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Main Takeaway: Markets Steady As CEOs Come Under Fire
The crypto markets are up 1% d-o-d in anticipation of Jay Powell’s Friday remarks at the Fed’s Jackson Hole symposium in Wyoming.
Moreover, Alameda Research co-CEO Sam Trabucco announced he’s stepping down from the company. This is a strange revelation especially given the number of CEOs that have announced their position changes such as Genesis CEO Michael Moro (who’s now on vacation).
The main takeaway is investors should be wary of the macroeconomic backdrop and the way companies and their leadership are navigating through the bear market.
Any signs of softening or more long-term plans for bringing down US inflation will send crypto prices upward, but the vice-versa will also happen if hawkish voices win through. Secondly, if companies and their leadership are struggling with management and company vision, then crypto markets will continue showing uncertainty as reflected in the prices. Winter’s not over.
Key Stories: Anticipation For Ethereum v2 Getting More Real
The Merge is forecasted to happen in the third week of September, with the final upgrade before merging to PoS scheduled for September 6. The Ethereum bulls are going full speed on Twitter, but they’re being counteracted by people saying The Merge will actually not bring down gas prices and network fees.
Investor Insight: Cosmos Going To The Cosmos
Cosmos, a layer 1 blockchain platform that’s ranked in the top 25 of all cryptocurrencies by market cap has had a stellar week in the price charts – haven rose by almost 30%.
Analysts at VanEck, a multibillion-dollar asset management fund, gave the coin an upgrade because of its unique technology, the Inter-Blockchain Communication Protocol (IBC), and ecosystem potential. Cosmos has the ability to solve certain issues around blockchain interoperability, which strengthens its value proposition in a multi-chain (yet fragmented) world.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are Voyager (VGX/USDT), Terra Luna Classic (LUNC/USDT), Chromia (CHR/USDT), StepWatch (SWP/USDT), and Hifi Finance (MFT/USDT).
