Main Takeaway: The Most Important Week For The Economy & Crypto
Yesterday we reported this week will be packed busy with company earnings, a Fed rate hike decision, and US Q2 GDP, and this last note is particularly interesting, with Janet Yellen and President Biden both downplaying the prospects for a US recession. Yellen in particular has said that two negative GDP quarters do not mean the US is going into or is in a recession. So the debate about what a recession is and is not is well-alive around the world. This significantly impacts crypto investors as potentially we’re already in or headed into the worst macro environment in years since the US Financial Crisis. Crypto, as we know it today, has never experienced a real recession (broadly defined), so it’s giving the markets a lot of jitters at the moment, which is why we’ve seen a 3% to 5% decline d-o-d.
Key Stories: Chipotle Burritos Getting Into The Crypto
Chipotle Mexican Grill, everyone in the US’s favorite Hispanic quick diner that has legendary burritos has just released a “Buy The Dip» campaign and game that will give away more than $200,000 in free crypto. This is the restaurant’s second rendezvous into crypto as it previously held a “Burritos or Bitcoin” promotion. At the end of the day, restaurants getting into crypto marketing and payments is a great initiative as it eases the burden on customers having to use cash, and saves time for cashiers in having to count change, thereby making the entire payment process more efficient. Not only that, young people are slowly moving towards crypto, especially as they use their phones for more and more things, in particular payments. It’ll be much more native for them to pay at Chipotle using crypto such as USDT rather than have to dig in their pockets for cash or get out their wallet and insert a debit card and type their PINs. The main takeaway is this is bullish for crypto adoption and marketing.
Today’s Top Gainers
The markets will be increasingly volatile as each day passes this week, however, certain coins will simultaneously perform well. The top five coins on Phemex d-o-d are Marlin (POND/USDT), Polkastarter (POLS/USDT), Radicle (RAD/USDT), StrongBlock (STRONG/USDT), and RSS3 (RSS3/USDT).