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## TL; DR

🥂 Good morning, today is **Thursday, Jan. 19, 2023.** Hope you guys had a good weekend! ****It’s going to be yet another great day. Let’s get after it relentlessly.

**Macro:** S&P 500 closes 1.6% lower, marking the biggest decline in a month; equities also drop in Japan and South Korea, Hong Kong's futures slide. In Japan, the central bank's unchanged policy causes upward pressure on nation's currency. Meanwhile, Wall Street banks look for ways to cut expenses, but balancing profitability and future growth is difficult. 

**Crypto:** BTC and ETH suffer losses due to US growth outlook and bank cost cutting. Crypto market cap falls to $920.66B, per tradingview data. Top 20 coins see range of losses, with SOL, AVAX, and SHIB leading the losses. Meanwhile, as US stock indices end lower, crypto-related stocks also took a dive with Coinbase declining 7.3%, Silvergate losing 8.4%, and MicroStrategy shredding 6.2% as its Brazilian unit faces investigation, but secures leniency agreement.

****Topic of the Day:**** Chainlink Staking, CBDCs Interoperability at the Forefront

**Notable Headlines:** Digital Currency Group has halted its quarterly dividend payments to conserve cash and strengthen its balance sheet. Genesis creditors are also discussing a possible Chapter 11 filing. CoinDesk, owned by Digital Currency Group, may be pursuing a full or partial sale for capital for future growth; National Australia Bank launched created a stablecoin called AUDN on the Ethereum network…

## Macro at a Glance: Stocks slide as growth worries persist, Wall Street struggles to balance costs and talent”

Asian stocks took a hit on Thursday, following in the footsteps of Wall Street as economic growth concerns overshadowed optimism about central banks slowing policy tightening. The S&P 500 closed at a 1.6% loss, marking the biggest decline in a month. Japan and South Korea also saw drops in equities, and Hong Kong's futures slid. US-listed Chinese companies experienced a 2.5% slump.

In Japan, the central bank's unchanged policy settings resulted in upward pressure on the nation's currency and renewed focus on the benchmark 10-year Japanese government bond yield, which is predicted to creep back to the target ceiling of 0.5% after a significant drop on Wednesday.

Meanwhile, Wall Street is bracing for even more cost increases in the coming months, specifically in relation to pay. The country's six largest banks are expected to spend a combined $183 billion on compensation and personnel expenses this year, driving overall costs to a staggering $320 billion. This is sure to dent profits at a time when many investors are worried about higher credit losses and a drop in deposits.

As banks look for ways to cut expenses, the tension between preserving current profitability and preserving and enhancing the franchise for future revenue growth is palpable. With top executives becoming billionaires and top talent expecting to make millions, it's a delicate balance for the industry to strike as a downturn looms.

**Today's Markets at Jan. 19 00:54 UTC** 💡 

**BTC** -2.38% at $20,701; **Ether** -3.44% at $1,516

**Asia: Australia** +0.17%**; Japan** +1.10%; **Hong Kong** +0.47%; **China** 0.00%; **India** +0.62%.

**Europe:** **London** -0.04%; **Paris** -0.09%; **Frankfurt** -0.03%.

**US Spot Indices:** **Dow** -1.81%; **S&P** -1.56%; **Nasdaq** -1.24%.

**US Index Futures: Dow** -0.14%; **S&P** -0.15%; **Nasdaq** -0.17%.

**US Two-year Treasury** down 13bps at 4.076%.

**US Ten-year Treasury** down 17bps at 3.371%.

**UK Ten-year Gilt Bond** down 2bp at 3.314%.

**[US Dollar](https://www.gate.io/trade/USD_USDT) Index** -0.01% at 101.95.

**FX in 24hrs:** GBP: +0.32%; EUR: +0.01%; JPY: -0.31%; CNY: +0.53%.

**Gold** -0.20% at 1,904; **Light** **Crude** -2.64% at 79.19.

**Market** **Catalysts this week** 🧠 

**Monday:** Australia Westpac Consumer Confidence

**Tuesday:** China GDP, China Industrial Production, UK Unemployment, Germany ZEW Economic Sentiment, Canada Inflation Rate

**Wednesday:** Japan BoJ Interest Rate Decision, UK Inflation Rate, US PPI, US Retail Sales, Japan Balance of Trade

**Thursday:** US Building Permits, Japan Inflation Rate

**Friday:** UK Gfk Consumer Confidence, UK Retail Sales


## Crypto Daily Digest: Crypto Market Cap Falls from 200EMA as US Stock Indices End Lower

[Bitcoin](https://www.gate.io/trade/BTC_USDT) and Ether suffered their respective losses of 2.25% and 3.28% in response to a worrying growth outlook in the US as banks look for ways to cut more costs. The current total crypto market cap is $920.66B, per tradingview data, falling from the 200EMA ($960.94B) after hovering there for several days since Sunday.

All of the top 20 coins have seen a range of losses, with Solana (SOL) standing out at a 7.52% daily loss and a combined 14% loss since Sunday, Avalanche (AVAX) shredding 7.62%, and Shiba Inu (SHIB) losing 6.59%.

On a day when US stock indices ended lower, the S&P 500 and Nasdaq 100 fell by 1.6% and 1.2% respectively. Coinbase, which is ceasing operations in Japan, saw a 7.3% decline according to Nasdaq data, despite having a strong rally since the start of the year. 

Silvergate experienced a 8.4% decrease, despite the crypto-friendly bank's $1 billion loss being reported in their fourth-quarter results. Despite this loss, KBW analysts have stated that the core business remains intact. 

