Hillstone Finance Weekly Update (Feb 6 ~ 10)
Welcome to the weekly update from Hillstone Finance. We have brought two news for this week:
1. Rayol Hwang participated in the NBN news
2. Duk-hyun Hong participated in the NBN news
NBN News (Feb 6, 2023)
Q. What is the current cryptocurrency market trend?
A. After the FOMC, an important milestone has passed. Now, various economic indicators will be released. Recently, the Fed indicated that a market-friendly policy is needed. In December, they expressed discomfort with the rise in the virtual asset market, but in January, they gave a strange answer that they had done very well with their long stance over the past year.
Because the economy can only grow if the employment rate does not decline even if prices fall, the Fed decided that it must open a market-friendly policy in order to save the market. This situation has become consistent with the needs of the virtual asset market. Therefore, employment will gradually slow down and an increase in the unemployment rate indicator may emerge.
Q. What will be the direction of cryptocurrency flows after the FOMC?
A. In conclusion, the current policy of the Fed has focused on whether the economy is in a recession or not, which makes it difficult for the flow of virtual assets to easily decline. The coin markets have shown a surge in January as compared to the stock market, but there are concerns of economic slowdown due to recent statements. It might be a good idea to take a long position in the first half of the year as there are many positive factors, but it is important to pay attention to the actual economic slowdown and the unemployment rate, which shows this.
Q. What are the driving factors in the cryptocurrency market?
A. On-chain data can be clearly divided into two parts. Firstly, the supply of stablecoins has noticeably increased, meaning that there is growing readiness to participate in the market and purchase Bitcoin. Secondly, after the merger, the circulating supply of Ethereum has decreased to a minimum, indicating that the preparations for an increase are over. However, there is a risk of a decline, unlike the global economic indicators. Nevertheless, recent on-chain data and various indicators and data published by the Fed suggest a positive outlook.
NBN News (Feb 10, 2023)
Shiba Inu (SHIB) is a community-driven meme- cryptocurrency based on Ethereum network. Unlike Dogecoin, it is capable of running smart contract operations. The developer, Ryoshi, issued 1000 quadrillion SHIB tokens from his wallet at the time of token launch but currently, there are 0 SHIB tokens in that wallet. It is currently being run by the community and represents a decentralized project.
1. Groundbreaking Burn Method and Marketing
After issuing 1000 quadrillion tokens, the developer Ryoshi reserved 50% on DEX and transferred the remaining 50% to Vitalik. This was a groundbreaking move to introduce Shiba Inu and its existence to people. Vitalik donated a portion of the received SHIB coins to a COVID relief organization in India and sent some to a burn address. Currently, SHIB is ranked 13th in market capitalization and was one of the most viewed cryptocurrencies by users on Binance last year, following Bitcoin and Ethereum.
2. Shiba Inu ecosystem
Shiba Inu (SHIB) is a decentralized ecosystem consisting of several community-driven DApps.
ShibaSwap is a DEX developed and launched by the Shiba Inu community, which provides liquidity, exchange, and collateral services using tokens within the Shiba Inu ecosystem.
SHIB — The Metaverse is a DApp in the Shiba Inu ecosystem that provides functions such as coin mining and land trading in the metaverse. It is currently under development and the Shiba Inu tokens are expected to be used in the DApp in the future.
Shiba Eternity is a mobile collectible card game developed by Playside Studios and officially launched in October 2022. It can be downloaded for free from the Google Play Store and the Apple App Store.
3. On-chain data of SHIB
Overall, prices are steadily rising due to the recent altcoin rally and the listing of Upbit. This trend is driven by positive on-chain data and social indicators, as well as expectations surrounding the recent announcement of the Shibarium for Q1 of 2023.
One of the wallets belonging to market maker Jump Trading holds approximately $230B worth of SHIB. Traders who have trading plans due to active on-chain activity should keep an eye on this wallet.
However, 20% of the coins in the Reserve of Crypto.com are SHIB. The problem is that Crypto.com is a trading platform that has been subject to various crisis scenarios since the FTX incident last year. This could affect investment sentiment.
That is all for this weekly update.
Thank you.
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