Main Takeaway: Ending The Work Week Strong
Most US Big Tech earnings have all been reported, with Apple, Google, Microsoft, and Amazon reporting strong numbers, but generally down y-o-y. However, the stocks are up, along with the US equities and cryptos. Moreover, the US reported a -0.9% GDP Q2 decline, which was less severe than original predictions, but the conversations about whether we’re in a recession or if one’s on the horizon are getting more intense. This is what crypto should be paying attention to, along with signals from the Fed regarding its seriousness in fighting inflation. The next meeting and announcement will be in September, so the month of August will not have a big event that can determine more economic tightening, which could be bullish for crypto.
Key Stories: US Stablecoin Bill Delayed Until After August Recess
US Congress has said it’ll be delaying further movements on a potential US stablecoin bill until it returns from August recess. Of course, the US Congress is busy with many different forms of legislation, such as on semiconductor chips, build back better, inflation reduction, and climate change. On top of that, it’s election season, so Congress may end up delaying this until after the November elections.
Investor Insight: Is The Merge Priced In?
Vitalik Buterin says no, The Merge is not priced in – in market terms and psychological and narrative. Buterin is probably right on this, the market has not priced in a potential breakthrough upgrade and network change that Ethereum has planned for Q4, which is likely to be the biggest crypto event in 2022. The Merge is largely considered as bullish for Ethereum, so the Eth Maxis are accumulating undoubtedly.
Today’s Top Gainers
The crypto markets are up over 3% with the top gainers being Livepeer (LPT/USDT), Volt Inu (VOLT(1K)/USDT), Optimism (OP/USDT), Bounce (AUCTION/USDT), and Ethereum Classic (ETC/USDT).
