re: Official CryptoTalk Thread

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The rumor was bought and the news is being sold

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There hasn’t been any (new) news yet.

more so talking about the people that FOMO’d yesterday because of the idea that the price was soon to skyrocket

it seemed clear to me that whenever that kind of FOMO buying happens leading up to an event; the day of the event a large initial pullback isn’t all that surprising

probably not the best phrasing for that behavior but whatever

It will be an interesting and volatile weekend.

ETH heard me talking crap about it and there is reverse psychology for ya.

Edit: 2.8K was much easier than anticipated to push through

Bank of England Says ‘Modest Tightening’ Needed as Inflation Set to Spike

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The Bank of England decided to keep its monetary policy unchanged on Thursday, but warned that some “modest tightening” was likely to be needed as it expected inflation to spike higher than expected.

The BoE unanimously voted to keep its key interest rate unchanged at 0.1%, and voted by a 7-1 majority to maintain the ceiling of its asset-purchasing program at £895 billion ($1.25 trillion). The pound pulled back slightly, trading 0.2% up at $1.3918, after initially making gains following the decision.

Although there was just one dissenting voice, there was a change in tone, albeit not a dramatic one. The central bank’s monetary policy committee (MPC) stressed that it expected inflation to prove to be transitory, as it has in the past.

However, it said it now saw inflation rising to 4% in the fourth quarter of 2021, considerably above its 2% target. It is also a significant jump from its May forecast for 2.5% inflation in the final quarter of the year. U.K. inflation jumped to 2.5% in June after Prime Minister Boris Johnson lifted the majority of Covid-19 restrictions.

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the inflation narrative in the fiat markets just gradually continues to trickle towards larger forecasts but with only talk of one hypothetical day in the future taking on more conservative monetary policy

it is really hard not to be very bullish in a space with projects that are inherently scarce or at the very least operating with principles that counter inflationary pressures embedded at their core

EIP1559 is going to be good for ETH, I think, but I'm not a huge fan of the ultra sound money meme, either. At least, not until it proves to be deflationary, which isn't even possible until ETH moves to PoS and then still has to meet a certain theshold of utilization.

It may be deflationary one day, but the ETH bulls took the meme for a serious ride with acting like EIP1559 was going to significantly impact ETH inflation immediately.

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(same guy who predicts 150K ETH )

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I think I'll cry in a bad way if so

Y'all would never hear from me again if it hit $150k. I don't think it's likely, so you're stuck with me until then.

Link has gone up and down a dollar in value 19x in the last 24 hours, AAVE gained 18 percent, Link 1 percent....
Suppression at its fricking highest.