⁉️ Hike rates bullish for crypto?
Today’s issue ⤵️
1. 📊 Today in markets
2. ⁉️ Hike rates bullish for crypto?
3. 👀 What’s next in Crypto?
4. 🔮 Flooz Top Picks
🌊 Riding the waves
It has been a tough few weeks in crypto, with the price seemingly suppressed, and slowly grinding lower.
But, this was always expected at some point, after all, the year has been good so far, and a slower and more painful stage like now, had to happen at some point.
However, not all is completely doom and gloom as it seems things are starting to form, and also the current prices are very generous as we set up for a bigger climb in the near future, so this is a potential opportunity to grab your favourite tokens at cheaper prices.
Remember, this is a game of risk taking, but also patience, so when opportunities are presented, taking them may just put you even further ahead when things turn green again.
And with the Ethereum ETFs to still come into active play, and with US elections coming up, things could be about to heat up, and there is definitely still bullish potential to ramp up in the future as a result.
But as always, only invest what you can afford to lose, and let's ride this bull run wave together, frens!
📊 Today in markets
The crypto market still seems to be at a standstill, waiting for it's next big move.
But are we going to grind down more before we see green again?
As always, let's jump straight into the chart and see what is happening 👇
There is a lot to digest here as things are in a rough spot, but let's start with the daily close.
Firstly, BTC closed bearish but this can easily be flipped if a slight recovery comes into play, and from there we might be able to see some relief and a rise to $67k and higher. We would hope to see a weekly close above the $68 area for bullish momentum and an eventual move towards a new all-time high.
As you can see on the chart, the trend line has been adjusted and is on its last leg. If we continue to fall below $65k, we may see an even bigger fall before eventually getting a move back up. If this happens, it will be brutal for altcoins too, so be careful over the next week.
We have also placed the final support at $60k, where the fair value is also at, meaning if we fall below $60k, we are in big trouble. So, the few weeks are vital, as we are at a point now where we need to see a push up again, otherwise things could get ugly.
The target of a new all-time high is now around 12%, which isn't too far away, and we have seen BTC rise more than this in a very short period many times before, so it could literally be one green candle of dreams to change the current forecast.
Will this happen? Who knows... after all, we have seen many unimaginable things in crypto, so now it is just a waiting game and taking opportunities where you can with prices, especially altcoins, being much lower than we have seen for a few months.
As usual, we know the markets can be difficult to navigate, and it seems like we are in that phase right now, so be patient, and stick to your plans.
⁉️ Hike rates bullish for crypto?
The economic state around the world has been brutal for the last few years, and it don't seem to be getting much better.
But, are we about to see a turnaround, and how will it impact crypto?
Firstly, although there is correlation to economic state and market performance, there are also anomalies, and exact correlation doesn't always occur.
In this case, the US keeping hike rates neutral and not changing them last week, means that there is neither a positive or negative impact on the current rates, in terms of interest costs mainly.
Now, you're probably wondering... why is this important?
The reason is because the market follow trends, and if the economic state is bad, with interest rates high and people struggling more, markets also tend to be hit as no one has extra money to invest.
But once these conditions improve, suddenly an injection of cash starts to be put into investments and future options.
So... if these hike rates in the US have been kept the same, why is this so bullish then?
The answer is simple - They still need to meet demands, and with elections coming up, and rates seemingly improving around the world... gradually. The US will also need to start adjusting this, and with promises of cuts this year, it seems we are set for a run of bullish hike rates from now until the end of the year.
And as that lines up with this bull run and elections, it might just be the perfect catalyst to get the cycle we truly want.
Is this guaranteed though? No... nothing ever is. But it is certainly promising, and would make a lot of sense for economic conditions too.
Now, as usual, it is a waiting game, so while we wait for these adjustments and decisions to commence, let's focus on being ready for the next leg up in this beautiful bull run!
👀 What’s next in Crypto?
We have been seeing airdrops being released this year, with some big hitters too, and it seems we have another one ready for launch VERY soon.
And it is none other than the highly anticipated zkSync airdrop.
This has been one of the most speculated airdrops for a long time now, and it seems that time has finally come, with things starting to kick into place this week, with an estimated 3.6B tokens to be airdropped.
The community are also set to receive around 66% of the token allocation, meaning the power is in their hands, making this airdrop even more bullish due to the governance aspect, allowing investors to have a say in future decisions on the project.
On top of this, it seems around 700k wallets are set to be eligible for the airdrop, making it the single biggest distribution of a Layer2 token ever, further increasing the hype being set around this airdrop.
Want to know more about the token allocation,? You can check zkSync out on X (Formerly Twitter) for updates, or take a look at their Token FAQ here
And if you want to find more airdrops to take part in, you can check out our blog posts each week where we showcase them, with our latest ones on Flooz.xyz
🔮 Flooz Top Picks
Here are our three crypto picks of the week 👇
📈 First up on our list is $CVX
Convex is a platform that boosts rewards for users of Curve, Prisma, Frax, and f(x) Protocol. By combing a multiple token reward system, it incentivizes investments for all parties, making this ecosystem even more rewarding. A rise in any of these tokens, can also cause $CVX to fluctuate too, as we are currently seeing, and as the blockchain reward mechanisms improve, this will only start to gain more attention. With a rise of 50% in the last 24H, this is certainly a project to keep an eye on.
📈 Next up on the list, we have $BFG
BetFury is a well-established crypto and entertainment platform that includes I-Gaming, crypto-earning features, and sports betting. Gambling is becoming a more prominent aspect within the blockchain world, with more incentives than traditional gambling, and BetFury is one of the platforms that is looking to thrive, and even more so with their token $BFG. They have seen a 7% rise in the last 24H and are sitting at a $25M market cap, giving it plenty of future potential for growth.
📈 Our final pick of the week is $UNFI
Unifi Protocol DAO is a group of non-custodial, interoperable multi-chain smart contracts that aims to provide the tools for Decentralized Finance (DeFi). As DeFi ramps up, and is becoming more available to markets, tools to make this easier and more effective are going to be more important than ever, especially as new users make their way into the blockchain world. With a market cap of just $32M and a rise of 15% in the last 24H, $UNFI may be one to add to the watchlist.
