For the week of July 28 — August 3
Wouldn't it be great if the big-wigs could just leave the markets alone, so we can get that clean altseason we're all waiting for? Yea, we think so too. But no, this week we got news about more tariffs instead. And what did the markets do? Well they didn't like it, that's for sure.
But let’s not get too doom-and-gloomy here. We have a hunch that the crypto markets are over-reacting. So we just keep doing what we do best: vibing and building.
Let's dive in to what happened this week!
In the markets, bitcoin pulled back
As usual, let’s start off with a short big picture market update to ground ourselves a bit.
In tradfi, stock markets had a good start of the week. Then came Wednesday, and the US Fed announced that there would be no July rate cut. This was no surprise at all, and the markets didn’t react much. What they did react to was the following press conference, where chairman Powell refused to give any promises of a September cut. This should have come as no surprise either, as Powell has repeated over and over and again and again that they will always follow the data. But still, the markets were apparently somewhat disappointed, and sold off a little.
However, the bigger sell off came on Thursday and Friday, as Trump announced a new barrage of tariffs that got everybody spooked. If we take a step back and look at the bigger picture though, so far this pull back is not large, and it could well turn into a normal correction in a strong uptrend.
Turning to bitcoin, despite following the rest of the market down, it closed the week at $114k, still sitting well above the breakout point at $109k. The breakout has not been invalidated, and the price target remains at $142k. So with that in mind, it’s much too early to call any tops.
Let’s see what the stock markets do this week in response to last week’s tariff news. But for now, a mindset of patience and buy-the-dip seems the most rational.
Hege Hangouts premiere
With the markets covered, let’s turn to Hege.
On Friday we premiered Hege Hangouts, our new weekly community call.
Hosted by Chris and Day, Hege Hangouts will feature discussions about Hege, crypto, markets, and whatever else is going on in the world. Towards the end of the show, we'll also open up the floor for listeners to ask questions, or talk about whatever they want.
This first one was held on Telegram, but going forward we decided to move over to X spaces instead. Because we think we can attract a bigger audience that way. Expect the first few episodes to be a bit of trial and error as we figure out the format and the topics to talk about, but we're really excited to see where we can take this one.
Hege Hangouts. Every Friday. 15:00 UTC. On X.
See you there!
(Sadly, Day messed up the recording of Friday's call. So that one will be forever lost in time 😢😢😢)
New stickers for the $HEGE sticker contest
In other news, the $HEGE sticker contest continues. This week Chris made a dope set of new stickers in addition to the classic ones.
You can download them from our Google Drive on the following link: https://drive.google.com/file/d/1ala4XMcKa0FqiPkdooe7DQx7XdGqIZL4
Chris says to ask the print shop for a printout on waterproof vinyl sticker paper, letter size, 600DPI RGB.
The rest of the details you can find in his excellent Reddit post.
Thanks Chris!
Up ahead in the coming week
Don't miss the next Hege Hangouts. It will be hosted on X, on Friday, August 8, at 15:00 UTC. Be there!
Meanwhile, we keep working on how to attract new holders. We have some interesting ideas about new features that we’re discussing internally, and we’re also thinking a lot about how to best promote what we already have. We can’t say anything specific yet, but stay tuned!
Thanks for reading
And that's it. Another week comes to an end, and a new one begins. As always, we'll be back again next week with a fresh update. In the meantime, have a great week and thanks again for being part of the Hege journey!
— Team Hege
PS. If you’re not in our Telegram already, get in there! It’s always the best place to hang out and get the latest on what’s going on. Find the link here: https://linktr.ee/hegefund
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