Uptober on the Horizon

Macro Markets

PCE

With no major data events this week the focus will be on Core PCE Index on Friday. At the same time, with the core PCE index, we get the personal income and spending data, while the day before, the final GDP for Q2 and initial jobless claims for last week are scheduled to be released.

The GDP will likely pass unnoticed as models already point to how the economy has performed during Q3. The Atlanta Fed GDP Now indicates an outstanding 4.9% growth rate, while the New York Nowcast suggests that the economy grew around 2.3%. Although there is a big divergence between the two, they both point to a solid economic performance, which is unlikely to break the Fed’s “higher for longer” mentality.

For Friday’s core PCE index, expectations are for a slowdown, which is supported by cooling the core CPI for the month. That said, even if this metric of underlying inflation slows, it would most likely remain decently above the Fed’s 2% goal.

Personal spending is also expected to have slowed, confirming the slight cooling in retail sales for the month and, thereby the reduced consumer demand. Although income is forecast to have accelerated, the deceleration in the monthly average hourly earnings for August tilts the risks to the downside.

Wizard’s Weekly Musings

It is a mostly dead week of data ahead. We have Powell speaking and PCE, but that shouldn't be a big market mover. The main event will be Payrolls next week on Friday. We should see consolidation in the market ahead, so we are not trying to take any major positions ahead. We should see derisk in the market as we get closer to the payrolls date. We will look to be tactically potentially short for a scalp as we get closer but closer to next week than this week. We will give a detailed payroll breakdown next week with a list of trades and strategies to set us up for it.

I am watching the dollar, however, with rates. The dollar could give back a small portion of its latest gains if the new data adds to the idea that inflation in the US continues to cool down. However, a potential slide would not suggest that the uptrend has run its course. Should growth-related data suggest that the US economy is faring better than other major ones, the dollar will likely continue shining.

Besides the “higher for longer” narrative, another source of dollar strength may be risk aversion as the latest challenges facing the Chinese economy, as well as the Eurozone and the UK, are directing extra flows into the US dollar, which due to the higher US interest rates seems to be investors’ safe haven of choice.

Sometimes, being flat is the best position until we get clear direction from macro. In the meantime, I suggest reading the last two macro and musing sections to prepare for payrolls. Going back and understanding wage inflation is important as well. The next few payrolls will drive the market single-handedly, as employment will come into focus because of labor participation increasing. The employment rate is the only thing that can make the Fed not hike or even pivot to rate cuts.

We still like some of our longer-term positions in Silver miners $SIL, Disney, and the other equity analyst picks that we have made, including uranium, etc. I would suggest reading the picks of the equity team in the last few weeks to better understand how they are positioning.

I am overall being risk averse. Other than meme coins in crypto, it seems like there is still stress ahead. If payrolls come in clean, we can see UPTOBER with October putting a green month. We will dive in deeper in the next issue as the payrolls will be out two days after the next newsletter. Keep risk low, don't take a lot of leverage, and be on alert for tactical scalps in the Telegram chat.

On the NFT front, we have seen Pudgy Penguins breakthrough 5 ETH again on their way up. For long-time newsletter readers, it is a call we have made for almost a year in our NFT portfolio, accumulating Pudgy Penguin assets. It is great to see the IP value of the assets going up as the team builds out their real-world toy sales, with Walmart crushing it. We are still very bullish on 0N1 Force, and it follows a similar pattern in the next 1-2 years as Pudgy did.

Wizard’s Cauldron

CURRENT PORTFOLIO ALLOCATION

CRYPTO: 21%

NFTs: 17%

Pudgy Penguins moving to 5+ eth.

STOCKS: 12%

PRIVATE EQUITY: 18%

STABLECOINS: 32%

Housing Market

NEWS

Median sale prices in the US have again topped out at levels seen over the last year and a half. Some markets, like the West Coast, have continued to sell off much like before, and some East Coast/Midwest markets have held steady. We are now seeing the median sales price roll over and come down with the equity markets. Many believe that the prices will continue to climb due to the low availability of supply, but this is inaccurate as the supply curve is severely kinked. To a certain degree, the supply being meager compared to the demand will cause prices to rise, as they have. However, demand will decrease dramatically as we move into recessionary territory and rate effects start. Many builders have begun to increase supply to keep up with the demand, but this is typically a lagging response and will result in supply outpacing demand. The result will be home prices continuing to come down for longer.

