Stacks Token Soars as Bitcoin Struggles
  The latest moves in crypto markets, in context Edited by Omkar Godbole December 1, 2021 Sponsored by  Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin struggled for directional bias early Wednesday in the wake of Federal Reserve (Fed) chairman Jerome Powell's hawkish turn.
On Tuesday, Powell said it was time to retire the word "transitory" while describing inflation and told lawmakers that it would be appropriate for the bank to consider faster unwinding of stimulus when top officials for the U.S. central bank meet next on Dec. 14-15.
Powell's comments have forced markets to reprice greater odds of quicker and early tightening in 2022 and challenged the dominant narrative that the central bank would never tighten screws at the expense of financial markets, even in a high inflation scenario. This narrative saw money markets quickly push out the timing of the first-rate hike to September 2022 from July 2022 following Friday's COVID-led decline in stocks.
So, while the Fed may be behind the curve, financial markets appear far more behind in pricing the prospects of a hawkish move. Thus, the probability of bitcoin meeting the widely-predicted year-end target of $100,000 now looks lower.
While bitcoin was stagnant at press time, STX, the native token of the Stacks Network dedicated to unleashing bitcoin's potential as a programmable base layer, surged to record highs above $3. The token has rallied by over 50% this week.
While the reason for the spike is not apparent, some in the investor community cite bitcoin evangelist Jack Dorsey's decision to step down as the CEO of Twitter as the catalyst for the move. Dorsey remains the CEO of the payments company Square.
The consensus is that the move away from Twitter will allow Dorsey to focus more on his passion for bitcoin and decentralization.
"If I were not at Square or Twitter, I'd be working on bitcoin," Dorsey said at Bitcoin 2021, a conference held in Miami in June, according to media reports.
Among other factors, the impending Stacks improvement proposal SIP-012 upgrade to boost scalability, along with the planned release of the CrashPunks non-fungible tokens collection on Stacks on Dec. 12, may be powering the STX token higher.
Technician's Take by Omkar Godbole  Ether Sees Bullish Price Setup of Early October  Ether's daily chart with MACD histogram (Source: TradingView)
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