Qrafty heard Powell speak and swear, Moody's downgraded the US and a rock NFT sold for $200,000

***Qrafty smiling the biggest smile*** Aloha, crypto curious! I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Qrafty is back with juice and news crypto jungle, so let’s dive in 📰 🌟

1. The Powell Spoke

2. Moody’s Downgrades US

3. A Rock Sold For $200k

Bonus: JPM Coin has smart contracts

Just Close The Fucking Door

“Sorry sir, we can only close the door by 0.25 - 0.5 inches every few quarters“, a voice in the back echoed.

In his last speech, Qrafty noted that Mr. Powell is doing a delicate dance, trying to get inflation to waltz to the 2% goal. Yet, in his own words, it's a dance where the steps are a bit uncertain – they're committed, but not entirely confident about hitting the sweet spot.

It’s also possible that the tune is a bit different this time, but he’s still dancing the same old dance without any change in dynamics. On top of that, we was interrupted by activists from his speech, but he was a peach about and thanked them gracefully while around the mic. After that, he was just human,

Now, let's spin around to the housing market. October 2023 didn't just bring pumpkin spice lattes; it also saw active listings boogieing up by 36,000. That's not your average market groove – it's the highest October dance party in over a decade. And, mind you, October usually prefers a slow dance with tight housing inventory.

So a market that usually sees low inventory this time of year is seeing a historic jump, while mortgage rates are 8%. Meanwhile, in the Treasury bond arena, a $24 billion sale of 30-year bonds had a reception that wouldn't earn it a standing ovation. Yields took a little hop and the government debt market decided to join the spin on the dance floor.

Cut to Wall Street, where the rhythm suddenly changed. Powell's cautionary notes about potential interest rate hikes, along with that lackluster Treasury bond auction, led to the S&P 500 ending its longest winning streak in two years. The Dow Jones Industrial Average shed over 200 points, the S&P 500 dropped 35 points, and the Nasdaq Composite decided to sit out on the dance for almost 130 points.

And just when you think the financial playlist is winding down, crypto and NFTs take center stage. An EtherRock NFT changed hands for a cool 100 ETH, and a Bitcoin Rock from the Ordinal collection pulled in over $111,000. Qrafty really hopes the crazies come a bit later on this time.

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

Moody’s Downgrades US Credit Rating

Moody's just threw some shade at the U.S., switching the outlook from "stable" to "negative" for the US government. Here's the lowdown on why they decided to rain on Uncle Sam's financial parade:

1. Risk Alert: Moody's is flashing the warning signs, highlighting the escalating risks to U.S. fiscal strength. If it were a financial weather forecast, it would be gloomy with a pinch of stormy.

2. Fiscal Fiesta Gone Awry: The fiscal deficits are not just large; they're having a full-blown fiesta and Moody's is not here for the party; they’re saying to clean up the financial confetti and turn down the deficit music.

3. Slim Wallet Worries: Debt affordability is shedding dollars like it's on a financial diet and Moody's is concerned. Is Uncle Sam's wallet about to embark on a budget-friendly journey?

It’s the usual drama before the spending ceiling is increased again. We kinda know the outcome of this telenovela, don’t we?

Smart Contracts For JPM Coin

Looks like JP Morgan has BUIDL’ed seriously throughout the whole bear market and now they’re surfacing their tech bit by bit. Pretty much all of crypto companies are coming out bruised, weakened and full of blood from the bear market either because of the SEC or rough market.

Not JP Morgan, baby! They’re full speed ahead with the blockchain solutions for enterprise financial institutions. They've just rolled out a programmable payments feature for their blockchain powerhouse, JPM Coin, courtesy of their Onyx blockchain business unit.

Imagine payments happening on autopilot – JPMorgan is bidding farewell to the era of manual checks. This cutting-edge feature allows payments to execute automatically, following preset rules with the precision of a high-tech dance partner. No more fretting over overdue payments or losing sleep over margin calls. Well… no more losing sleep for techies, traders are defo gonna lose a lot of sleep over his. But rejoice: now, the liquidation is gonna come much faster!

