TheBRRR’s Thoughts

GM.

As we wrote on Friday, we expected the dollar rally to fizzle out, inevitably providing relief to the crypto markets.

As it turns out, all crypto needed was for the dollar to pause its surge in order to bounce.

Bitcoin’s back over $70,000 today after dipping as low as $62,000 on Friday, while the dollar is essentially flat over the same timeframe.

The Bitcoin rally has trickled into other crypto assets, with majors like ETH and SOL up roughly the same as BTC. Smaller cryptos are more mixed with notable outperformance from infrastructure projects like Arweave and memes like dogwifhat.

A few stories catching our eye today:

1) We’ve got a short trading week with markets paused for Good Friday, but we will get inflation data on Friday with the markets closed. We’re previewing that report today.

2) Donald Trump’s Truth Social will start trading under the ticker DJT on the Nasdaq tomorrow. We think Trump’s supporters might irrationally buy up the stock in a showing of pre-election support.

Trump’s Truth Social To Begin Trading On Nasdaq Tomorrow

WHAT HAPPENED:

• Trump Media & Technology Group Corp. (TMTG), the company behind the Truth Social app, announced it will start trading on the NASDAQ under the stock ticker symbol DJT on Tuesday.

• This move follows the merger between Donald Trump's media company and the special purpose acquisition company (SPAC), Digital World Acquisition Corp. (DWAC).

• The merger, which was approved by a majority of DWAC shareholders last Friday, was completed by Monday, according to the U.S. Securities and Exchange Commission filing.

• Donald Trump owns at least 58% of TMTG, valuing his stake at $3 billion or more, based on Monday’s share prices. However, he is currently restricted from selling shares for six months under existing regulations.

• Devin Nunes will continue as CEO, along with the current management team, focusing on building a platform that emphasizes free expression and opposes Big Tech censorship.

WHY IT MATTERS:

• Symbolic Ticker: The choice of DJT as the ticker symbol underscores the personal branding of Donald Trump, reflecting his influence over the company.

• Market Impact: The merger and subsequent NASDAQ listing highlight the increasing crossover between politics, technology, and financial markets, potentially setting a precedent for future ventures.

• Free Speech Debate: The company's stated mission to "reclaim the Internet from Big Tech censors" taps into ongoing debates around free speech, censorship, and the role of social media platforms in public discourse.

In Detail:

• The merger between TMTG and DWAC marks a significant step in Trump’s efforts to establish an alternative social media platform, post his controversial bans from major social media networks.

• The financial and strategic backing evident in the shareholder approval and the surge in DWAC’s stock price may empower TMTG in its competition with established social media giants.

• The leadership structure, with Nunes at the helm and Trump's substantial ownership stake, ensures the continuation of the platform's founding vision while navigating the challenges of operating within the public market framework.

CNBC

Inflation Data To Hit While Markets Closed Friday

WHAT HAPPENED:

• The Core PCE Price Index, a critical measure of inflation excluding food and energy prices, is set to be released on Good Friday, a day when bond and equity markets are closed, marking the end of Q1 2024.

• The week is also filled with other inflation indicators worldwide, including CPIs from Italy, France, and Spain, as well as Tokyo CPI, highlighting global inflation trends.

• The Federal Reserve speakers are scheduled throughout the week, providing insights after a dovish stance in the last FOMC meeting.

• Other significant US economic data releases include new home sales, durable goods, consumer confidence, final consumer sentiment reading, pending home sales, Q4 GDP, trade data, Chicago PMI, and initial jobless claims.

WHY IT MATTERS:

• The timing of the Core PCE release is unusual and significant, offering insights into inflation trends without immediate market reaction, which could influence market opening on the next trading day.

• Inflation data across different economies will provide a broader view of global inflationary pressures, crucial for monetary policy decisions.

• Fed speakers could offer further clarification on the Fed's dovish turn, potentially impacting market expectations for future monetary policy.

• US economic data will give a comprehensive look at the economic health entering Q2 2024, with implications for interest rate decisions, investment strategies, and economic forecasts.

In Detail:

• Core PCE Expectations: Deutsche Bank economists anticipate a +0.27% rise versus the previous month's +0.42%. Jerome Powell hinted at a possible lower figure, adding uncertainty to forecasts.

• European Inflation: Predictions suggest slight decreases in inflation rates, with specific attention on major economies like Germany, France, Italy, and Spain.

• Fed Speeches: Insights from various Fed officials could adjust market sentiments and expectations regarding interest rates and the economic outlook.

• Economic Indicators: Data from home sales, consumer confidence, and GDP could influence perceptions of the US economy's strength and the Fed's next moves.

ZeroHedge

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The BRRR is meant for informational purposes only. It is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.ll