Main Takeaway: Neutral Bearish Weekend
Crypto prices stayed bearish over the weekend, failing to make any gains to cover previous days’ losses. The markets are staying bearish because there’s no momentum right now to turn things positive, especially on the macro side, as said before. In particular, US unemployment reached a new high of 3.7%, US Fed remains committed to fighting inflation, the Nord Stream 1 pipeline in Europe has stopped, and other global inflation factors.
However, there are two positive crypto developments that may have the potential to turn things around, the Ethereum Merge and Cardano’s highly anticipated Vasil hard fork.
Key Stories: Vasil Hard Fork Upgrade
Cardano founder Charles Hoskinson announced that on September 22, Cardano will undergo its Vasil mainnet upgrade. As a result of this, there will be improvements to the Plutus programming language which is used for smart contracts on the Cardano blockchain as well as greater scalability and lower fees.
Potentially as a result of this announcement, Cardano is up approximately 10% over the last five days.