One of the more significant stories in the industry is the continued lack of sales that can occur because of low inventory and higher mortgage rates. 2023 has shown that home sales have fallen to a 3-year low, and the YoY data has just now caught up to 2022. Compared to the housing surge in 2022, homes still need to catch up. New listings have fallen incredibly low, way below 2022 and 2021. The low level of listings is a big reason housing has been so rugged, as there are no available homes to go for. These homes have been swept up quickly, oddly, and have even gone over asking prices. A phenomenon similar to 2021/2022 resulted in an enormous surge in housing prices. There has been a slight uptick in the YoY data due to the falling listings from 2022. The low level of listing will continue to cause problems throughout the industry.

Even more problematic has been the dramatic retreat of investor purchases and existing inventory. Investors have removed themselves from the industry significantly, creating a large product gap for the housing demand to keep up with. Leading up to 2020, investor purchases were on pace to outpace the buyer’s market of the pre-2008 financial crisis. Covid was a setback but led to a giant surge we have never seen in the market. However, with rising rates, the risk for investors has not been worth the reward. This also comes with the rising costs of materials that have squeezed the margins of these investors. While the inventory shortage is considered a reoccurring issue, it is nothing that hasn’t existed already. Existing homes have been falling off for a long time, primarily due to the lack of growth in the new construction sector. Over the last ten years, new construction went from less than 10% of the market share to over 25%. The reason is not due to more recent construction but instead tumbling existing homes. As rates have risen, these existing homes have not come entirely off the market, and the availability has run dry.

INTERNATIONAL

Great Britain reported falling mortgage approvals for July. For the month of August, The Halifax House Price Index fell over 4% YoY and 2% MoM, a significant decrease over a short period. This is primarily due to the ever-increasing rates of the BoE. Recently, the BoE paused their rate hikes, which will take some time to show up in the data.

Australia reported building permits and construction work. Building permits fell 5% after rising last month. YoY data showed that building permits fell over 10%. Also, construction work done fell to a flat rate over Q2. CoreLogic Dwelling prices climbed MoM for the month of August, but home loans and investment lending fell.

Many European countries are starting to see housing prices and PMI come down. France, Italy, the EA area, and Norway saw housing prices decrease. Regarding construction output, Ital saw a negative value but a surprise to the upside. The EA area increased slightly, as well as Belgium and Hungary. Ireland, Sweden, Belgium, and Greece all saw falling output.

Canada reported lower building permits for the month of July MoM. The housing starts also came down slightly but remained mostly flat. The housing prices have also remained flat as a result of this.

Fixed Income Market

YIELD CURVE

Another month has passed, and we continue to see the indecisiveness and confusion from the market and the Fed on the economy's direction. Swings on trading days led to some upward and downward movements on the front-end rates, including a glitch last week that saw a massive spike in all rates, primarily the two-year. This is yet to be understood, but rate volatility could create havoc on the market. For the shorter-term forecast, there could be one more rate hike before cuts come in next year. However, recent trends and cracks in the equities have led traders to believe that the rate cuts could occur sooner. One thing is for sure: the longer it takes for the markets to turn down, the higher and longer rates will stay elevated. The most recent reading shows that, expressing that back-end yields are still not coming down, enhancing bear steepening. Many rates are setting all-time highs, while the 2-year is breaking out past the levels set back in the 2008 financial crisis. While the inversion is becoming less dramatic, the 2-10-year spread is still historically low.

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Moving forward, the Fed’s chances of changing rates have fluctuated for the past few weeks. After the Fed decided to pause during the September meeting once again, the market became uncertain due to the words from Jerome Powell. The market started to sell, and we saw the chance of a rate hike over the last week become less likely. Previously, the chances of a rate hike were sitting around 50%. After strong moves to the downside, there has been a move into the 70% range with a chance of no rate hike. The movements in the front-end rates have directly resulted from the equity market volatility. Any strong movements in either direction will influence the Fed to continue to raise or pause rates. Since we have seen much larger and more dramatic moves over the last few months, probabilities have been much more influenced over a shorter time frame.

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INVESTMENT-GRADE/JUNK BONDS AND CORPORATE BONDS

Another month and more lackadaisical movement in the bonds market. Rates continue to rise, which continues to hurt bond prices. Investment grade bonds continue to move further down past the previous demand zone, while high-yield bonds have had little to no movement over the past few weeks. They show that higher-yielding bonds are affected less than the safer IG bonds. HY bonds have shown that the demand zone below has held up quite well for the last couple of months, suggesting that we are at a local bottom and that HY bonds are more overweight than IG bonds. The story also continues that the bond markets and SPY disagree. The biggest reason they don’t is the pent-up demand and overinflated tech stocks that make up the magnificent 7. Looking at the smaller Russel 2000, there’s no question that it is in line with the movements of the bond market. Returns have been less than -20% for bond IG bonds and smaller companies. However, the SPY continues diverging from the rest of the markets. Recently, a correction has sold off the SPY, but the spread between the bond market is still well above any other time since March 2023.

