Its TVL is up $400 million from its early August lows of about $340 million
Does that make $SUI a good investment? ⬇️
Up-and-coming layer-1 blockchain protocol Sui (SUI) has seen significant gains recently, with the SUI price increasing by 30% in the past week to reach $1.35
This price surge aligns with a significant increase in crypto asset inflows to the blockchain
@SuiNetwork (TVL) in smart contracts has risen to approximately $808 million, up from around $340 million in early August
Sui adoption is likely to continue surging
Circle’s native USD stablecoin, USDC, will soon arrive on the blockchain, substantially enhancing its utility for crypto users
Per an announcement on X, @circle announced that Sui would soon be added to the Cross-Chain Transfer Protocol
Macro factors could benefit major cryptocurrencies, including Sui
The Fed is starting a new rate-cutting cycle after raising rates to multi-decade highs in 2023 to curb inflation
Short-term volatility is expected as markets speculate on a 25 or 50bps cut, but the trend is clear: lower US interest rates and a more favorable liquidity environment are on the way
If the US economy avoids a recession, tis should be positive for risk assets
What's in store for the $SUI price?
Sui's break above the $1.20 resistance could push it to yearly highs of $2.17, potentially doubling its value in the near term, making it a strong buy
Sui Price Jumps 35% After $400 Million Inflow With a market cap of $3 billion, there's significant growth potential if adoption accelerates.
Advocates believe Sui could reach a market cap in the tens of billions, making a $10 SUI price feasible
Arthur Hayes: a Fed rate cut could crash the market
Is it really likely to happen anytime soon?
About this & Which tokens to look out for 🧵⬇️ Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom, shared his views on the macroeconomic outlook and its impact on crypto markets during TOKEN2049 in Singapore
In his keynote, "Thoughts on Macroeconomics Current Events," he predicted a market crash driven by Federal Reserve actions, followed by a new bull market
As the Fed prepares to cut interest rates for the first time since COVID-19, investors expect significant market shifts The Federal Reserve (Fed) has kept the interest rate at 5.5% since July 2023. The monetary tightening cycle was started in the fall of 2022
Hayes criticized the Fed's decision to cut rates amid high government spending and inflation above target, warning it could trigger a market collapse
He predicted the collapse would follow shortly after the rate adjustment due to the shrinking interest rate gap between the US dollar and the Japanese yen Hayes highlighted Ethereum, along with ENA, ETHFI, and PENDLE, as potential winners if treasury yields decline
He described Ethereum as an "Internet bond" with a 4% yield, potentially making it more attractive than the US dollar or Treasury bonds
Hayes dismissed concerns of Ethereum's underperformance, predicting it would outperform both the US dollar and Treasury bonds if yields drop significantly
He also forecasted a market drop following the Fed's rate cut, followed by a new bull market, benefiting investors, particularly those holding Ethereum and similar assets