Macro Pulse Update 25.05.2024
2 weeks ago I gave you the perfect entry to buy $BTC at $60k
Don’t get shaken out with micro micro cycles within a macro cycle as short-term price action is insignificant
Here are 3 indicators + Perfect cyclicality charting👇🧵
Macro Pulse Update 25.05.2024, covering the following topics:
1️⃣ Macro events for the week
2️⃣ Bitcoin Buzz Indicator
3️⃣ Market overview
4️⃣ Key Economic Metrics
5️⃣ China Spotlight
1️⃣ Macro events for the week
Last Week
Next Week
2️⃣ Bitcoin Buzz Indicator
Crypto Market Updates
SEC Approves Ethereum ETFs Amid Market Uncertainty
Grayscale Undergoes Leadership Shift Amid Market Challenges
Gala Games Overcomes $200 Million Token Hack
Crypto World Mourns Kabosu, the Face Behind Dogecoin
Crypto Exchanges and Platforms
Bybit Refutes Insolvency Rumors, Ensures Asset Security
Gate.io and OKX Respond to Hong Kong's Tightened Crypto Regulations
Coinbase Restores XRP Trading, Supreme Court Weighs In
Binance Revises Listing Strategy Amid Token Unlock Concerns
Banking and Regulatory Updates
Genesis's Bankruptcy Settlement Returns Billions to Creditors
Crypto Innovations and Market Developments
Blockchain Gaming Investment Hits Record Levels
Azuki and Magic Eden Introduce Dual-Chain NFT Hoodie
Yuga Labs Halts Controversial NFT Project Amid Backlash
AI Firm Rabbit Defends Against NFT Scam Allegations
Altcoins
Kraken confirmed it had no plans to delist Tether’s USDT in Europe.
A former Pump.fun employee was arrested following a $1.9 million exploit.
Notcoin's value plummeted over 85%, facing significant market challenges.
GNO token appreciated as Gnosis DAO proposed a $30 million buyback.
A judge found Craig Wright extensively lied and committed forgery while claiming to be Satoshi Nakamoto.
Aevo's token value increased after Binance Labs revealed an investment.
Sei Foundation launched a parallelized EVM in its v2 upgrade, boosting SEI's price.
deBridge allocated 2 billion DBR for an airdrop and community initiatives.
Hex Trust launched the USDX stablecoin on Flare, partnering with Clearpool for yields.
Insider trading allegations related to MAGA token were dismissed as MEV bot activity.
A second Ethereum Foundation researcher acknowledged receiving payment in EIGEN for advisory services.
Inferno Drainer claimed to have stolen $250 million after resuming operations.
COTI V2's developer network went live, introducing privacy-focused features.
Alchemy Pay launched a Web3 digital bank, causing ACH prices to rally.
Phantom acquired the a16z-backed Bitski wallet platform.
LDO price soared as Lido DAO addressed a Numic operator breach.
SUI price jumped with the launch of the Mysticeti upgrade on the mainnet.
ZKSync announced a token generation event with a 21 billion supply.
UNI price surged as Uniswap Labs contested the SEC's Wells notice.
Degen token's price increased following Farcaster's $150M Series A funding.
Hong Kong banned Worldcoin’s data collection due to privacy concerns.
Livepeer announced an AI generation subnet, integrating decentralized GPU resources.
Casper Labs and IBM introduced an AI auditing solution on the watsonx platform.
NEAR revealed plans for an AI agent to assist users in coding decentralized apps.
Kelp DAO raised $9 million to advance restaking innovations.
PEPE reached a new all-time high after rallying 22%.
US authorities planned to transfer Sam Bankman-Fried to a California prison.
Crypto exchanges joined forces in the 'Tech Against Scams' initiative to combat fraud.
Floki DAO burned 15 billion FLOKI, prompting speculation about a price rebound.
Bittensor's value rose amid rumors of Grayscale's interest.
A Federal Reserve survey showed a decline in US adults using crypto.
EtherFi revealed plans for a credit card tied to restaking holdings.
Sushi incorporated the GoPlus security checker to protect users from honeypots.
Robinhood collaborated with 0x for gasless swaps on Arbitrum.
The meme coin CorgiAI surged 60%, overtaking Pepecoin and Memecoin.
Plume, a Layer-2 blockchain, secured $10M in seed funding for real-world assets.
Cronos advanced its zkEVM testnet to Tethys prior to the mainnet launch.
Open Campus's EDU token soared following Animoca Brands' increased interest.
Render and Helium drove the expansion of Solana's DePIN ecosystem.