Technical Analysis

BTC

‍Weekly

Starting on the weekly timeframe, Bitcoin has been chopping sideways for a while now.

People have been very bearish as of late, but we’re here to tell you not to get too caught up in the bear mentality. Yes, we may see 21.5-22k again, maybe even 20k, but there's little point being worried about that until we get below 24.3k, which as of right now is not happening. It's just ranging, and there's little to do on the HTF but bid and wait.

Until BTC breaks below 24.3, we consider liquidity sweeps like the recent one to 25k to be buying opportunities.

BTC is just ranging on the weekly. If you hold spot this would not be an ideal time to be selling. We would just buy and wait for the next cycle. Below 24 = 22.

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Daily

Much like the weekly chart, BTC has been doing very little and looks to be ranging on the daily, but there's something we can look for.

BTC just had another move to the low 27s, establishing it as resistance, ie. a place to short.

It's now pulling back from there, and it's nearing 25.8, which is a weekly level, and the 0.618 Fib makes it a great area to look for a bounce. We can consider two scenarios.

1. If BTC can bottom and then bounce from ~25.8, we’ll try to take a long with a stop around 25.5 (or below the lows of the move) and target up to 26590, 27190, holding some for higher (28 - 28.6). This would be a smaller position.
   

2. If BTC pulls back all the way to the range lows, we’ll be looking to long, entering half around 24.9 and half around 24.6, putting our stop loss below 24k, targeting back to 25.8, 26.6 and 27.2

When we say half, we mean half of our risk. Our first order risks 0.5%, then the 2nd also risks 0.5%, but because the 2nd order is closer to the stop loss, the position size is bigger, skewing our entry lower.

If BTC makes its way back above 27.4, we’d like to ride it to around 28.8, but we'll cross that bridge when we get to it.

The daily looks to be ranging, so mostly just looking to bid support and sell resistance

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ETH

Daily

ETH has been slowly grinding down after the big dump from mid-August. When we see prices slowly moving down like this, it's a sign of weak momentum, and it makes it a lot harder for prices to break down.

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Long Side

When the price of an asset grinds down like this, we tend to see bullish divergences quite like we're seeing now. This improves the chances of a move up.

ETH is about to reach a big area of confluence where many high timeframe trend lines meet, while just a trendline is not enough when used in confluence with other things like the RSI divergence it helps us paint a clearer picture.

This gives us a slight upside bias here, with targets of 1620, 1650, and 1700. However, to enter here, we want to make sure we get a good entry.

We have a few options:

1. Buy at the trendline confluence at 1550 with a stop on a close below 1520 and an emergency stop loss at 1485, or
   

2. Wait for a bounce, then get in on the higher low pullback from it. As is shown on green lines (3).

Short Side

ETH has already sold off a lot, so we’re very cautious when it comes to shorting it around here. Trading is very much about knowing when to trade.

Here is where I would consider ETH a good short:

1. If ETH breaks below 1540 and comes back up to retest it, we would take a small short on the rejection. SL for this would be a close back above 1570 or an emergency SL at 1600. Targets would be 1490, 1420, and 1350
   

2. If ETH breaks below 1500 immediately and retests, we’d be willing to take a small short on the rejection. Targets would be to 1420 and 1350. SL for this would be 1540.

Again, we don't like shorting at times like this, as it's hard to get an entry that's easy to cover, so our positions will be small.

DXY

Daily

DXY has been on a rampage for the past two months, and it doesn't look to be stopping. Any pullback here to 105.4-105.6 could be a good entry to catch some more upside, but we think it'll continue running.

The next level to watch here is 106.9-107.2, which could be a great place for a pullback to the mid to low 106s.

However, we want to be very careful with any kind of shorts on the dollar cause a break of the ~107 resistance would likely result in continuation to 108 and the macro golden pocket from 108.7 to 109.3.

What does this mean for Bitcoin? Not much. While a strong dollar often puts downside pressure on risk assets like crypto, they are not 100% inversely correlated. (See 2021)

BTC continues to hold, and until that changes, we don't see why a raging dollar bull market would change that.

The DXY upside momentum remains strong; be cautious with shorts on the dollar.

Use crypto charts for crypto, not DXY.

Furthermore, we will be covering ICP - INJ - EURUSD and GOLD this week to provide a healthy mix of in depth technical analysis and trading plans on multiple different markets and tickers, some of which we have gone over in the past, some of which new.

