Daily Newsletter | August 15, 2023

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

BANKING BLUES

? Fitch Ratings hinted at potential downgrades for over 70 US banks, including industry giants like J.P. Morgan Chase (JPM), if the industry’s score drops from AA to A+.

? This warning follows Fitch’s June assessment cut of the banking sector’s health, which surprisingly didn’t lead to immediate bank downgrades.

? Other rating agencies have been active too; Moody’s recently downgraded 10 banks and hinted at possible cuts for 17 more, including big players like Truist (TFC) and US Bank (USB).

Source: shutterstock

BITCOIN BOREDOM 

? The Bitcoin (BTC) market exhibited signs of “extreme apathy and exhaustion,” with key on-chain indicators hitting all-time lows.

? Despite this, over $16 billion in value flowed into Bitcoin this year, albeit at a slower pace than the 2021-2022 uptrend.

? Long-term holder supply reached an all-time high of 14.6 million BTC, suggesting strong conviction among Bitcoin investors, while short-term holder supply dwindled.

Source: shutterstock

JULY’S RETAIL RALLY

?️ July’s retail sales increase by 0.7%, surpassing the expected 0.4%, with a notable 1% rise when excluding auto sales.

? Online retailers experienced a 1.9% spending spike, while sporting goods and eateries saw increases of 1.5% and 1.4% respectively.

⛽ Import prices in July climbed by 0.4%, primarily driven by fuel costs, hinting at persistent inflationary pressures.

Source: shutterstock

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