains.
This is your nightly crypto news wrap-up.
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If the economy is an airplane in flight,
then it must be Con Air.
Jerome Powell and the unelected oligarchs at the Federal Reserve are marching ahead
with their hawkish stance on controlling inflation
but stops short of a full 100-basis-point rate hike
even though inflation is getting more stressed out
than Chris Pine at a presser for Don't Worry Darling.
The markets took a dive on the news,
but it looks like there won't be any relief for the real estate market
that was already teetering on a cliff.
With liquidity running out,
expect the price of Bitcoin to follow the stock market
like it has been for the past year.
Speaking of stocks and charts,
let's throw over to Frankie Candles for a market update.
Thank you, JChains!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $18,509.
Down about 2% on the day
8% on the week
Ethereum coming in at $1,249
Down about 5% on the day
and 23% on the week, guys.
So, guys, I want to bring you over to the Bitcoin chart
as we saw some extreme volatility with the Fed news that came out today
with the 75-basis-point hike.
As you can see from these scammy candles,
the volatility was real,
but we are losing an important level here,
the Value Area Low.
This is a level we've been watching for quite some time
at about $18,825.
We are starting to lose this level,
came right down to the spider line right here at about $18,520,
closed a couple of 1-minute candles on that spider line,
but we are now losing it and bearishly retesting.
If we continue lower,
I will be looking down towards that 786 Fib level right down here
at about $17,602.
And this, guys, is going to be our last resort before potentially making those lower lows.
So, hopefully, we can either hop on top of the spider line
and get back into the value area and continue back up
or at least, if we're going to come down,
hopefully, we can get a double bottom on that Fib level before coming up
and potentially marking the bottom.
But, again, guys, that 786 Fib level is a super important level of support.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
Now, don't forget, you can trade like him by using Phemex.
We have an exclusive deal for BitSquad members
that you can only get by clicking the link below.
Like Smaug sitting on his golden hoard,
Larry Fink and the lizard people at BlackRock won't stand by
while the little people are making money.
Last month, they announced their intention to offer crypto to their institutional clients,
in addition to Depository Trust and Clearing Corp., which processes virtually all US stock trades,
says it's going to be making its own blockchain to speed up the settlement of trades.
Now, this is big news.
And it's setting the stage for TradFi to jump into DeFi
as soon as regulators clear a few hurdles.
That's when a pod of whales will spill into crypto,
sending prices and liquidity through the roof.
Now, when will that happen?
Stay tuned to BitBoy Crypto to stay in the know.
Now, one of the biggest pieces of pop culture,
the Funko Pop doll, is partnering with DC Comics
for an NFT release of a new "phygital" product
that covers the DC comic book "The Brave and the Bold."
Now minting on the WAX blockchain,
the NFT will offer comic books of the series
as well as the Funko Pop doll based in the Batman universe.
This isn't Funko's first time doing NFTs.
Last year, they did a Teenage Mutant Ninja Turtle "phygital" NFT
that was a resounding success.
Now, expect the new Funko Pops to be available at Walmart starting October 7.
Comment below with your favorite crypto project,
and we'll see if we can cover it.
That's all I got.
Have a great rest of your night.
JChains out.