GB Market Commentary 25/05/2022
by Marcus Sotiriou
Global markets are on edge as they await the FOMC (Federal Open Market Committee) minutes release, which is at 7pm UK time. The FOMC minutes are the notes from the last FOMC meeting which can provide detailed information on the varying views of the Committee members on monetary policy and economic outlook. As the FOMC make key decisions about interest rates and the growth of the United States money supply, these meeting minutes will be pivotal for Bitcoin’s price in the short-term.
If the Federal Reserve hint dovishness for the first time in a long while by mentioning no 75 basis point hikes or a pause in tightening on return to neutral rates, this would be bullish and could lead to rally in the next 1-2 weeks.
The Terra team have confirmed that the revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one called Terra 2.0. The testnet for Terra 2.0 is now live and the mainnet will go live on Friday. Four groups will be getting airdrops of the new LUNA: pre-attack LUNA, pre-attack aUST, post-attack LUNA, and post-attack UST. The pre-attack snapshot was taken on May 7 and the post-attack snapshot will be taken on May 27.
There are at least 10 confirmed projects for Terra 2.0 including, Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth and Coinhall. There’s s a lot of value in these projects, and the synergies between these protocols create even more value, so despite the lack of trust in Terra, it could surprise a lot of people in the long term.