MicroStrategy shares decreased by 6.2%, as the company announced that its Brazilian unit is under investigation for anticompetitive conduct dating back to 2018, but has secured a leniency agreement with the country's General Superintendence of the Administrative Council for Economic Defense. The firm is set to report its fourth-quarter earnings this month.

**Top 20 Coins Performance** 🌐 

**BTC** -2.25% at 20,715; **ETH** -3.28% at 1,519.

**BNB** -3.75% at 289; **XRP** -1.66% at 0.388; **DOGE** -4.79% at 0.0807.

**ADA** -4.58% at 0.331; **MATIC** -5.72% at 0.940; **DOT** -4.68% at 5.69.

**TRX** -4.47% at 0.0592; **SHIB** -6.59% at 0.0000110 **LTC** -4.89% at 83.05.

**SOL** -7.52% at 21.11; **UNI** -4.54% at 6.08; **AVAX** -7.62% at 15.81.

**ATOM** -4.55% at 11.69; **GT** -1.10% at 3.765.

 

## Topic of the Day: Chainlink Staking, CBDCs Interoperability at the Forefront

Chainlink's staking v0.1, which is currently in beta and was launched in December 2022, is still in its early stages of development. The initial allocation of the community pool for this version is already fully booked, which means you'll have to wait for the next phase to stake your LINK. But don't worry, the wait will be worth it.

Chainlink is currently ranked 8th in GitHub's Daily Development Activity, and with a recent tweet by Chainlink stating that stablecoins are a key on-ramp for crypto adoption, the future is looking bright for this cutting-edge platform.

While many Central Bank Digital Currencies (CBDCs) are being developed, none of them currently use Chainlink and most are building their own solutions using private distributed ledger technology (DLT) without an investable token. Therefore the real opportunity lies in interoperability.

On Jan. 18, Chainlink tweeted “#Stablecoins are a key on-ramp for #crypto adoption.” Hopefully some plans are in the making.

### Chainlink (LINK) $6.414 (+0.93%) - Neutral Outlook

**LINK Overview:**

- ***Closest daily support zone: 6.614 - 6.455***
- ***Closest daily resistance zone: 6.899 - 6.982***
- ***Key Level: 7.7462 (Monthly Close of Jul. 2020)***

![](https://gimg2.gateimg.com/image/article/1674098327Untitled0119.png)

Congrats to those who got on the first ride. LINK is currently awaiting the next breakout which is around 7.27 based on various daily close points and fibonacci levels. The price movement relative to the changes in volume and market cap recently, gives LINK a low risk assessment. [Chart link](https://www.tradingview.com/chart/LINKUSDT/x8asjTpY-LINK-Daily-Outlook/)

**LINK Daily Resistance zones**

1. 6.899 - 6.982
2. 7.077 - 6.270
3. 7.483 - 7.847

**LINK Daily Support zones**

1. 6.614 - 6.455
2. 6.357 - 6.082
3. 5.981 - 5.730


## Further Reading

[**Top 5 Price Prediction Weekly Forecast**](https://www.gate.io/blog_detail/2048/top-5-price-prediction-weekly-forecast) | Across the top ten, a majority of assets have been privy to substantial price increases between 5% and 25% across this past week, thus serving as a testament to the fact that the bear market may finally be coming to a close.

**[5 Things You Need To Know About The Crypto Market This Week](https://www.gate.io/blog_detail/2047/5-things-you-need-to-know-about-the-crypto-market-this-week)** | Continuing from the previous week’s bullish momentum, the cryptocurrency market has hoisted itself out of the former bear market and is enduring a sharp upwards swing marketwide.


## Notable headlines

**🔹 The SEC has seen a 50% increase in crypto enforcement actions in 2022**, with many cases involving alleged fraud and unregistered securities offerings.

**🔹 Coinbase is shutting down its operations in Japan** due to current market conditions.

**🔹 Digital Currency Group**, the parent company of Genesis, has halted its quarterly dividend payments to conserve cash and strengthen its balance sheet. **Genesis creditors are also discussing a possible Chapter 11 filing.**

**🔹 CoinDesk**, a crypto media outlet owned by Digital Currency Group, may be pursuing a full or partial sale for capital for future growth.

**🔹 Polkadot** has released version 3 of its cross-chain messaging format, Cross-Consensus Messaging, to enhance interoperability between blockchains.

**🔹 Apple's new VR-AR headset is set to rival Meta's devices**, potentially determining which company dominates in colonizing the metaverse.

**🔹 The first crypto staking index ETP has been launched as cryptocurrencies** are showing a mild recovery in pricing after plummeting from November 2021 highs. 21Shares already offers the 21Shares Solana Staking ETP and the 21Shares Tezos Staking ETP.

**🔹 MakerDAO is voting on two polls to adjust the parameters controlling the minting of DAI using GUSD as collateral**. MakerDAO participants are concerned about DAI exposure to Gemini in the event of the latter's bankruptcy.

**🔹 Yuga Labs has blacklisted certain addresses in today's Sewer Pass mint**, joining other NFT creators in banning certain marketplaces in new NFT project smart contracts.

**🔹 ConsenSys has laid off 11% of its staff** and will focus on its "core value drivers.”

**🔹 The Central African Republic has set up a committee to integrate Sango coin**, its national crypto, into its economy.

**🔹 National Australia Bank has created a stablecoin called AUDN** for business customers to settle transactions in Australian dollars, launching on the Ethereum network.


<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.

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The S&P closes 1.6% lower as Wall Street banks look for ways to cut expenses as balancing profitability and future growth remain difficult. As Q4 earnings season begins, global traders will be looking to the US market for volatility.

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Daily News | Wall Street Kicks Off Q4 Earnings with a Rocky Ride, Crypto Plunges, and DCG takes action