The Edge - 12-12-22

Matt Brienen
December 13, 2022
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Crypto CliffsNotes

  • Tron's algorithmic stablecoin USDD depegs to $0.96.
  • Bank of England opens applications for 'proof of concept' CBDC wallet - budget of $250,000 has been set.
  • U.S. Justice Dept is split over charging Binance as crypto world falters, sources say. Binance refuted this in a twitter thread.
  • Ripple’s On-Demand Liquidity (ODL) is gaining more traction in the Latin American cross-border settlement corridor. Ripple partner and Latin America’s largest cryptocurrency platform, Bitso, has joined forces with remittance provider Felix Pago to enable WhatsApp-based crypto-powered payments between the U.S. and Mexico.
  • Casper Labs tweeted today: "We're thrilled to announce the launch of the Casper Accelerate Grant Program - a $25 Million fund that will help developers and innovators in #blockchain implementation and adoption. If you're working on any project in the industry, we want to hear from you. Apply now!"

Technical Tune Up

The DOW had a strong close today, up 528pts, while DXY sat relatively flat above the key level that needs to be maintained for a strong dollar to continue. Tomorrow's CPI numbers and the FOMC meeting on Wednesday will likely shake the markets. 50bp is expected and may be initially well received as long as Powell doesn't resume his hawkish stance again.

We talked in depth about Fibonacci extensions today and how the sequence is infinite. This has so far proved to be a range that has now been respected going on for 11 years now. We talked about a $200,000 price point for BTC at some point in the future as well as a $390 XRP price point when utility full sets into the banking system.

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