Grayscale Investments launched crypto trusts for Near and Stacks.
Elixir Games partnered with Ava Labs, backed by Square Enix.
FSL introduced a new version of Stepn, adding social elements to the move-to-earn game.
Railgun's privacy protocol exceeded $1 billion in volume amid a crackdown on crypto mixers.
Fantom unveiled a new Layer-1 chain, Sonic, along with strategic funding.
Vitalik Buterin received a $1 million Starknet grant, boosting STRK's price.
Ondo Finance reached new ATH, spurred by a Coinbase PERP listing and ties to BlackRock.
CatCoin pressed BitForex to address token withdrawal issues, hinting at legal action.
Solana's price fell as FTX offloaded $2.6 billion worth of tokens at a discount.
3️⃣ Market overview
SEC Approves Spot ETH ETFs - The SEC approved the first spot Ether (ETH) ETFs, enabling institutional investors to pour billions into Ethereum.
Grayscale CEO Departs - Michael Sonnenshein resigned as Grayscale CEO after three years. Goldman Sachs veteran Peter Mintzberg will replace him in August.
White House Opposes Crypto Bill - The White House opposes the FIT21 bill, which would give the CFTC regulatory authority over crypto, but will not veto it.
Gala Games Hack - Gala Games experienced a hack that minted $206M worth of tokens, causing a 15% drop in GALA token price.
Major Banks' Bitcoin Holdings - Morgan Stanley, JPMorgan, Wells Fargo, and UBS revealed significant holdings in Bitcoin Trusts, indicating increased institutional interest.
Venezuela Cracks Down on Crypto Mining - Venezuela will disconnect crypto mining farms from the national grid to stabilize the power supply amid ongoing blackouts.
4️⃣ Key Economic Metrics
🔴 US tariffs on Chinese EVs set the stage for further decoupling
Strategic Intent: The US tariffs are designed to protect domestic industries and investments from potentially unfair competition due to Chinese subsidies.
Consumer Impact: Increased tariffs are expected to raise prices for US consumers, reducing purchasing power and demand for EVs.
Global Trade Dynamics: The move contributes to the ongoing economic decoupling between China and Western economies, promoting a fragmented global market.
Future Outlook: Both China and the US may face challenges as they navigate these trade tensions, with potential spillover effects on global trade policies and market dynamics. The outcome of the EU's investigation will be pivotal in shaping the future landscape of international trade in EVs and related technologies.
🟢 The recent data on inflation and retail sales provides a complex picture of the US economy, with positive signals on inflation counterbalanced by stagnation in retail sales, highlighting the need for cautious optimism and close monitoring of economic trends.
The recent inflation data suggests a potential turning point in inflation trends, but it remains too early to confirm a sustained decline. The stagnation in retail sales highlights a potential weakening in the consumer sector, despite strong service sector spending.
The Federal Reserve may consider interest rate cuts if the favorable inflation trend continues, reducing the likelihood of further rate hikes this year. The combination of flat retail sales and declining inflation could signal a period of economic adjustment, with potential shifts in consumer behavior and spending patterns.
Investors' reactions to the inflation data indicate growing confidence in a more stable economic outlook, with positive impacts on equity markets and lower bond yields. The depreciation of the US dollar could influence international trade dynamics, affecting import and export competitiveness.
The divergence between retail sales and service spending suggests a shift in consumer preferences, with more spending directed toward services rather than goods. The mixed performance across different retail categories indicates varying consumer priorities and economic pressures.
5️⃣ China Spotlight🟡
China's economic data presents a complex picture of modest recovery, with ongoing challenges related to excess capacity and weak consumer demand. The government's fiscal measures and targeted support for new technologies aim to address these issues and promote sustainable economic growth.
China's consumer inflation remains low, while producer prices continue to decline, indicating ongoing issues with excess capacity. Mixed data on retail sales and industrial production suggest a rebound in output but weak consumer demand.
The central bank has the flexibility to ease monetary policy further if needed, but fiscal measures might be more effective in stimulating economic growth. The government's bond issuance and targeted support for new technologies indicate a shift towards fiscal stimulus and capital market development.
The mixed economic data reflects challenges in balancing output growth with consumer demand and managing excess capacity. The government's efforts to stabilize the housing market and support new technologies aim to address structural issues and promote sustainable growth.
Declining home prices and excess housing supply have led to increased household savings and reduced investment in residential property. Strong growth in industrial production, particularly in technology and EV sectors, highlights the government's focus on emerging technologies as a key driver of future growth.