Next week will be a crucial one for the crypto market, with the FED, Boe and ECB all set to meet. Additionally, there are key data releases such as the US ISM payrolls and employment cost index, and Euro area inflation GDP and confidence data, all happening in the same week, something that has never occurred before. The outcome of these meetings and releases could be a make or break moment for the market, and experts are urging caution. In other news, the crypto volatility index (CVI) is drawing attention from traders and hedge fund managers, providing a decentralized VIX for crypto to enable them to hedge against market volatility.
The Daily Crypto News: Next Week is Extremely Important
Welcome back to another episode of The Daily Crypto News with your host Dusty. Dusty starts off by discussing how next week will be a historical week for the crypto market, as it will see major central bank decisions by the FED, BoE, and ECB, key data releases such as the US ISM payrolls and employment cost index, as well as Euro area inflation GDP and confidence data release in the same week. According to Bank of America, this has never happened before and is something everyone should watch out for.
Be Cautious and Watch Out
Dusty advises viewers to be cautious as times are volatile and next week will be a make it or break it moment for the market.
Interesting Observations on Bitcoin and Ethereum
Dusty observes how Bitcoin is breaking previous heights while Ethereum is not following along. He attributes this to a major resistance that lies ahead for Ethereum but acknowledges that Bitcoin is trying to regain its dominance.
Marketing Potential of Dogecoin
Dusty discusses how Elon Musk’s affirmation of accepting Dogecoin at McDonald’s can be a great marketing opportunity for both parties. However, it might be difficult to accept Dogecoin in-store and would require a change in the infrastructure. Overall, it is a fantastic marketing opportunity for McDonald’s to get the richest man on earth to be happy with their happy meal while paying for it himself.
SEC versus Ripple Lawsuit
Dusty discusses the Ripple versus SEC lawsuit and how there is not much to cover anymore as they are waiting for a judge to make the verdict. He also shares the founder of crypto law, John Deedon’s prediction that there may soon be a final and most aggressive push to shut down crypto.
The Need for a Decentralized Crypto Volatility Index
Dusty is excited to share information on a project he has been keeping his eyes on, CVI, a crypto volatility index. CVI is a market fear index for the crypto space that is a new D5 primitive created by KOTI. It allows users to hedge themselves against market volatility and impermanent loss. Dusty finds this to be a really interesting concept and hopes to share more about it in the near future.