Top market analysts weigh in on Ethereum.
The CPI numbers pump the market.
And did Cardano lay down some heater laps around the NASCAR track?
My name is Justin.
This is your nightly crypto news wrap-up.
Let's get it!
Last quick question, Mike,
what is the highest conviction crypto trade you have on right now?
Right now, it's Ethereum.
It's moved a lot.
But this Merge is a big deal.
It takes the supply of mining that used to constantly sell
and actually locks it up in what we would call HODLers and long-term contracts.
And so you're going to see the supply-demand imbalance in Ethereum,
the second biggest crypto, really shift.
You know, prices are always set on the margin.
And so I think that was the enthusiasm that this Merge finally happening
is going to continue to draw money into Ethereum.
As the merge to ETH 2.0 gets closer and closer,
the conversation is heating up for Ethereum.
And that translated an uptick in interest across the internet.
The recent hype around the coming event has landed Ethereum the No. 1 spot
on the crypto trending list.
To no surprise, this also translated in the charts
as the trading volume for the Ethereum futures has hit a 3-month high.
With the Merge set to take place in September,
and with it trending across the crypto space and pumping in volume,
several top analysts weighed in on the asset.
And it's interesting to see how much their opinions vary.
As you saw in the clip,
billionaire Mike Novogratz told CNBC Squawk Box
that Ethereum is his highest conviction trade in all of crypto
because institutional investors know how profitable that supply-demand imbalance will be
and that's going to draw money into Ethereum.
On the other hand,
famous investor Dallas Mavericks owner Mark Cuban seems to think that
the Merge could be a sell-the-news type of event.
This is where the prices will climb unquestionably high from investors buying the rumor,
but when ETH merges and the hype dies down,
Cuban thinks it won't continue up on its path to the moon
and is likely to come crashing down or even collapse once investors sell the news.
Do you think that the Merge is going to be a catalyst for the next bull run?
Or do you think the news is going to get sold?
Let us know in the comments.
Alright. Let's pass it over to Frankie Candles for a market watch.
Thanks, JChains!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $23,918.
Up about 3.2% on the day
Ethereum up about 8% on the day
Almost 9%, coming in at $1,850
Creeping up towards that $1,900 level
I just want to pull up the charts here, guys.
Looking at the daily timeframe for Bitcoin,
zooming in on Market Cipher B here,
you can barely see it,
but we are getting a money flow crossover into the green on the daily timeframe.
Now, this is typically a very, very bullish sign
as we have been below the zero line for a very, very long time.
And this is accompanied by two other bullish signals that are printing on the charts.
Important to understand that these are not confirmed.
We do have a green dot printing on the 16-hour and the 12-hour.
If these confirm, it would be very bullish for Bitcoin.
Now, some key levels to be watching are going to be these two daily levels.
This one coming in at about $23,851.
We are currently holding support above it.
So that is looking pretty good.
And then if we break down below,
I will be looking a little bit lower towards about $23,320.
For some strong support.
We do have some confluence down there.
So should act as some pretty strong support.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Last month, the Consumer Price Index (CPI) used as a yardstick for inflation
hit a 40-year high of 9.1%.
This caused the US Dollar Index known as the DXY
to significantly increase its strength,
consequently causing the stock and crypto markets to tumble down the hill.
This month, the CPI numbers cooled off and came in lower than expected,
which turned out to be quite bullish for crypto.
When the CPI of 8.5% came out at 8:30 this morning,
the DXY took a nasty turn for the worse
and broke downward out of a symmetrical triangle
causing Bitcoin to shoot up about 4% within one hour
from the low $23,000s
up to the high $23,000s-low $24,000 range.
The turnaround came at a perfect time for Bitcoin since the CPI pump helped us put in a higher low.
But now, for the bullish uptrend to continue in proper fashion,
we need to put a higher high above $24,600 range to continue in an upward trajectory.
Will Bitcoin continue in the uptrend it's been in since the selloff in June?
Or will the bear show back up and retest the local lows just under $18,000?
There are solid arguments for each side.
My thoughts are that if it turns out June low was just the bottom,
this would go down as the most mellow bear market of all time,
with Bitcoin only falling around 70% instead of the standard 85%.
We all know that this market is built off of max pain.
So the idea that the bottom is already in feels too good to be true.
But anything is possible.
And what we all expect the least is the most probable outcome.
The next Fed meeting isn't until September 20.
So at the very least, we've got time to breathe.
Wait a minute!
Shake and bake, baby!
At the recent Blake Morris Memorial NASCAR race in Virginia,
Trent Barnes,
the number 1 car racing in the Twin 72's class,
had a great looking car with a familiar title sponsor.
That's right.
Dang! That number 1 looks good.
I want to go fast!
Even Trent said that the Cardano car was a rocket!
It turns out that Charles Hoskinson didn't even know this was going to happen
until after the fact.
When he asked about it,
he learned that a Cardano stake pool operator who worked on the car for years
known as greggybone72 on Twitter held a paint scheme design competition,
and his favorite one was brought to life for the Blake Morris Memorial.
Unfortunately, the number 1 crashed out of the first race
after running fourth for the majority of the race.
But at least they'll be back in the action in Dominion this Saturday.
Bullish sentiment for the ADA Gang!
And it's great to see this type of adoption in the crypto space.
Let's hope that number 1 gets first place this weekend.
Because if you ain't first, you're last.
Hell, Ricky, I was high when I said that!
That's all I got.
Have a good night.