Double Delight! US CPI Beats Expectations

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Here’s what’s trending today 👇

1. Inflation takes a breather : USA CPI Data shows encouraging signs 🙏

2. Warren Buffet takes a jab at Bitcoin : Is the "gambling token" label fair? 🤔

3. Ethereum's Shanghai Hard Fork : A milestone for the world's second-largest cryptocurrency 🙌

4. Road to recovery - FTX plans to reboot its exchange by 2024 🙈

Without any further adieu, let’s get right into it 💪

USA CPI Data reveals lower-than-expected inflation - But there’s still work needed to be done 😅

In a welcome sight for investors, US CPI dropped from 6% to 5% — the biggest plunge since the pandemic! This figure was slightly lower than the market's expectations of 5.2%. However, Core CPI — which excludes volatile items like food and energy - remained high at 5.6%, meeting the market's expectations and surpassing last month's reading of 5.5%.

We've now experienced 23 consecutive months of inflation above 5%, and it seems we're adapting to this new normal faster than we adapted to wearing masks during covid.🤷‍♂️

With a target inflation rate of 2%, inflation is still rampant & hot, and there's still work to be done to get it under control. Investors are now anticipating a final 25 bps rate hike next month, with no rate cuts expected atleast in the coming few months. Let’s hope the FED doesn’t end up breaking one part of the system to fix another part that's already broken 😪 But hey, that’s why we HODL Bitcoin, don’t we! 🤫

Here’s how quantitative tightening has been helping cool off inflation over the past eight months 👇

Warren Buffett doubles down on bitcoin criticism - This time, calling it a gambling token 🃏

Grandpa Buffett 👨‍🦳 has made headlines once again for criticizing bitcoin! This time around, he said, and we quote, “bitcoin "doesn't have any intrinsic value ... but that doesn't stop people from wanting to play the roulette wheel."

Buffett has been a vocal critic of the world’s largest cryptocurrency, having called it “rat-poison”, a “mirage”, an “asset with no fundamental value”, etc multiple times in the past as well. (Isn’t that what you would exactly expect from someone who has built their entire empire based on the currently biased, unjust & broken fiat system 🤔)

However, one thing that we agree on with Mr Buffett is to never invest your money in something you do not understand ✅ We advise you to study the bitcoin whitepaper to understand its purpose and fundamentals in depth, and then decide for yourself whether you believe in bitcoin's value proposition or not!

Big day for Ethereum - The Shapella Upgrade finally goes live 🙏

Ethereum just got a significant facelift! The much-awaited Shapella (Shanghai + Capella) upgrade has been finally implemented through a hard fork 🚀

The upgrade took place just before 6:30 p.m. ET, at epoch number 620,9536.

Users and validators can finally withdraw their staked ETH on the network. It's like finally being able to access your secret stash of snacks when you're feeling peckish 😅

In addition to the withdrawal mechanism, the network's gas fees have been optimized for certain transactions.

Over the days leading to the hype, many concerns were raised regarding the unstaked ETH hitting the market and crashing the prices. But so far, things seem to be holding steady. Phew!

Another historic day for the Ethereum community 🙌

FTX eyes a makeover- Sends the $FTT token soaring among speculation 🙈

In a never-ending twist of events associated with FTX, the latest word on the street is that the exchange has recovered over $7.3 billion in liquid assets (an increase of $800 million since January) and plans to reboot the exchange sometime in Q2, 2024! (It looks like someone’s been inspired Su Zhu & Kyle Davies’ OPNX 😝)

The price of $FTT surged over 110% from $1.32 to $2.80 within a few hours after the lawyers announced the potential reboot of the exchange.

Now, at least we know that SBF wasn’t lying about randomly finding $50 million lying around somewhere after they lost track of the funds 😂

It would be interesting to see how many people trust the exchange despite everything that has transpired! But hey, degens going to degen, right? 🥱

Meme of the day

Traders waiting for alts to follow bitcoin like…

Thanks for reading today's edition of Coinsauce's daily crypto newsletter 🗞️ Don't forget to stack those sats and stay crypto-cool by following us on Twitter and Instagram! Until next time, stay curious, stay informed, keep calm and HODL on 💪

Disclaimer: This newsletter is for educational purposes only and does not constitute financial advice or an offer to buy or sell assets. You must exercise caution and conduct your research before making any financial decisions.