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ICP

Starting off with a new ticker on Internet Computer (ticker: ICP) as this has a very clean chart.
ICP made a very important low back in December of last year. The low which we are talking about here comes in at a price of 3.339.
For the most part of 2023, we have traded above this low, running as far as 8.245 in February 2023. However, ever since the high we put in February, we have trended down making lower highs and lower lows on the weekly timeframe.

At the end of August, about a month ago, ICP started closing below the 3.339 level on the weekly timeframe, which is bearish.

For now, we are using Fibonacci levels to help aid us in determining where support levels should come at. More specifically, we identified the following relevant support levels:

• 2.611

• 1.91

• 1.352

• 0.773

As always, our suggestion to go long is to wait until price reaches one of our support levels and gets below the level. Then, upon the first 4H candle closure back above the support level, we receive our trigger to enter our long position.
The stop loss for these trades is always put on the low that is made below the given level of support, before price closes above it on the 4H timeframe again.

The target for these trades can simply be a 2:1 reward to risk factor, meaning that the distance from our entry point to our stop loss is half the distance from our entry point to our target.

What the specific stop loss and target will be depends on where the 4H candle closes back above the given support levels, but the technique of entering our trade remains the same mechanical approach.
Wait for a high conviction level to hit - wait longer - as soon as price closes back above that’s our trigger to long - put a stop loss on the low - target twice as far to the upside.

As ICP is currently trading at 2.947, well below the December 2023 low, we have no interest to long before our support levels come into play.

Shorting the market here is risky, but definitely possible with a proper stop loss in place. One possibility to go short would be to short if price closes a 4H candle below 2.897, targeting 2.611 (and leaving about 25% of the position to run to the support levels down lower) and putting a stop loss at 3$.

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INJ

Contrary to ICP, Injective (ticker: INJ) has a way more bullish looking chart.

Simply put, INJ looks ok to us as long as we don’t close a daily candle below the 5.85 level from here. If we do close below 5.85 on the daily timeframe, then we expect more continuation to the downside.
Our minimal bear target at that point would be 4.5$, but in the bigger picture, a nuke down to the 2.103 mark wouldn’t seem out of this world at all to us.

As mentioned, however, this (very) bearish scenario only becomes very real once we drop below 5.85, close below it on the daily and turn this level into resistance.

On a more bullish note, we believe that if INJ can clear the 7.772 resistance by closing a daily candlestick above said level, we will likely see further upside to the 8.543 mark and 10$ mark.

The moment INJ clears the current yearly resistance at around 10$ by closing a weekly candle above this level, we expect very good times to come for INJ with further bull targets to the 15$ and even 25$ mark.

INJ has not really moved a ton over the past few weeks, but we believe that a big move is imminent. While we can not say with certainty what the direction of this move will be, important levels to look for are certainly 5.85 and 7.772.
A break of the former would be bearish while a break of the latter would be bullish to us.

Should you decide to short the market after closing a daily candlestick below 5.85, then we suggest cutting this trade if price manages to close a daily candlestick back above 5.85 after entering short. Similarly, if you decide to long the market after closing a daily candlestick above 7.772, then we suggest cutting this trade if price manages to close a daily candlestick back below 7.772 after entering long.

While it is always possible to get faked out by the market, we believe that it is more important to cut a trade quickly if it doesn’t act as expected than to simply hold and hope for the best.

Remember that hitting a stop loss does not make you a bad trader, but a good one.

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EURUSD

A couple of weeks ago we posted an analysis on EURUSD. Back then we were looking at higher highs and higher lows, giving us a bullish bias. However, we also clearly stated that:

“To us, the MAIN level of support for EUR/USD is the 3D 55 EMA, currently sitting at 1.08247. If we break below this level, and close a 3D candle under it, then we would have to flip our directional bull bias to what then likely becomes further downside continuation. IF that happens, then we are looking at the 1.03488 level as a next key support area, where EUR/USDS could bounce from.”

On August 24th, EURUSD closed a 3D candle below the 3D EMA. Ever since we have continued to make lower lows and have slipped 2.37% (which is a big move for a currency pairing) in just one month.

If you have followed our bearish confirmation point, then this has been a monster shorting opportunity.

From here, we are still looking at the 1.03488 level as a massive pivotal level. However, before we get there we are looking to potentially take a trade based on the previous yearly low at 1.04819.

As it stands right now, the bullish market structure for EURUSD got broken as we have lost the last higher low in our uptrend at 1.06350. Until price closes back above the 3D 55 EMA (currently sitting at 1.07922), we are expecting more downside to be likely.

