Mooners and Shakers: Jerome ‘Very Premature’ Powell Dumps Stocks ‘n’ Crypto; DOGE has a break
It’s not the biggest news out of Washington, DC today, especially out of Fed Chair Jerome Powell’s mouth. Markets have fallen as a result, including Bitcoin and crypto more broadly.
It wasn’t so much the fourth 75 basis point interest rate hike in a row that did it – it was pretty much baked in and widely expected. In fact, stocks and Bitcoin had a slight pump on that revelation.
But then Powell took to the podium for his presser. As StockheadEddy Sunarto summarizes extremely well here, all that was needed were two words. “Very” and “premature”, referring to chatter about pivoting and pauses in rate hikes.
Ba-bowwwww… refused.
Ah well, could be worse. Crypto kingpin Bitcoin doesn’t seem to have fallen also drastic yet. Although the day/night is still young (depending on the time zone) for the market that never sleeps.
We also capture the following Twitter-based versions of FOMC meeting disclosures. Things still seem very weak for the foreseeable, and that’s really the headline. Despite that, we still see the thinnest of analyst-led positivity here and there.
They wing it.
— Sven Henrich (@NorthmanTrader) 2 November 2022
My FOMC takes after the dust settles
The Fed raised interest rates by 75 bps as expected. More importantly, it confirmed what the Fed’s chief leaker (WSJ’s Tsimiraos) had said: slower pace of hikes ahead.
— Alex Krüger 🇦🇷 (@krugermacro) 2 November 2022
#FOMC the press conference had just ended, and it was certainly more hawkish than dovish.
That makes the bull case more difficult. But ultimately it is up to how the markets digest this information in the coming days.
— Justin Bennett (@JustinBennettFX) 2 November 2022
At a little price promotion.
Top 10 overview
With the total crypto market capitalization at $1.03 trillion, down just over 2% since this time yesterday, here is the current status of the top 10 tokens – according to CoinGecko.
Like we said, it’s not a bloodbath. Yet. The market is still sitting above the fabled $1 trillion mark, and Bitcoin is clinging to the psychological support of $20,000. (At the time of writing, and subject to extremely rapid change, of course.)
The market’s 2iC, Ethereum has taken a bit more of a hit with a -3.8% decline on the 24-hour time frame. However, Dogecoin, after recent “much wowness”, is the biggest daily deflator.
DOGE has let out one of those “I’m pissed you’re not going with me right now” doggie sugars, and is curled back up in his bed with a slightly creepy belly that could lead to a nasty dump in the backyard.
Then again, who knows what goodies its favorite alpha, Elon Musk, has in store for it to come up?
And right on Elon Musk, indeed, American investor/analyst Mark Moss posted a pretty interesting Twitter thread today regarding the Tesla CEO’s potential motivations for buying Twitter and how it might involve the “PayPal Mafia.”
See “Around the Blocks”, further down.
Overdraft and downdraft: 11–100
With a market cap of about $7.56 billion to about $413 million in the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on CoinGecko.com data.)
DAILY PUMPS
• Tokenize XChange (TKX), (market cap: USD 1.48 billion) +9%
• Litecoin (LTC), (mc: USD 4.23 billion) +7%
• Chillies (CHZ), (mc: USD 1.28 billion) +5%
• Huobi (HT), (mc: USD 1.14 billion) +3%
• The Mina Protocol (MINA), (mc: USD 507 million) +3%
DAILY SLUMPERS
• Chain (XCN), (market cap: USD 1.16 billion) -17%
• Evmos (EVMOS), (mc: USD 593 million) -13%
• Aptos (APT), (mc: USD 947 million) -12%
• Shiba Inu (SHIB), (mc: USD 6.9 billion) -9%
• ApeCoin (APE), (mc: USD 1.3 billion) -8%
Lower capsule
There are some clear chaff down here. The occasional wheat too. Remember to DYOR.
• Xen Crypto (XEN), (market cap: USD 12.2 million) +195%
• TitanSwap (TITAN), (mc: USD 13.7 million) 78%
• Mesh network (MASK), (mc: USD 189 million) +74%
• Literature (LIT), (mc: USD 40 million) +13%
• Reproduce (RNDR), (mc: USD 221 million) +11%
DAILY SLUMPERS
• DogeChain (DC), (market cap: USD 24 million) -19%
• Phala network (PHA), (mc: USD 72 million) -17%
• Rare (RARI), (mc: USD 40 million) -16%
• X2Y2 (X2Y2), (mc: USD 7.2 million) -13%
• Rocket pool (RPL), (mc: USD 394 million) -11%
Around the blocks
An assortment of coincidences and relevance that stuck with us on our morning through the Crypto Twitterverse…
The REAL reason Musk bought Twitter is SO MUCH BIGGER than we’ve all been told.
Has this been a plan that has been in development for over two decades?
Time for a thread🧵 investigating the PayPal mafia’s next revolutionary technological invention of the 21st century👇
— Mark Moss (@1MarkMoss) 2 November 2022
“#Bitcoin is very slow”
The reality:⚡️ pic.twitter.com/hUTcI3N9KX— Lightning Ventures (@ltngventures) 2 November 2022
The Fed meeting summarized: pic.twitter.com/FBSt68zFCU
— Alf (@MacroAlf) 2 November 2022
“tool” is code for interest rate cuts and QE btw.
— Sven Henrich (@NorthmanTrader) 2 November 2022
