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GM. This is Milk Road, we deliver the crypto scoops - without the brain freeze.
Here’s what we got for you today:
- Wtf happened to prices yesterday 📉
- We tried LSD-Fi... 👀
- The best of the Fed Minutes 🗒️
- Donald Trump: The ETH Whale? 🍪
Prices as of 11:15 AM ET. Click here for our Fear & Greed Index
WTF HAPPENED TO PRICES YESTERDAY?
What. A. Day.
Bitcoin crashed -10% in the span of a few minutes.
Over $1B in crypto was liquidated.
Yesterday was a bloodbath. (and will forever be remembered as Red Thursday)
BREAKING: the crypto market
— Milk Road (@MilkRoadDaily)9:51 PM • Aug 17, 2023
So, wtf happened? A mix of things…
- China Evergrande filed for bankruptcy in Manhattan. It’s the world's most heavily indebted property developer and many fear that the recent real estate problems could spread into other parts of the economy.
- Rumors spread that SpaceX sold off all its Bitcoin (~$393M worth). The rumors were “unconfirmed” but ended up spreading like wildfire - adding more fuel to the sell-off.
- As prices kept dropping, it triggered over $1B in liquidations. In fact, yesterday saw more liquidations than when FTX collapsed.
Crazy day. But it’s just another reminder that crypto crashes are some of the fastest things out there.
With all the craziness going on, we wanna know… how are you feeling about the markets right now?
a/ extreme fear – “Help mommy, I’m scared!”
b/ fear – I’m sleeping with the nightlight on during times like these
c/ neutral – call me Switzerland
d/ greed – Lovin’ the discounts! Keep em comin’
e / extreme greed – Fear isn’t in my vocab. I feast while others diet
Hit “reply” to this email and let us know!
LEVEL UP YOUR TRADING EXPERIENCE
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Disclaimer:Not investment advice. Crypto trading involves risk of loss. Kraken does not offer services to residents of Washington or New York.
THE BEST FROM THE FED MINUTES 🗒️
The U.S. Federal Reserve recently had something called Fed Minutes.
It’s the economic cousin of “60 Minutes”. Except instead of exposing juicy scandals, Fed Minutes is all nerdymonetary policy talk.
It’s boring as f*ck. But also super important.
The meeting gives us an inside look into how members of the Fed are currently thinking about the economy and how they might vote on the next interest rate decision.
Here are the Milk Notes™ on the latest Fed Minutes:
- The majority of officials see a need for higher interest rates
- Only “a couple” officials think rates should stay unchanged
- Most participants see significant upside risks to inflation, which could require further tightening of monetary policy
- The Fed is no longer forecasting a recession in 2023
Overall, it was a hawkish meeting and many think the Fed could hike interest rates again. 🤬
All eyes will be on Jerome Powell (also known as “JP MoneyMan”) as he has his annual speech at the Jackson Hole Economic Symposium next week.
P.S. - Last year's speech sent crypto and stocks into the red. *gulp*
BITE-SIZED COOKIES 🍪
Film and AI Converge: Be Part of It! Back White Mirror's SXSW initiative and witness riveting sessions on how AI is reshaping cinema. Cast your vote by August 20th.*
New financial documents show Donald Trump owns ~$2.8M in ETH and made ~$4.9M from his NFT collection. Donald Trump: The ETH Apprentice?
PayPal is teaming up with Ledger to make buying crypto easier. Users will be able to buy crypto - like BTC, ETC, BCH, LTC, and more - directly through the Ledger Live app.
BlockFi has opened up crypto withdrawals for eligible U.S. users. Finally, some good news from a bankruptcy.
A U.S. federal judge says the SEC can file a motion to appeal the ruling that XRP is not a security. The ball is back in the SEC's court.
Polygon Labs is teaming up with SK Telecom to develop a web3 ecosystem in South Korea. SK Telecom is the largest telecom company in S. Korea.
*This is sponsored content.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road Images (@MilkRoadImages)1:52 PM • Aug 18, 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.