Both 1.04819 and 1.03488 are support levels that are interesting to us to base a long position from.
For these trades, we need to see the price tap below either of those support levels first. Then, our plan is to long the first daily (not 4h, but daily) candlestick close back above the given support level, putting a stop loss on the low made below the given level of support and targeting back to the upside.

For a long position based around the 1.04819 level, we suggest targeting 1.0635. For a long position based around the 1.03488 level, we suggest targeting 1.04819.

What is important to note with the EURUSD chart is that the EURUSD chart is about way more than just the particular trading pair. As EURUSD is inversely correlated with the DXY, it can help us to understand the current market environment better.

As a rule of thumb, it is good to remember that a downtrending EURUSD means an uptrending DXY (dollar) and a more general “risk off” market, where equities and crypto’s have a harder time maintaining a sustained rally to the upside.

On the other hand, an uptrending EURUSD means a downtrending DXY (dollar) and a more general “risk on” market, where equities and crypto’s have a much easier time maintaining a sustained rally to the upside.

While EURUSD is not looking amazing here on the 3D timeframe, having dropped more than 2% from our bearish confirmation, we need to very much practice patience. At some point, the dollar will hit resistance and EURUSD (and other foreign currencies) will start uptrending again against the dollar. When this happens, it will be an indication of the “altcoin-season”/”risk off”/”bull” market returning.

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SILVER

Lastly, we are checking out SILVER on the daily timeframe.

For SILVER we have identified a key level of support at 22.117 and a key level of resistance at 23.934. We believe that there is a nice short opportunity to be found if price breaks below 22.117.

Essentially, in order for us to go short, we want to see SILVER nuke below 22.117 and retest this level (previous support) into resistance. This means that we want to wait and see SILVER drop below 22.117 and then, after it has dropped below this level, we want to see SILVER come back to 22.117, tap it, but fail to get back above it. If we get this break-and-retest scenario of 22.117, we suggest shorting this ticker down to 20.787 (taking 75% gains there) and leaving the runners to run further down, aiming for 17.563.

On the other hand, in order for us to go long, we want to see SILVER break above the 23.934 level and retest this level (previous resistance) into support. This means that we want to wait and see SILVER pump above 23.934 and then, after it has gotten above this level, we want to see SILVER come back to 23.934, tap it, but fail to get back below it. If we get this break-and-retest scenario of 23.934, we suggest longing this ticker up to 26.129 (taking 75% gains there) and leaving runners to run further up, aiming for 30.094

Web3 News

MICROSTRATEGY BUYS ANOTHER $147 MILLION WORTH OF BITCOIN

MicroStrategy, a software company led by Bitcoin bull Michael Saylor, has purchased another $147 million worth of Bitcoin. The purchase brings MicroStrategy's total Bitcoin holdings to over 132,500 BTC, acquired for an average price of $30,397 per BTC.

MicroStrategy has been one of the most aggressive corporate buyers of Bitcoin in recent years. The company has made several large Bitcoin purchases since 2020 and has held onto its Bitcoin despite the recent market downturn.

MicroStrategy's CEO, Michael Saylor, is a vocal advocate for Bitcoin. He believes that Bitcoin is a digital asset with the potential to become a global store of value. Saylor has also said that he believes Bitcoin is a good investment for corporations, and he has encouraged other companies to follow MicroStrategy's lead and purchase Bitcoin.

MicroStrategy's latest Bitcoin purchase shows the company's continued confidence in Bitcoin. It is also a sign that institutional investors are still interested in Bitcoin despite the recent market volatility.

What does this mean for you?

If you are a Bitcoin investor, MicroStrategy's latest purchase is good news. It shows that there is still institutional demand for Bitcoin, which could help boost the price of Bitcoin in the long term.

MicroStrategy's latest Bitcoin purchase is still significant even if you are not a Bitcoin investor. It shows that institutional investors are increasingly interested in digital assets, which could help pave the way for other corporations to adopt Bitcoin and other cryptocurrencies.

EUROPEAN PARLIAMENT CALLS FOR TIGHTER OVERSIGHT OF GLOBAL CRYPTOCURRENCY MARKET

The European Parliament has adopted a resolution calling for tighter oversight of the global cryptocurrency market, passed by a large majority. It calls for the European Commission to develop a comprehensive regulatory framework for cryptocurrencies.

The resolution cites a few concerns about the cryptocurrency market, including its volatility, potential for use in criminal activity, and environmental impact. It also notes that the cryptocurrency market is currently largely unregulated, which poses a risk to consumers and investors.

