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Daily Conquest #081

Daily insights into crypto.

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Overview

• CPI guidance.
• Markets: Bitcoin climbs, alts falter.
• Near Protocol looks to develop governance.
• Stabuck’s NFT loyalty program.

Good morning Fam,

We’ve got a big week ahead with the Ethereum Merge and the inflation data. By now, I’m sure you’ve heard a lot about the Merge, so let’s focus on the macro data.

Tomorrow the Core Price Index (CPI) will be released 30 minutes before the US trading session. The consensus forecast is a CPI rate of 8.1%. Behind decreased fuel prices, many pundits are predicting a lower print than in August.

Moreover, the markets appear to be front-running the data. Additionally, Wells Fargo has jumped on the note of inflation relief.

Confused about where the markets go after the CPI print?

@fewseethis provides some forward guidance below for different scenarios.

BTC/USDT 1D

While altcoins struggled to keep gains from the weekend, Bitcoin continued its climb. BTC broke through a crucial 21.7k resistance level and looks on the path to test the resistance near the 24k level. Trading volume on BTC trading has increased and could help BTC break a long-standing downtrend (green) that began in Nov 2021. BTC completed the daily up +2.61% to $22,395 candle.

High-resolution chart

ETH/USDT 1D

Ether (ETH) price has struggled for three days after climbing 25% in the previous two weeks. Although, the uptrend support (green) appears to hold as the ETH price goes through its retracement. With the merge scheduled to occur sometime on Sept 14th, expect volatility in Ethereum price for the next couple of days to weeks. Ultimately, we’d like to see it break through the $1700 resistance (pink) on its path to creating a long-term upwards trend.

High-resolution chart

US Dollar Index (DXY)

The US Dollar Index (DXY) has fallen for the fifth straight trading session. Everyone, including the EU, has their fingers crossed that the USD breaks its months-long uptrend (green) that began in February.

High-resolution chart

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MetaMask integrates Brazilian payments. The crypto-wallet giant has integrated the Brazilian government payments system Pix to allow customers to make crypto purchases with the Brazilian currency Real. The Pix payments system has 126m users.

Near to form a decentralized governance group. The blockchain network, Near Protocol is developing a working group to construct standards for self-governance. The aim is to decentralize the decision-making on the chain and eventually produce a constitution. The initiative, titled Near Digital Collective (NDS), looks to move proposals and decision-making on-chain using the NEAR token.

USDT on Near Protocol. Tether has launched its USDT stablecoin on Near Protocol. USDT is the largest stablecoin by market cap and will benefit Near’s ecosystem and growth. USDT is now available on 13 various blockchains.

News Tidbits

• Coinbase insider trader pleads guilty.
• A $1 billion deal between crypto infrastructure providers Wyre and payments firm Bolt Finance falls through.

NFT & metaverse update 🐵

• Bored Ape NFT band to partner with Beyonce’s former music producer
• Starbucks to roll out Polygon NFT-backed loyalty program to customers. The program, named Starbucks Odyssey, will allow customers to purchase NFTs linked to offers and metaverse experiences. Customers can join the waitlist here.

My five cents…

Could the Starbucks NFT loyalty program be a bigger deal than we think?

Starbucks, a company with a $105 billion market cap and nearly $30 billion in TTM revenue in 2022, is introducing an NFT loyalty program to millions of coffee drinkers around the globe. The NFTs will increase customer engagement on their app, granting users stamps for different digital activities for customers.

Now decision-makers in other companies will have to take notice or likely be left behind. It’s easier to follow than to lead, and those corporate meetings will turn to focus on creating a “web3 experience” for their product

It’s a modest start, but it’ll start catching on. The real-world use case for NFTs has begun!

I can imagine all the soccer moms handing their phones over to their kids to score them some free coffee.

My inspiration to write this take: