As liquidity gets back from its much needed vacation, according to historical data September is usually a down month - there’s even a saying that after Rektember, Uptober follows suit! To no surprise, it seems that Crypto Twitter has rotated from full time crop harvester to big time macroeconomic and FX traders. CPI and PPI? You got it. FOMC and CFTC meetings? Never missed one! DXY, YCC and 10Y2YS? Did a PhD on those!
The bottom line is, no one understands what is going on with the world and do not believe anyone who says they do. Inflation will be sticky, the rotation between QE and QT will be long lasting. What distinguishes winners from sheep that get slaughter is this market is the adaptability to flow like water - no narrative nor combination of indicators can tell the future so you just got to improve, adapt and overcome. Bet on technology and remove the noise from your life - as much as this expression as gone out of fashion, WAGMI!
Total Crypto Market Cap: $990B (-1.49%)
DeFi TVL: $55.4B (-6.78%)
Stablecoins: $149.26B (-2.67%)
The Ethereum Merge was probably the most anticipated crypto event of not only September but the whole year, despite the current grim feeling surrounding the macroeconomic environment that this month was accompanied by a confirmed CPI of 8.3% YoY and a Federal Reserve rate hike of 75bps, sitting now at 3%.
As the days neared 15th of September, the hype surrounding the Merge was clearly palpable and, banking on that, Google added an Easter-egg as a sign of recognition. Seeing such a giant conglomerate acknowledge this important update is a tell-tale sign that the work of hundreds of highly skill developers is truly valuable. The art doodle encompassed two bears running towards each other to a merge where the black bear represents the Execution Layer whereas the Consensus Layer appears as a white bear.
Figure 1 - Google’s Easter-egg showing support to the Ethereum community.
The long awaited network upgrade combined the Ethereum Mainnet - formerly known as Eth1 - with the December 2020 deployed’ Beacon Chain that was running under the Proof-of-Stake consensus mechanism.