Today’s edition is brought to you by Agoric - where you can build and deploy secure DeFi applications using the world’s most popular programming language, JavaScript.

Say goodbye to multi-chain chaos!

GM. This is Milk Road, the crypto newsletter that feels like free Slurpee day at 7-Eleven—every single day. **checks calendar**

Here’s what’s slurping today:

MACRO: US ECONOMY IS NO LONGER OVERHEATED 🆒 

In his semi-annual testimony to US congress yesterday, Fed Chair Jerome Powell dropped some serious updates on the state of the #1 economy in the world. 

According to J.Pow, the economy is "no longer overheated" and the job market has "cooled considerably" from its pandemic-era extremes.

It's like your morning coffee finally cooled down to a drinkable temperature. ☕
There are a couple reasons why this is big news:

1/ CPI data dropped 

The much-anticipated CPI (Consumer Price Index) data for June has arrived, and it's cooler than expected:

This softer-than-expected CPI data suggests the Fed might have room to ease up on the interest rate pedal. 

2/ Rate cut odds up

Polymarket odds are giving us the inside scoop, showing an 83% chance of a rate cut in September. 

Unfortunately, a July rate cut is still looking quite unlikely. 😢 

The market is basically betting on Jerome Powell to pop a David Blaine and pull a magical interest rate cut out of his hat soon(ish). 🔮 

So, what does all this mean for your bags? 

With the consumer inflation numbers coming in soft and the economy cooling overall, we could see some fireworks in the market. 🎆
🥛Milk Road Take: Markets love a cooling economy. 

BAH BA BAH BAH BA 🍟 🍔 

AND the cases for interest rate cuts are getting stronger than ever. 

With an 83% chance of a rate cut in September and the market hoping for 2-3 rate cuts by the end of the year, it's time to get your popcorn ready. 🍿

THE 4 PHASES OF BITCOIN PRICE CYCLES 🍂

We know many of you are feeling a bit jittery with the market doing its best impression of a roller coaster since March. 🤮

Yup, it’s only been four months… Felt like an absolute eternity.

But hey, take a breather – we’ve been here before, and will ride it out again.

We’ve seen this play out more times than Michael Saylor has tweeted about Bitcoin.

Let's look at how all the cycles have played out in the past: ⬇️

Here's the quick and dirty rundown…

1/ The “down only” year: 😱

Bitcoin took a nosedive with nasty drops (-78% in 2014, -87% in 2018), capping off a hat trick of yearly downturns in 2022.

2/ The “market recovery” year: ❤️‍🩹

Bumpy yet hopeful years, with big rebounds in 2015, 2019, and 2023. It’s Bitcoin’s version of a phoenix moment, rising from the ashes.

3/ The “painful upside” year: 📈

Rising but rocky, with major dips: 

4/ The “up only” year: 🤑

Boom times with massive gains, like 2017 and 2021. If history’s our guide, 2025 could be another wild ride up.

🥛 Milk Road Take: We’re still in the “painful upside” phase so this current dip we’re in is no surprise. Every cycle has its peaks and valleys, but we always come out stronger. 💪

So, keep your cool, zoom out, and remember: In the crazy world of crypto, patience isn’t just a virtue—it’s a superpower. 

Stick to the plan, don’t panic, and let’s ride this roller coaster together. 

Or as our PRO team likes to say it: Dont f*ck this up! 🤣

We may be entering the final stage of this crypto cycle, so dive into the latest episode of The Milk Road Show, where Zeneca reveals his portfolio reallocation strategy to capitalize on this golden opportunity!

YouTube | Spotify | Apple Podcasts

MILK ROAD PRO PORTFOLIO UPDATES 📊 

Look! Up in the sky! It’s a bird! It’s a plane! It’s… the Milk Man sharing his latest portfolio changes.

Like clock-work, every Thursday, we’re here to share our updated list of investments from the Milk Road PRO Portfolio. 

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “how to build a crypto portfolio in 2024” report to learn more about our portfolio strategy.

Portfolio performance 📈 

The Milk Road PRO Portfolio saw a slight increase over the past 7 days. Our portfolio value is at $100.3K, up 1.4% since last week.

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Seamless multi-chain applications start with orchestration via Agoric’s Early Access Program. Find all of the resources necessary for new builders, established apps, and creators to dive into web3 native orchestration. *

Compound finance website hijacked: Users warned of phishing threat. Compound's site got taken over by bad actors, redirecting users to fake pages. Talk about a bug in the system—more like a spider!

Goldman Sachs launches 3 new tokenization products. GS is introducing new ways to bring traditional assets to the blockchain. Wall Street is getting more blockchain-savvy—who knew boomer bankers could be so hip?

Pro-Crypto Donald Trump set to speak at Bitcoin 2024 Conference. The former President and Robert F. Kennedy Jr. will be taking the stage at the major Bitcoin event. Love him or hate him, he says he’s about to make crypto great again!

BitMEX founders plead guilty to flouting AML laws. Arthur Hayes and Benjamin Delo admitted to designing BitMEX to skirt U.S. anti-money laundering rules, each paying a $10M fine. Guess even in the crypto wild west, the sheriff eventually catches up!​

SEC closes investigation into Paxos stablecoin. The SEC concluded its investigation into Paxos without recommending any enforcement action on its stablecoin, BUSD. Guess the watchdog decided not to bite this time!

*this is sponsored content

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

add new review

VITALIK PIC OF THE DAY

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.