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I hope you’re all enjoying the 22nd week of 2023. This week, I’m spending time with my family in Austria, my first summer visit in four years. But let’s dive right into the key topics that I’m watching in this short but important week for the markets.

All points also in video form

1. Short Trading Week

This week is a short one with Memorial Day in the US and holidays in Europe and Asia. During such weeks, we usually see less action in the markets due to lower trading volume. Many traders are off, spending time with their families, which often results in lower liquidity.

2. Flat Crypto Prices

The crypto prices have been relatively flat. Yes, we did see a slight uptick over the past 24-48 hours, mainly due to the US debt ceiling being increased.

3. US Debt Ceiling Increase

The increase in the US debt ceiling has led to a false sense of optimism in the market. Initially, there were speculations that if the debt ceiling wasn’t lifted, crypto would rally. However, this didn’t make sense to me. Why would crypto rally amidst pessimism?

Now that the debt ceiling has been raised, people are attributing the slight crypto rally to this event. To me, this is a non-event. The government selling more bonds could put price pressure on the market, which I believe is bullish for the dollar. I don’t see this as a bullish event for crypto, and I anticipate that prices might correct down again.

4. Euro Zone Inflation

The only significant event this week is the Euro Zone inflation data release. This will have very little impact on crypto but is specific to the Euro Zone. It will be interesting to see how Euro Zone inflation is doing.

5. DeFiChain Meta Chain

On a DeFiChain specific note, if everything goes well, the final test net should be live this week. This could potentially be pushed to next week. However, we are still on track to see the test net go on to mainnet by the end of June, which is exciting. There’s a lot of powerful stuff happening with people building on top of the meta chain. For all of you investing in DFI, these are interesting times.

That’s all for this week. It’s a relatively compact week in terms of news. Let me know if there are other things that you’re watching right now. Until next time, all the best!

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Julian
CEO CakeDeFi.com