It calls for the European Commission to develop a regulatory framework to address these concerns. The framework should include measures to protect consumers, prevent market manipulation, and reduce the environmental impact of cryptocurrencies.

If you are a cryptocurrency investor, the resolution could have several implications. First, it could provide more clarity and certainty for European cryptocurrency businesses and investors. Second, it could lead to the development of new regulations that could impact how cryptocurrencies are bought, sold, and used.

It is important to note that the European Commission still needs to develop a regulatory framework for cryptocurrencies. However, the European Parliament's resolution is a clear indication that the European Union is taking the issue of cryptocurrency regulation seriously.

UK FINANCIAL REGULATOR ISSUES FINAL WARNING TO CRYPTO FIRMS

The UK's financial regulator, the Financial Conduct Authority (FCA), has issued a final warning to crypto firms, stating that they must comply with all applicable laws and regulations. The FCA is concerned that many crypto firms are not meeting the required standards, and it has warned that it will take enforcement action against firms that fail to comply.

The FCA's warning comes when the crypto market faces increasing scrutiny from regulators worldwide. The FCA is particularly concerned about the risks associated with crypto assets, such as volatility, fraud, and money laundering.

The FCA is urging crypto firms to take the necessary steps to comply with all applicable laws and regulations. This includes registering, conducting anti-money laundering checks on customers, and ensuring that their products and services are fair and transparent.

Overall, the FCA's warning is a positive development for the crypto market. It shows that the regulator is taking steps to protect consumers and investors. It also shows that the regulator is committed to making the crypto market a fairer and more transparent place.

EUROPEAN INVESTORS MORE BULLISH ON CRYPTO THAN AMERICAN, SAYS COINSHARES REPORT

A report by CoinShares found that European investors are more bullish on crypto than American investors.

The report also says European investors are more likely to invest in Bitcoin and Ethereum than American investors. European investors allocated 60% of their investments to Bitcoin and Ethereum, while American investors allocated 50% to these two cryptocurrencies.

The report's findings suggest that European investors are more confident in the long-term prospects of cryptocurrencies than American investors. This may be because they have a longer history of investing in cryptocurrencies.

The CoinShares report's findings are consistent with other research showing that European investors are more likely to invest in cryptocurrencies than American investors. For example, a study by Grayscale Investments found that European investors accounted for 32% of all global cryptocurrency investments in 2022, while American investors accounted for 25%.

The growing interest in cryptocurrencies from European investors is likely due to a few factors, including the increasing regulatory clarity for cryptocurrencies in Europe, the growing number of crypto-friendly businesses in Europe, and the growing awareness of cryptocurrencies among European consumers.

BITWISE FILES AMENDED APPLICATION FOR SPOT BITCOIN ETF

Bitwise Asset Management has filed an amended application for its spot Bitcoin ETF in response to the SEC's rejection of its initial application. Bitwise argues that the SEC has misapplied its own standards for approving ETFs and that its decision to reject its spot Bitcoin ETF needs to be consistent with its previous decisions.

Bitwise also argues that the SEC's concerns about market manipulation and liquidity are unfounded. The company argues that the Bitcoin market is already large and liquid and that there is no evidence that a spot Bitcoin ETF would lead to increased market manipulation.

Bitwise's amended application will likely pressure the SEC to approve a spot Bitcoin ETF. The SEC has faced increasing criticism from lawmakers and industry participants for failing to approve a spot Bitcoin ETF.

The SEC's decision on Bitwise's amended application is important because it could significantly impact the crypto industry. If the SEC approves the ETF, it would be a sign that the agency is more open to regulating cryptocurrencies. It would also make it easier for investors to gain exposure to Bitcoin.

NFT’s

BORED APE YACHT CLUB TEASES BAPE COLLAB

The Bored Ape Yacht Club may collaborate with Japanese streetwear icon BAPE. The news was teased in a tweet from BAPE founder Nigo, who shared an image of a BAPE logo with a Bored Ape head on top. The tweet was captioned "Coming soon."

It is still being determined what form the collaboration will take. BAPE may release a line of clothing or accessories featuring Bored Ape imagery. It is also possible that the two brands will collaborate on a larger project, such as a metaverse experience or a physical store.

The news of the potential collaboration has been met with excitement from fans of both brands. Many people are eager to see what kind of products or experiences the two brands will create together.

We will update you on the latest Bored Ape Yacht Club and BAPE collaboration developments.

BOTTLE SHOCK FILM DIRECTOR TO REMAKE FILM AS ANIMATED MUSICAL FUNDED BY NFTS

Robert M. Young, director of the 2008 film Bottle Shock, plans to remake the film as an animated musical funded by NFTs. The film will tell the story of the 1976 Judgment of Paris wine tasting, where a California wine unexpectedly beat out some of the most prestigious French wines.

