Here's your latest intelligence on the tokens and markets relevant to ReFi and that are contributing to growth of the Tokenised Earth Economy.
Crypto has become highly correlated with the Nasdaq, which hasn’t been good news if you have been following the earnings announcements from the most prominent tech stocks. It was a mixed bag; some tech stocks were surprisingly positive, but some were significantly down. The Nasdaq plummeted 3% on Wednesday; Bitcoin dropped 5%.
The DXY (dollar strength index) has not reached current levels since 2016. This index typically climbs during times of uncertainty as traders exit equities in search of safety. The dollar is mighty at the moment. Ironically, stocks rallied on Thursday because the US might be in a recession, which tends to be good for stocks. The Fed might consider easing monetary policy again, to spur growth. It's confusing times for the markets.
Bitcoin and Ethereum are closely following large options closing. Max pain for BTC is $40K and ETH at $3k. Expect a volatile week ahead!
Next week we also have the critical FOMC meeting deciding on interest rate hikes. The market is hoping for the FED to have a less hawkish stance.
On a bullish note, Panama is set to legalise Bitcoin as legal tender, following on the heels of the Central African Bank, and Russia has allowed stock exchanges to trade crypto. The European Union is now confident that crypto isn’t being used to avoid sanctions, and Goldman Sachs has offered its first Bitcoin-backed loan.
📈Reference Markets over the past week
📊ReFi Token Markets over the past week
📉Impact DAO Shares over the past week
ℹ️ Remember that DAO’s with a rebase mechanism should be valued on their treasuries, and market cap increases are a more important metric than token prices, as high yields try to outpace price fluctuations.
This week we learn about building in The Sandbox with an analysis of the $SAND Metaverse token, and consider how blockchain-powered games could bring GameFi together with Refi, to educate game-heads about the regenerative economy and create incentives for playing a good game.
Earth State Snippets
- Freedom of Tweets. Elon Musk announced his intention as the new majority owner of Twitter to make this platform "the free speech wing of the free-speech party." Some European politicians aren't pleased with this and the EU Digital Services Act could bring freedom of speech to a break-point.
- Bitcoin is becoming central to Africa. The Central African Republic has adopted Bitcoin as legal tender, making this the first country in Africa and second globally to adopt the coin as currency.