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Hello Investors!
Let’s see what’s moving the markets today.
Top 3 Market Highlights
Bitcoin traders anticipate Fed to ‘pump’ BTC to $80K+
Bitcoin price rose 3% yesterday as traders anticipated price volatility ahead of the U.S. macroeconomic (inflation) data update.
The U.S. Producer Price Index (PPI) print is expected on Tuesday, followed by Wednesday's Consumer Price Index (CPI) reading.
Analysts expect inflation data to cool down, which could be a good sign for risk assets like crypto.
Learn more: Cointelegraph
Thoughts
Forecasting the inflation data in the last 12 months seems similar to weather forecasts. Often doing the exact opposite would be a better decision.
I still believe the inflation will remain higher for longer, probably ending with FED updating their target from 2% to somewhere between 2.5% - 3%.
Other important events - the ETH ETF deadline is in 9 days (May 23), and it’s election summer - historically a good time for risky assets.
GameStop’s back again
Source: CoinPedia
Here we go again… On Monday, Roaring Kitty (Keith Gill), an influencer closely linked to the previous Gamestop era, posted his first post after almost 3 years.
It attracted 24m views, and Gamestop gained +300% since then.
It affects the broader market, other meme stocks, such as AMC or BlackBarry, are also rising, and with that crypto meme coins as well.
Guess which meme coin the most…
Source: Coingecko
Thoughts
One key message I take from this new craze.
Retail is getting bored again and the market is ready for some action.
OpenAI releases GPT-4o
“Hello World”, says your new AI assistant, GPT-4o.
This latest version of OpenAI can interpret audio and video, and process text in real-time. Simultaneously.
Demos show GPT-4o helping with interview preparation, making customer service calls, sharing jokes, translating conversations, and reacting to a user's puppy.
GPT-4o is available for both paid and free ChatGPT users and will be accessible through ChatGPT's API.
Learn more: OpenAI
Thoughts
Surprisingly Worldcoin is down -13% after the release. But this could be a short-term speculation, combined with memes’ comeback.
I don’t play this card, I have only a little exposure to SOL meme coins.
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Elsewhere…
ARK Invest & 21 Shares cut staking from Ethereum ETF filings.
Mark Cuban calls out Gary Gensler & the US SEC.
Tornado Cash developer Alexey Pertsev found guilty of money laundering by Dutch court
Bitcoin and Ether ETFs in Hong Kong wipe 2 weeks of inflow in a single day, showing volatility in the market.
Coinbase resumes operations after a 3-hour outage
Vitalik Buterin proposes an overhaul of Ethereum's gas model
Tether freezes $5.2 million in USDT linked to phishing scams
Wells Fargo discloses Spot Bitcoin ETF holdings.
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