Young seeks to raise $1.5 million in Ethereum to fund the film's production. He plans to allow holders of "Bottle Shock" NFTs to share in the film's profits commensurate with the size of their investments.

This is not the first time NFTs have been used to fund film and television projects. However, it is one of the largest projects to be funded by NFTs to date. The success of the Bottle Shock remake could have a major impact on how films and TV shows are financed.

What does this mean for you?

As a reader of this newsletter, you are among the first to know about the upcoming animated musical remake of Bottle Shock. If you are a fan of the original film or are interested in the intersection of NFTs and Hollywood, keep an eye on this project.

The success of the Bottle Shock remake could have a major impact on how films and TV shows are financed. If NFTs can successfully fund this film, it could pave the way for more projects to be funded in this way in the future.

SOUTH KOREAN ENTERTAINMENT COMPANY DREAMUS LAUNCHES NFT TICKETING SERVICE

South Korean entertainment and events firm Dreamus, a subsidiary of SK Planet, has launched an NFT ticketing service for K-pop concerts and other events. The service allows fans to purchase tickets as Avalanche NFTs, which can be securely stored in a digital wallet and easily transferred to other fans.

NFT tickets offer several advantages over traditional tickets. They are more difficult to counterfeit and scalp, and they can be used to provide fans with exclusive benefits, such as access to early entry or behind-the-scenes content.

Dreamus' NFT ticketing service is still in its early stages. Still, it could revolutionize selling and distributing tickets in the South Korean entertainment industry.

This is a significant development for the South Korean entertainment industry. It is one of the first major entertainment companies in the country to adopt NFT ticketing technology. The success of Dreamus' NFT ticketing service could pave the way for other entertainment companies to follow suit.

BLOCKCHAIN GAMING STUDIO PIRATE NATION RAISES $33 MILLION

Pirate Nation Studio, a game studio founded by the co-creator of Zynga's FarmVille, has raised $33 million in seed funding in a round co-led by Andreessen Horowitz and Greenoaks Capital. The studio plans to use the funds to build fully on-chain games, which are games that are powered by blockchain technology.

On-chain games are more secure and transparent, giving players more ownership over their assets.

Additionally, on-chain games can be more interoperable, meaning players can move their assets between different games.

The launch of Pirate Nation Studio and its $33 million fundraising round are significant developments for the blockchain gaming industry. They show a growing interest in on-chain games, and that investors are willing to back studios building these games.

AI

OPENAI'S CHATGPT CHATBOT GETS MULTIMODAL CAPABILITIES

OpenAI, the artificial intelligence research lab, has announced that it has upgraded its ChatGPT chatbot with the ability to see, hear, and speak. This makes ChatGPT the first AI chatbot to interact with the world multimodally.

ChatGPT's new multimodal capabilities are powered by OpenAI's Codex, a code-generation model, and its Whisper, a speech-to-text model. This allows ChatGPT to see the world through a camera, hear the world through a microphone, and speak the world through a speaker.

These multimodal capabilities make it a powerful tool for a variety of applications. For example, ChatGPT could create chatbots that can provide customer service, answer questions about products and services, or even provide companionship. ChatGPT could also be used to create educational tools that can help students learn about the world more engagingly.

AMAZON INVESTS $4 BILLION IN AI FIRM ANTHROPIC

Amazon has invested $4 billion in Anthropic, a research lab developing artificial intelligence systems aligned with human values. Anthropic aims to build safe and beneficial artificial general intelligence (AGI), AI as intelligent as humans or more.

• Anthropic was founded in 2017 by AI researchers, including Dario Amodei, who previously worked at OpenAI.

• Anthropic has received other investments from tech giants, including Peter Thiel and Jaan Tallinn.

• Anthropic is currently working on developing a number of different AI safety initiatives, including developing new AI algorithms that are more robust to errors and biases.

Amazon's investment is a sign that the company is taking AGI seriously. AGI has the potential to revolutionize many industries and aspects of our lives. Still, it also poses significant risks, such as the risk of job displacement and the risk of AI becoming more powerful than humans.

MICROSOFT UNVEILS MAJOR AI UPGRADES FOR WINDOWS, OFFICE, AND BING

Microsoft has unveiled a number of major AI upgrades for Windows, Office, and Bing. These upgrades are a sign that Microsoft is investing heavily in AI and is committed to making AI more accessible and useful to everyone.

Windows Copilot is a new AI-powered feature that will provide users personalized assistance and recommendations. Windows Copilot can answer questions, help users find files, and suggest new tasks.

