Main Takeaway: US Inflation “Slows” To 8.5%
The markets were jittery yesterday in anticipation of the US monthly inflation numbers, which after 8:30 AM ET, slowed to 8.5%, thus causing a roar in the stock and crypto markets. Investors were praying for an easing of inflation, thus offering a temporary reprieve. As a result, US stocks were up 3% to 4%, and cryptos boomed by over 7%. As reported yesterday, markets have held the line and may now show some upside. However, investors should be prudent on fakeouts and keep their eyes out for what comes next after the hype dies down. The global economic situation is still bleak, with Singapore being the most recent country to report negative quarterly GDP growth, falling 0.2%.
Key Stories: Ethereum Test Merge Goes Live on Goerli
Ethereum developers have executed the third and final test merge on the Goerli test network. As many in the industry know, Ethereum is transitioning from Proof-of-Work to Proof-of-Stake, and this Goerli test network test merge is the final step before the mainnet merge. Before Goerli, the Ethereum core team also performed The Merge on two other testnets, Sepolia and Ropsten. So now all the test merges are completed, and the next step now is to perform the full Merge on the Ethereum mainnet sometime this fall (in September) potentially before Q4.
The Ethereum Merge is not priced in and will be one of the more bullish events in crypto in 2022, and if it happens before Q4, then Uptober (October) may be an exciting month for crypto. With that being said, it’s still too early to say, we’ll get more information from the market over the next few weeks as August comes to a close.
As a result of this news in addition to lower inflation, Ethereum is up over 10% from previous days’ lows.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are Hifi Finance (MFT/USDT), Celsius (CEL/USDT), Lido Dao (LDO/USDT), Injective (INJ/USDT), and Cartesi (CTSI/USDT).
