GB Market Commentary 12/07/2022
by Adrian Kenny
Bitcoin has dropped around 1.5% over the last 24 hrs and sits at $19,510.38 at the time of writing. Bitcoin is continuing to trade within the 19k dollar range with the current macro situation firmly driving the price of crypto as well as the traditional finance markets. The market has been preparing itself for an update on the inflation data from the Fed and eyes are on the CPI report later today. Some are hoping for good news, but many are expecting a potential downside move. Analysts are predicting the important level to be 8.5% and as the market is eagerly awaiting the news, we should see a move pre and post the data being released. Ethereum has also continued to trend lower in recent days, consolidating around the 1k mark over the last 24hrs. This short-term sideways action is indicating a relatively strong area of support, but again with all eyes on the inflation data from today - we could see a further move to the downside. Many traders are looking for the $800 dollar range as the next strong level of support. In other Altcoin news, Ripple’s landmark case with the SEC reached an important milestone this week, with a judge in the case throwing out a key point around client privilege. The Judge has categorically concluded that the SEC must produce the documents required, a point ripple believes could make or break the case. Many close to the litigation are seeing this as the breakthrough they were waiting for, some describing it as a legal "body slam". Ripple has blamed the stagnation in its cryptocurrency XRPs price, directly on the litigation brought by the SEC in which they accuse ripple, and its token, XRP, of being a security. Troubled crypto lender Celsius has continued to pay off its loan book this week with another $71.9 million USDC owed to AAVE paid off. The flurry of loan repayments has reduced the Celsius locked capital obligations down from 650m to 220m bringing the total amount paid off in the last week to a staggering 400m dollars! In more positive news GameStop has launched its anticipated NFT platform. The cult retail giant launched yesterday with a first 12hr volume in the millions of dollars as the meme stock fav smashed the effort made by crypto giant Coinbase earlier in the year. In what's now the format, the news was cryptically released by their CEO, Ryan Cohen via Twitter. The tweet just stated "Whoops" and quickly followed up with: "That left for dead retailer just launched something new 😳"