← Go back Jun 06, 2023
So that’s a bonus. But it’s still trading in a flattish range as traders and investors try to figure out the macro picture stemming from the US.On that, it seems as if the debt-ceiling deal brokered by Republican House Speaker Kevin McCarthy and Joe Biden is likely to pass, having moved through the House (albeit with a good deal of protest) and on to the Senate.For the latest crypto news, sign up here for free Stockhead daily newslettersAn extremely simplistic take on the game of Deal or No Deal might be that if it goes through, this will be something of a relief for markets and it’s potentially party-on again, for a little while at least, for risk assets.A possible fly in the ointment short-midterm, however, is that stronger-than-expected jobs data just came through in the US overnight (AEST) and, according to Eddy Sunarto’s Market Highlights column on Thursday morning, this increases the chances of more Fed rate hikes in coming months, which might keep the markets skating on thin ice for the foreseeable amid the ever-rising risk of recession.In fact, in full risk-assets party-poopering form, one prominent US Fed official, Federal Reserve Bank of Cleveland president Loretta Mester, said: “I don’t really see a compelling reason to pause rate hikes,” adding, “I would see more of a compelling case for bringing the rates up and then holding for a while until you get less uncertain about where the economy is going.”Righto then, what’s the good news? We scrounged around for something and found the following. It’s not so insignificant …Magic conjures $52m raise led by PayPalA developing crypto wallet-as-a-service provider called Magic has pulled an impressive $US52 million out of the funding hat in a new strategic round led by PayPal Ventures.According to a press release, the funding will be used to expand capabilities and uses cases with a focus on the European Union and Asia-Pacific regions.“Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a safe and simple solution,” said Alan Du, partner at PayPal Ventures. “Magic’s wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to Web3.”This news comes after it was revealed another huge corporate entity, Sony, revealed it has plans to invest heavily into web3, NFT and metaverse startups.MORE FROM STOCKHEAD: Sony to invest in web3 | Litecoin could be heading for ‘explosive move’ | RBA moves ahead with CBDC pilotTop 10 overviewWith the overall crypto market cap at $US1.19 trillion at noon Thursday (AEST), down 1.5% since the same time on Wednesday, here’s the state of play among top 10 tokens – according to CoinGecko.As you can tell, the crypto majors are in something of a holding pattern over the past 24 hours, although XRP is still the big weekly winner, up more than 13% over the past seven days.Bitcoin is just lurking around the low $27,000s.US analyst Roman Trading is still spying low volume on the Bitcoin price ranging chop, which means we could be in for more crabbing sideways, although he’s of the belief it’s in a consolidation zone before a move higher.A well-known macro analyst, Alex Krüger, meanwhile told his 153,900 or so Twitter followers the other day that he’s expecting a Fed pivot on its interest-rate hiking by December, but that markets will likely look to frontrun that with a rally as soon as August.“My base case is a December pivot and a bull market gearing up in early August to front run this,” wrote Krüger. “Why? The economy is cooling and inflation is falling. The Fed is forced to overshoot (hiking) due to its past errors … which increases odds of it pivoting when data rolls over.”Uppers and downers Some of the biggest 24-hour gainers and losers at noon Thursday (AEST). Stats based on CoinGecko.com data.PUMPERS (11-100 market cap position) XDC Network (XDC), (market cap: $US523 million) +20.8% Stellar (XLM), (mc: $US2.48 billion) +1.9% IOTA (MIOTA), (mc: $US562 million) +0.7%PUMPERS (lower, lower caps) Pink BNB (PNB), (market cap: $US32 million) +55% Kripto (KRIPTO), (mc: $US68 million) +51.9% Image Generation AI (IMGNAI), (mc: $US29 million) +26.4% 0X0.AI (0X0), (mc: $US47 million) +21.4% TrueFi (TRU), (mc: $US50 million) +18.9%Visit Stockhead, where ASX small caps are big dealsSLUMPERS (11-100 market cap position) Conflux (CFX), (market cap: $US601 million) -11.4% Injective (INJ), (mc: $US570 million) -7.6%Gate (GT), (mc: $US636 million) -7.2% ImmutableX (IMX), (mc: $US727 million) -6.7% Arbitrum (ARB), (mc: $US1.48 billion) -5.8%SLUMPERS (lower, lower caps) Bonk (BONK), (market cap: $US221 million) -22.7% PIVX (PIVX), (mc: $US18 million) -19.7% Ben (BEN), (mc: $US39 million) – 16.5% Flux (FLUX), (mc: $US161 million) -15.5% Turbo (TURBO), (mc: $US16 million) -14.6%Around the blocks Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.This content first appeared on stockhead.com.auSUBSCRIBEGet the latest Stockhead news delivered free to your inbox. Click here
Read more: mercury
