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- 🥛 Uh-oh! Inflation is on the rise... 📈
🥛 Uh-oh! Inflation is on the rise... 📈
PLUS: How to 10x your net worth this cycle 💰
Today’s edition is brought to you by CoinTracker – a crypto tax solution that simplifies filing with thousands of seamless integrations and auto-import to TurboTax.
GM. This is Milk Road. We make understanding crypto as easy as explaining why you need another coffee – it’s essential, no further questions.
Here’s what we got for you today:
The CPI results are in… 👀
How to 10x your net worth this crypto cycle 💰
Say hello to crypto’s new gaming device 🎮
Graph of the Day: Long-term Bitcoin holders are selling 📉
EigenLayer is live 🍪
THE CPI RESULTS ARE IN… 👀
Ladies & gents, the latest U.S. CPI (Consumer Price Index) numbers are in…and they ain’t pretty.
CPI measures the average change in prices for everyday things like housing, clothes, food, services, etc.
Last month, it rose 0.4% - higher than expected.
Year-over-year inflation now stands at 3.5% - also higher than expected.
This is now the 36th consecutive month with inflation above 3% and the second straight monthly increase. **gulp**
(Side note: If this was my school report card, I’d pull the “dog ate it” trick and just never show it to my parents)
The CPI doesn't tell the full story though, just look at how much prices are up on these daily items over the past year:
Car Insurance: +22%
Domestic services (i.e. housework): +10.9%
Beef: +7.6%
Hospital Services Inflation: +7.5%
Homeowner Inflation: +5.9%
Milk Road Daily Newsletter: Still free
The recent data highlights that inflation is still a problem and interest rates probably aren’t coming any time soon.
Analysts now predict rate cuts won’t happen until September.
How’d the markets react? Many of the top 100 cryptocurrencies are dropping like bricks into the ocean (in this case, the Red Sea).
Buckle up, Roaders. Things could get rocky in the near term.
Last call! The US tax deadline – April 15th – is right around the corner. And CoinTracker’s here to make handling your crypto taxes as painless as possible.
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(And then, once you’re set up, you’ll have access to year-round performance tracking on both desktop and mobile).
CoinTracker has been one of the most trusted brands in crypto since launching in 2017. Since then, they’ve served over 2 million satisfied users.
But that’s not all.
CoinTracker is the official partner of Coinbase, Uniswap, OpenSea, TurboTax, and H&R Block. And just last month, they shipped CoinTracker 2.0 – a massive product release driven entirely by user feedback.
So for all your procrastinators, rest assured there’s still time left on the clock.
HOW TO 10X YOUR NET WORTH THIS CRYPTO CYCLE 💰
Dad, look, Milk Road Radio just dropped an episode featuring Lark Davis, a legendary crypto investor and educator with a massive following.
They’re talking about how to strategically structure your crypto portfolio to milk the most of this bull market. We should watch it! 👀
P.S. - After launching Milk Road Radio last Thursday, we offered a 25% discount to Milk Road PRO for early listeners. Today's your last chance to grab your discount!
WHAT’S INSIDE MILK ROAD PRO?
First up, weekly reports that help you spot early trends, navigate the markets, and invest successfully in crypto! 💰
Secondly, “Where Are We In The Cycle?” indicators to help you spot the bull market top before it’s too late. (Exclusive to PROs inside Tuesday newsletters). 👀
Thirdly, full access to the PRO Community, where the Milk Road crew & 100s of fellow PROs dive into robust discussions on market trends, fundamentals, and industry insights.
Ready to step up as an investor with Milk Road PRO?
SAY HELLO TO CRYPTO’S NEW GAMING DEVICE 🎮
Check it out. Crypto’s getting a new gaming device…
It’s called SuiPlayOX1.
Here’s everything you need to know:
The device was created by Playtron and Mysten Labs (the team behind the Sui blockchain).
It’s a handheld gaming device with “native web3 capabilities”.
The device will integrate the Sui blockchain into the device’s account system. (aka the login will be connected with a Sui wallet on the backend)
Crypto games will be the main focus, but gamers will also be able to play regular PC titles and even games from other blockchains.
It’s unclear when the SuiPlayOX1 will be released (the team said “sometime in 2025”) but this is a cool project we’ll be keeping our eyes on.
GRAPH OF THE DAY: LONG-TERM BTC HOLDERS ARE SELLING 📉
BTC saw big monthly returns in February (+43.55%), but things have slowed down since.
In fact, BTC currently has a negative monthly return in April and is on pace to have its first red month since August 2023.
One of the big reasons is… long-term HODLers are taking profits.
Check it out.
Source: Glassnode
Milk Road Take: There’s no reason to panic. This is a normal “changing of the guard” that happens every few years when OG investors exit and newer investors enter.
Just keep calm and HODL on.
Honeyland just announced a Play to Earn Airdrop. The popular mobile game with over 21,000 daily players is airdropping "multi-millions" of $HXD to players in June.*
Think you can help the Milk Man write these daily newsletters? Then you're in luck. We're looking for a crypto newsletter writer who is deeply entrenched in the crypto world and has a knack for breaking down complex topics into enjoyable reads. If you fit the description, then check out the job description here and apply!
EigenLayer went live on the Ethereum mainnet yesterday. The restaking protocol is the second-largest DeFi protocol and has raked in $13B in total value locked (TVL) over the last few months.
Monad Labs raised $225M. The new Layer-1 secured funding from investors like Electric Capital, Paradigm, and Greenoaks. (Fun fact: it’s also the largest raise of the year)
A new survey shows that younger Americans are almost as likely to own crypto as real estate. Gen Z’ers are also more likely to own crypto (20%) than stocks (18%).
Polkadot signed a $2.1M sponsorship deal with IndyCar racing star, Conor Daly. The year-long collaboration includes a Polkadot-branded racing car and Conor Daly will also become a brand ambassador.
*This is sponsored content
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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