These smart contracts aren’t anything new in the crypto universe. But in TradFi, it’s like the wheel has been reinvented. Because it kinda is a huge deal for traditional finance with its traditional and old technology. Smart contracts provide a lot of flexibility and remove friction from the system, even leading to new services and products.

Poloniex Got Hacked

It seems the hackers have a flair for timing… Justin Sun’s Poloniex got hacked bigtime. Right when the market was getting all pumped up. Poloniex confirmed the shenanigans 12 minutes later. By then, the digital bandits were already making off with the loot.

What sets this caper apart is the hackers' dedication to the art of siphoning. They didn't just hit Poloniex once and call it a day. Oh no, they continued their financial feast through multiple transactions until Poloniex's wallets were as dry as a desert in a heatwave.

If Poloniex had invested in an exploit detection tool, they could've saved themselves a cool $45 million USD. The damage? Over $114 million USD disappeared faster than your motivation on a Monday morning. Qrafty wanted to say cold Monday morning, but it’s better just Monday morning.

At present, there are 8 identified hacker addresses linked to this breach, with Poloniex Hacker 1 serving as the primary wallet that instigated the attack, commencing with an initial transaction of 4900 ETH and persistently siphoning funds until Poloniex Hot Wallet 4 reached depletion.

They also managed to track the funds and guarantee for the eventual losses. It’s pretty cool to see something like this happening in front of your eyes!

Hey hey 🙃 Qrafty hopes you are enjoying the experience here and would like to regularly get Qrafty’s letters!

If so, please click on the button below. Qrafty is really really grateful to have you here, so thank you!

Being a trader is like being a goldfish in a market bowl — every new trend feels like a fresh start, and every market crash is a surprise party you forgot you RSVP'd to

Qrafty’s thought of the day

Other stories

SafeMoon CEO bail on hold

The release of SafeMoon CEO Braden John Karony on bail has been postponed as federal authorities point to concerns about a potential flight risk. Prosecutors emphasized the risk due to Karony's alleged access to funds and international connections.

CME surpasses Binance as leading futures exchange

Amidst notable price swings and a substantial reduction in leverage across the crypto market, the Chicago Mercantile Exchange (CME) has taken the lead as the primary Bitcoin futures exchange, surpassing Binance. On Thursday, CME disclosed an open interest (OI) of approximately $4.07 billion, reflecting a 4% increase within 24 hours and claiming a market share of 24.7%.

Another crypto lender goes bankrupt

Hodlnaut, the crypto lending firm based in Singapore, is slated for liquidation after a winding-up order was filed with the High Court of Singapore on November 10. The liquidation process will be overseen by Aaron Lee and Angela Ee, who will provide updates on the proceedings to more than 17,000 creditors.

Market Whispers

Bitcoin is holding tight on this new spot he got at $37k. Had a low today at $36,350 and a high at $37,470 so far, so another green daily candle.

As the weekly close is approaching, we are about to have the forth green weekly in a row. That's a damn good view! After all these "bear months" it looks like we are onto something new, Qrafty doesn't wanna say "bull market" yet.

Only after we break that daily channel and turn it into support we can have more confidence. Tomorrow should be another deadline for Ark ETF approval, considering how big the move was on a fake news ETF, we can only imagine what will happen when the news is real. Yes, there are rumors that the news might be priced in, but at least a squeeze up we'll have.

In terms of targets nothing change from yesterday, upside we have $40k and $42k. Downside, a retest of the previous range high ~$36,000k. And don't forget about the liquidations at ~$35k.

Ethereum made quite a show yesterday, with a 13% increase.

Was such a long time since we've seen Eth doing it, we almost believed we will never see it again. But, today's daily is red, with a low at $2,064 and a high at $2,136. At least we are above $2,000, and that gives us hope for $2,250 and the big target at $2,500. To the downside, it needs to hold $,1900.

Qrafty ends channeling his inner trader.

Today is INTERNATIONAL DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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