Main Takeaway: Bullish Adoption News, Bearish Price Action
Recently crypto adoption has gone through the roof, in particular, with rumors of Twitter integrating Dogecoin, and now with Instagram again wanting to incorporate Polygon NFTs onto the platform. This announcement from Meta is going to stir up competition in the NFT marketplace segment. Moreover, on the DeFi side, JP Morgan just executed its first DeFi trade on a public blockchain (Polygon) as a part of Singapore’s Project Guardian. But despite the positive adoption news, price actions remains muted because of the Fed’s hawkish outlook towards inflation. As a result of yesterday’s meeting, it’s looking like we’ll continue seeing aggressive rate hikes moving forward (potentially 50 bps for December).