Block Report: 2 November 2022

Your summary of everything blockchain related:

TLDR. Your summary of everything blockchain related:

  • FOMC interest rate decision at 2PM EST today. Press conference at 2:30PM.

  • continues to launch endless partnerships, this time partnering with Visa to launch a FIFA World Cup 2022 NFT event

  • ArtGobblers art reveals

  • CZ Inaugurates WebSummit

  • Mike Novogratz Galaxy Digital to layoff 20% of Workforce

  • Crypto exchange Deribit hot wallet hacked for $28 million

  • Zora + Nouns launch Nouns Builder - A tool to build DAO's easily, emulating the way Nouns operates

  • Pantera leading a $10M round for Braavos, a Starknet wallet

  • Blur Airdrop closes in 5 hours

Into the details:

Regardless of the outcome of the FOMC announcement today I'd be cautious even with a spike in crypto prices. Despite onchain data looking positive as discussed yesterday, there are an overwhelming amount of short positions across exchanges. Midterm it seems we'll see ETH continue to be rangebound but I wouldn't be surprised to see a squeeze happen in the short term.

ArtGobblers shot up to a 15 ETH floor upon launch and is currently hovering around 13.25 ETH with a wide range of controversy about how their whitelist was created and managed. It's important to note that a project that's been heavily marketed and that is created by a Rick and Morty co-creator, backed by Paradigm and has some innovative smart contract aspects is bound to do well initially. Now put this into the hands of top collectors unlikely to sell, a minimal supply of 2000, and you have a recipe for a high floor. We've seen this in the past with projects like Gmoney's AdmitOne (going from 20 ETH to a 6 ETH floor) and similarly, I expect the price to reflect a similar trajectory. Having said that it's great to see anything different in the space, and hopefully it only spurs more innovation.

To look out for:

  • Dogecoin... As odd as it is to say, with Elon now at the helm of Twitter, we're going to see him tweet regarding the controversial currency multiple times. Staying in tune with this and acting accordingly could pay dividends, especially if it is integrated to twitter as is heavily rumoured.

  • Arbitrum airdrop seems imminent, act accordingly

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*Disclaimer: None of the above represents financial advice.

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