Office Copilot is a new AI-powered feature that will help users write, edit, and translate tasks. Office Copilot can provide suggestions for grammar, style, and accuracy and translate documents into different languages.

Bing Chat is a new AI-powered feature that will provide users with more personalized and informative search results. Bing Chat will be able to understand the context of a user's search query and provide results that are more relevant to their needs.

In addition to these new features, Microsoft is releasing four new advanced AI compilers and a new AI training method called Algorithm of Thoughts. These tools will make it easier for developers to build AI applications and make AI more efficient and human-like.

Microsoft is also partnering with Nvidia for next-generation AI infrastructure. This partnership will give Microsoft access to Nvidia's powerful GPUs, which will help the company accelerate the development and deployment of AI applications.

Overall, Microsoft's investment in AI is a positive development for everyone. AI can potentially revolutionize many industries and aspects of our lives, and Microsoft is at the forefront.

AI-GENERATED MEMECOIN ASTROPEPEX GAINS POPULARITY

A new meme coin called AstroPepeX has quickly gained popularity after being launched by a developer who used ChatGPT, an AI language model from OpenAI, to generate the name and code for the token.

AstroPepeX was deployed on Uniswap, a decentralized exchange, and quickly generated $12.9 million in trading volume in its first 24 hours. The token's popularity is likely due to its catchy name, association with AI, and the overall memecoin craze.

However, it is important to note that meme coins are often highly volatile and can lose value quickly. Investors should consider the risks before investing in any meme coin, including AstroPepeX.

It is important to note that this article is not financial advice. Investors should always research before investing in any cryptocurrency, including AstroPepeX.

OPENAI RELEASES NEW VERSION OF DALL-E IMAGE GENERATOR

OpenAI has released a new version of its DALL-E image generator, called DALL-E 3. It is a significant upgrade over previous versions, with improved image quality, more creative capabilities, and new safety features.

One of the most notable improvements is the image quality. DALL-E 3 can generate more realistic and detailed images than previous versions. It can also generate images in a broader range of styles, including photorealistic, artistic, and cartoonish.

DALL-E 3 also has more creative capabilities. It can generate images from text descriptions, but it can also generate images from other images, such as sketches or paintings.

OpenAI has also implemented several new safety features in it. For example, it is now better at detecting and preventing the generation of harmful or offensive content and less likely to generate biased or discriminatory images.

However, it is important to note that DALL-E 3 is still under development. It still needs to be made clear how widely it will be used or its impact on the creative industries.

Wellness Wizdom

MENTAL HEALTH: A REMINDER TO GET THOSE ZZZ’S

Sleep is a fundamental part of a healthy lifestyle and improved mental health. When you lack sleep, all aspects of your daily performance are affected. You are less productive at work, less emotionally available, irritable, and frustrated. As a result, your response to stressful situations and pressure will be greatly impaired.

Sleeping 7-9 hours per night is essential in boosting productivity. Your body will thank you for it, and so will your wallet! Sleep is an activity in itself, it’s the moment of each day when your body does most of its healing, digesting, and detoxification. You will feel sluggish and foggy if you do not get enough sleep. Adrenaline will kick in, allowing you to move forward for a short period of time before crashing and becoming unproductive.

Though you may feel tempted to force yourself awake to catch that next market move, think about the benefits and the risks. Chances are, you will get frustrated and emotional in a sleepy state. As a result, your decision-making is impaired, increasing the chance of making the wrong move costing you money. Sleep = productivity, productivity = money!

Take care of your body so that your body can take care of you!

Food & Wine

RECIPE: PREPPING AND SERVING SASHIMI AND NIGIRIS:

I’ve easily prepared sashimi at home for all sushi lovers. It’s quick, healthy, and requires very little prep time.

It’s important to remember that when purchasing, you ask for sushi-grade fish, meaning that the fish has been frozen or treated to kill bacteria, making it safe to eat raw.

Ingredients:

• Tuna, Salmon, or any fish of your choice (cleaned and sashimi-ready)

• Sushi rice (RECIPE HERE)

• Soy sauce

• Olive oil

• Lemon

• Salt

Directions:

1. Prepare your rice (see above recipe). Give your rice time to cool before forming it into thick rectangles as a base for your fish.

2. Finely slice your fish into 3 cm wide and 1 cm thick rectangles.

3. Place your sashimi on the rice. You can make all your fish like this or skip the rice entirely.

4. Serve with soya sauce, olive oil, lemon, and salt.

WINE: SERVE WITH A DRY SAUVIGNON BLANC

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