US Inflation Data Released
In the US inflation data released yesterday, headline and core inflation were below expectations in both annual and monthly figures. Core inflation was 4.8% yoy and 0.2% mom, while headline inflation was 3.0% yoy and 0.2% mom. When we look at the details of the data, we see that there was a significant increase in the energy item, but there were decreases in food and transportation. There are expectations of a larger increase in energy prices in the summer months, which could lead to higher inflation in July and August.
Moving US Bitcoins
Yesterday, we saw 9825 Bitcoins from the address of the US Department of Justice moving between 825-9000 at two different times. This was interpreted as coming out of Bitcoins held by the US government. The US made another such sale at the beginning of 2023 and moved nearly 9000 Bitcoins to exchanges in March. The US government again moved 9825 Bitcoins and transferred them to exchanges. The total value of Bitcoins sent is known to be close to 300 million dollars. Bitcoins were seized by the US Department of Justice during the Silk Road incident in 2012. The US Government holds close to 204,000 Bitcoins and is the largest known Bitcoin owner.
Voting for GHO Stablecoin on AAVE
The AAVE community is voting to release GHO stablecoins on the Ethereum mainnet. The proposal is widely supported by token holders. If the proposal is accepted, AAVE v3 users will be able to produce GHO with 1.5% interest on their Ethereum investments. AAVE token stakers will receive a 30% discount. The AAVE treasury will accrue interest payments from the GHO and the AAVE DAO can change the interest rate of the GHO.
Circle Reduces Workforce
US-based Circle, a USDC issuer, is reducing its workforce. Yesterday, the company announced that they are winding down non-core investments and making some layoffs in order to maintain their solid balance sheet and rebuild their business focus. At the same time, it was announced that they identified new areas for investment and continued hiring in key areas of focus on a global basis.
South Korea Requests Companies to Report Crypto Assets Held
In South Korea, the financial regulator announced that companies will be required to report their crypto assets starting next year. South Korea, which approved the bills last month, is focused on protecting its crypto-investing citizens. In a statement, the country’s Financial Services Commission (FSC) announced that companies must make a detailed report on the cryptocurrencies they hold or will issue from January 2024 and do so in accordance with new accounting standards.
Changes are being made to the Largest DEX on the Cosmos
Osmosis, the largest decentralized exchange on Cosmos, is adding a new feature called supercharged liquidity. This feature aims to improve the capital efficiency of the network by allowing liquidity providers to concentrate their capital in specific price ranges. This will enable liquidity providers to manage their positions more efficiently.
BITCOIN(BTC)
Bitcoin is priced at $ 30,311 with a 0.23% loss in value as of today morning hours. Although it was a very positive development that the inflation data in Bitcoin came in below expectations, we saw that it did not affect the price. This is primarily due to the US moving 9000 Bitcoins, 2. The reason may be that the data may have been priced in in advance. We think that the inflation data in Bitcoin is quite positive and the dollar index can rise if it can get rid of the news flows by breaking the 101 level. On the technical side, we see that it continues its horizontal channel movement and is currently approaching 28.900 support.
ETHEREUM(ETH)
ETH, which lost 0.13% as of morning hours, is priced at $ 1869. We see that the horizontal channel movement in Ethereum continues and we see that we fell below 1880 again with the break of the channel mid-band yesterday evening. In case of a retracement to the 1845 region in Ethereum, we can say that this region could be a good entry zone.
POLYGON(MATIC)
MATIC, which gained 0.25% as of morning hours, is priced at $ 0.7251. We see that the ascending triangle pattern, which broke upwards in MATIC, was re-tested with yesterday’s retracement. We can say that the pattern target in MATIC is 0.90 levels and that the primary target is 0.78 levels, which has received confirmation for now with the re-test after the breakout and may continue to rise.
