GM, partners! This is Milk Road - when it comes to crypto, we give you the rundown like a bartender with a drink in hand. And we’ll give you a few shots of Memes on the house.
Here's what we're serving up today:
- Fed decision + Powell speech
- It’s Arbitrum Airdrop Day: Here’s how to trade it
- Sony files for an NFT patent
- The first Bitcoin Ordinals marketplace gets launched
Today's edition is brought to you by 1inch Wallet, a fast and secure mobile application for storing, receiving, and sending crypto assets.
POWELL RAISES INTEREST RATES AGAIN
Yesterday was everyone’s least favorite day - FOMC’s Interest Rate Hike Day. It’s like quiz day in middle school. (AKA the day I would always have a “cough.”)
The Fed announced it's raising interest rates by 25 basis points. This is the second interest rate hike this year; it now sits at ~5%. That’s the highest the federal interest rate has been since June 2006.
What else did the Fed say?
- Powell said there’s still “so much uncertainty” after SVB and Signature shut down
- The banking system is “sound,” but households & businesses will still feel a squeeze
- We might see more hikes this year to get inflation back down to ~2%
Here’s how the markets reacted:
- BTC: -2.48%
- ETH: -2.40%
- NASDAQ: -1.60%
- S&P500: -1.65%
No one was safe from the Red Sea of Prices...
Here's the best from Twitter:
Yellen today: We are not considering insuring all uninsured bank deposits. Powell, at the exact same time: Depositors should assume that their deposits are safe.
— unusual_whales (@unusual_whales)8:17 PM • Mar 22, 2023
BREAKING: The Fed introduces new $1 dollar bill
— Not Jerome Powell (@alifarhat79)6:22 PM • Mar 19, 2023
FED'S POWELL: FINANCIAL SYSTEM IS STRONG AND RESILIENT, I AM LYING, SOFT LANDING DELUSIONS ABOUND, STEADY LADS
— Dylan LeClair 🟠 (@DylanLeClair_)6:38 PM • Mar 22, 2023
*POWELL: FED OFFICIALS `JUST DON'T' SEE RATE CUTS THIS YEAR The same ones who just didn't see the worst bank crisis since Lehman?
— zerohedge (@zerohedge)6:55 PM • Mar 22, 2023
Today's Fed announcement in a nutshell
— Morning Brew Daily (@mbdailyshow)4:02 PM • Mar 22, 2023
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ARBITRUM AIRDROP DAY: EVERYTHING YOU NEED TO KNOW
The wait is over fellow Roadies… it’s Arbitrum Airdrop Day. And there’s been more hype around it than when Rihanna drops an album.
Arbitrum is the biggest Ethereum layer 2 player out there and today it’s dropping ~10B $ARB tokens. (Alexa, play Drop It Like It’s Hot.)
Why this matters: The launch means Arbitrum now has a self-executing DAO of holders to vote on changes made to its two blockchains, Arbitrum Nova and Arbitrum One.
It also means users will get airdropped free tokens. And everyone LOVES some free money. It’s like a crypto stimulus check.
Here’s how the token airdrop will be split:
So how much will the token be worth? The crypto analysts with all those fancy charts & graphs estimate the price could be anywhere between $0.64 and $2.07.
But I trust my local weatherman more than these crypto analysts, so who the hell knows…
Big token airdrops have historically varied. Just look at the last 3 major ones:
- Blur released 360M out of 415M tokens that opened at a peak of $5.
- Optimism dropped ~200M of 314M tokens that opened at ~$4.57.
- And Aptos sent 20M of 178M tokens that opened at ~$8.50.
But the big thing to look at is price movements. And each of those 3 tokens has seen similar trends. Which is why someone created the…
Airdrop Price Action Playbook. Check it out:
Who knows if this is how Arbitrum's airdrop will play out, but it’s got the hype and a bunch of big crypto exchanges like Binance and Huobi will be listing the $ARB token.
(Btw - Bitmex launched a derivatives contract on Monday letting investors bet on what ARB’s price will be by the end of June. It was trading at ~$1.30 as of Wednesday.)
Regardless of what happens to ARB’s price, don’t let anyone tell you airdrops aren’t the hottest form of marketing for a project. Who needs a hit single?
TRADEMARK THURSDAY
What’s cooler than being cool? All the ice cold Web3 trademarks that were filed this week.
Some of the biggest names we know and love are tryna blaze their own trail into Web3.
But first, Sony gets a big mention because… **drum roll** … it filed a patent to bring interoperability to NFTs in video games.
Interoperability is tough to say but, luckily, it's easier to understand - it makes it easy to transfer assets across different games. Just imagine if you could use Fortnite skins in Call of Duty or use Call of Duty guns in Fortnite.
Gamechanger.
Now onto the other interesting trademarks filed this week:
- Fujitsu filed a trademark to start offering crypto trading, as well as brokerage and financial management services. From IT → banking
- Magic Johnson filed trademarks for NFTs, virtual stores, & virtual clothing/footwear
- Titleist filed a trademark for NFTs, NFT-authenticated media, and virtual clothing/golf gear. FootJoy virtual gloves and shoes are also included in this. The Milk Man’s teein’ up for some new kicks.
BITE-SIZED TREATS
Magic Eden launches the first Bitcoin Ordinals marketplace. Crazy that people have been trading Ordinals like I used to trade my Pokemon cards in summer camp - OTLB (over-the-lunch-box). Not anymore, they finally have an official marketplace to buy, sell & trade.
SushiDAO has been subpoenaed by the SEC. The Head Chef (yup, real thing) has submitted a proposal to create a Legal Defense Fund with $3M to cover all legal fees.
The Ronin Bridge hacker attempted to hack the Euler Finance hacker for its $200M. Earlier this week, the Ronin hacker sent an on-chain note to Euler hacker asking to decrypt a message, but it was a phishing scam in disguise. It’s a duel of the hackers.
France has banned influencers from promoting any unlicensed crypto products or projects on social media. The kicker? There are no licensed crypto companies in France, therefore all crypto products/projects got the ban hammer.
MILKY MEMES
🤣🤣
That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better - no screaming kids, awkward photos, or drunk uncles telling weird stories(@MilkRoadDaily)
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A ROADER'S REVIEW
VITALIK PIC OF THE DAY
Happy thursday 😎
— Milk Road (@MilkRoadDaily)12:44 PM • Mar 23, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
