Crispr, Alex Krueger, Twitter discussed on CoinDesk Podcast Network


Necessarily super surprising. It's a generalized set of investors, not just crypto investors, but CRISPR did a Twitter poll about the current market sentiment with presumably more of a focus on crypto investors given who Chris is as an investor in the space, and he also found it to be really bearish. Only 17.2% of respondents to this Twitter poll thought the bottom is in. 26.4% said we'll retest the bottom, 39.3% by far the largest category said we're going lower. Still, Alex Krueger wrote, most people out there with significant skin in the game believe capitulation is behind us. Yes, can always go lower, but the unwind is done. Meanwhile, on crypto Twitter, no way, price must drop another 80%. I think that's a pretty accurate sum up of how things are feeling out there. What about on the macro side? Well, as I said, we've got the CPI report coming up this week. We've got continued energy issues in Europe, but one small interesting thing from the very end of last week was the bureau of labor studies, jobs report for June, which came out on Friday. It showed a labor market that while cooling is still exceeding expectations. Employers added 372,000 jobs in June, which was only a small slowdown from the 384,000 jobs that were added in May. This was much higher than the around 275,000 jobs that were expected. This data suggests that the labor market is still hot, and the most likely outcome in most people's assessment at least is that this will embolden the fed to follow through with another 75 basis point hike at the FOMC meeting at the end of this month. The reason here is that one of the only things that could potentially get the fed off of their current course would be just a huge cratering in the jobs market. For now, with a fed that seems intent to not lose this decade like its predecessors lost the 1970s by easing off too soon, it's full steam ahead with more QT and more rate hikes. All right guys, as you can see, it is going to be something of a week. I'm looking forward to spending it with all of you. For now I want to say thanks again to my sponsors, nexo IO, chain analysis, FTX, and Apple labs, and thanks to you guys for listening. Until tomorrow, be safe and take care of each other. Peace

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