Can`t Kill Cardano
Jerome Powell find himself between a rock and a recession. Coinbase starts layoffs? Come on, Uncle Brian! But keeps their executive bonuses? Cardano becomes the darling of the bear market. My name is Ben. This is your nightly crypto news wrap-up. Let’s get it! $2 billion worth of Cardano has been purchased despite the crypto market implosion over the past 48 hours. Part of this has to do with the upcoming Vasil hard fork that’s going to bring the basket of upgrades to the Cardano network that will vastly improve the scalability of the proof-of-stake blockchain. That’s welcome news, especially to the cNFT community, who had been dealing with network congestion ever since smart contracts went live last year. The whales see Cardano as a bear-market-proof coin and are taking this as an opportunity to fill their bags, so take note. WIth new tools like an Ethereum Virtual Machine and a fresh new wallet called Lace, Cardano is making moves in the bear market that other chains wish they could.
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Let’s go ahead and do a little market watch here. We’ve got Bitcoin coming in at $22,206. Down about 28% on the week Absolute bloodbath! Ethereum coming in at $1,211 Not a great week for crypto here, guys. Let’s check our top losers. TRON down 12% on the day Monero down 8% on the day HT down almost 4% on the day CAKE down 3% And USDN down 2.5% on the day Guys, last night, we dipped pretty low, breaking that $21K level. It’s been absolutely brutal out here. We do have a yellow X on the higher daily timeframes, which could indicate that we have some more pain to go. Right now, we’re toying around with the 200-week moving average, so be careful out there. Whether you’re long or short, please use stop losses and good risk management.
One of the world’s largest exchanges sees a deep recession on the horizon and is sharpening their pencils starting with cutting 18% of their workforce. Coinbase has already seen a massive drop in their stock price and are gearing up for max pain as the world economy stumbles toward a recession like a drunk sorority girl in high heels. My uncle and CEO of Coinbase, Brian Armstrong, who’s not actually my uncle, said in his statement, “Today, I am making the difficult decision to reduce the size of our team by about 18% to ensure we stay healthy during this economic downturn.” That’s after the stock has dropped by more than 80% and the Coinbase NFT marketplace fell flat on its face.
Will Coinbase make it through the bear market? Probably. Will it look a lot uglier in the next few months? Probably.
Jerome Powell and the experts in Washington have somehow managed to make a hard landing even harder by signaling the Fed will raise interest rates by 75 basis points this month. This news comes off the heels of the inflation numbers breaking yet another record with no end in sight. While it’s always been known that the post pandemic recovery would be rough, the lack of action from the Fed and the overzealous printing of more than $5 trillion in the past two years has steered the economy away from a hard landing and into striking the side of a mountain. Expect all loans to get more expensive, especially credit card rates, as banks tighten their lending criteria and look to offset their losses by squeezing the middle class. It’s not good.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/cveVYlLt59c