Freeway Friday Update — 6th May 2022

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In This Week’s Edition of The Freeway Weekly Update, We Kick Off The Freeway World Tour With News of 3 Awesome Events In Thailand, Toronto & Texas.

Inside this week’s edition of the Freeway Friday update you’ll find:

  • 20k Milestones on Freeway & Twitter
  • Freeway’s Latest Growth Stats
  • Thailand, Toronto & Texas: The Freeway World Tour
  • 2 Rugby Internationals, 1 Winning Photo
  • New Discover Page on freeway.io
  • Guerrilla of the Week: Harper
  • Agent Alpha On: Volatility at 25-Year Record High
  • Wednesday’s AMA

Hey #FreewayFam,

This week’s episode is brought to you by the letter T and the number 20.

As word of Freeway’s 43% annual rewards on Superchargers is spread, tagged, tweeted and liked, far and wide across the cryptoverse, more and more enlightened souls are signing up to access the best rewards available, anywhere in crypto.

Which brings us to that magic number 20, or rather 20k, a significant number this week for two huge reasons…

20k Milestones On Freeway & Twitter

It was a double whammy for Freeway’s growth stats, as we hit two massive milestones this week.

On Sunday, Freeway officially tipped over the 20k mark for signed up platform users.

Coming just over a month after the launch of the new Freeway website and web app, the rise in users shows our latest upgrades are paying off.

Then on Wednesday, Freeway’s Twitter followers smashed through the 20k mark too, showing that our reputation is growing every bit as fast as our Supercharger sales total and our user rewards.

Latest Freeway Growth Stats

While it wasn’t a great week for crypto, there’s no stopping Freeway’s growth. Here’s the latest stats:

  • Freeway users = 20,725
  • Current Superchargers total = $149.5 million
  • Freeway Token staked = 5.517 billion
  • % of circulating supply on Freeway = 85.644%

Thailand, Toronto & Texas: The Freeway World Tour

The letter T in the phonetic alphabet is Tango, so it’s a fitting way to tee off the Freeway world tour, as the first stop is at Coach K’s 5-day beach party in Thailand.

Our Co-CEO Graham and members of Freeway’s sales team will be at the Coach K Experience from 9–13 May, at Le Meridian beach resort in Phuket.

It’s a once-in-a-lifetime networking event, with some of the brightest minds in the Cryptocurrency and Blockchain ecosystem.

Nice work if you can get it!

Check out Coach K’s event here.

Next up, T is for Toronto, and the AIBC Americas Summit from 6–9 June, where Freeway’s brand new exhibition stand will be the star attraction.

If you are attending, make sure you come say hello to the Freeway team at stand P7. It’ll be one of the biggest stands at the event, so we should be pretty easy to spot!

Here’s a sneak peek at our latest design for the new Freeway stand (work still in progress), so you know what to expect.

Check out AIBC Toronto here.

The final stop on Freeway’s world tour will be in Austin, Texas, for Consensus 2022, from 9–12 June.

We’re not exhibiting this time, but we’d love to represent Freeway there next year. So we’ll be doing a full recce and choosing the best position for our Freeway stand!

Consensus is billed as the world’s biggest and longest-running crypto festival, and the only festival covering all sides of blockchain, crypto, Web 3 and the metaverse.

We’re pretty excited to see what Consensus is all about and start planning ahead for next year.

Check out Consensus 2022 here.

2 Rugby Internationals, 1 Winning Photo

Freeway’s first advertising campaign kicked off with our brilliantly branded, pitch-side digital panels at a number of sports events.

And you can see the ads again soon, live on Sky Sports.

They’ll feature at two rugby league internationals on 18 June, when ENGLAND’s women take on FRANCE and ENGLAND’s men take on the COMBINED NATIONS ALL STARS, with both games on Sky Sports.

If you do watch the games, keep your camera ready and you could win a prize of $100 a Supercharger of your choice, by snapping the best image of our sports campaign shared on Freeway’s socials in May (terms and conditions apply and you must have an active Freeway account).

Check out our winning shot for April below, of Warrington Wolves vs Wigan Warriors, shared by Leo @AuBit_and_Me on Twitter.

Congratulations Leo, you’ve won April’s $100 Supercharger prize, please get in touch to claim your prize!

New Discover Page On Freeway.io

Freeway’s crack web team has added a brand new Discover page to the freeway.io website.

We’ll be filling it with inspiring Freeway content for you to enjoy and share across socials.

Get to know the Freeway team and watch our handy video guides that will help you make the most of Freeway’s groundbreaking rewards.

Guerrilla of the Week: Harper

TG: @EHarper

Harper has been one of the most active members of the FreewayFam in the Twittersphere for a number of months now. Whilst he has been with Freeway more almost a year now, he continues to become more vocal about his journey.

It’s your passion and your authenticity that makes you the first Guerilla of the Week in May. You communicate with balance, but with conviction, and you NEVER miss an opportunity to highlight Freeway on anything remotely related in the clutter of Crypto Twitter.

Thank you for all your efforts, especially in helping others become familiar with Freeway, and your GOTW award is just a memento of appreciation from us and our long journey ahead together.

Agent Alpha On: Volatility at 25-Year Record High

Disclaimer: Agent Alpha’s statements are market commentary and not financial advice.

This week has been a humbling experience for financial markets.

Going from being so ‘right’ in the aftermath of the FOMC in terms of my thinking that the FED was going to blink on the degree of hawkishness they would employ with regards liquidity and QT (with risk surging post that meeting), to being so ‘wrong’ as the markets then digested and did not like what they saw and absolutely puked EVERYWHERE and in pretty much every asset class except the USD.

I’ll elaborate on that opener paragraph in a moment, but first here’s some context.

In equities this past week, we have now seen the biggest falls in markets since June 2020 (last Friday), followed by the biggest surge in markets since May 2020 (post FOMC on Wednesday evening), and then yesterday again, the biggest fall since June 2020. And that rally after FOMC was the biggest seen since 1978 on a FED hiking day, so that hammering yesterday within hours after that immediate surge move, is truly humbling many a market pro.

We also saw a massive blow-up move across asset classes, with fixed income puking after an initial post FOMC surge move too. And, as noted in this chart below, what we saw yesterday has only occurred TWICE in the last 25 years of financial markets. Equities plummeting > 3% (S&P) on the same day that 10-year UST bills also fell > 1%.

Can this be classified as capitulation? Probably not but if we see another surge back on in risk, we could look back and say yes, that’s exactly what it was.

So, at this juncture what value can I provide? Remember of course the very high correlation Bitcoin has with the main indices.

KEY levels, despite the market spasms, have still not yet been broken.

I do not claim for a second to have confidence this will remain the case for much longer. But I do stick to my view, that until this materialises, walking away from the BULL tack in risk per se, at this juncture, is not the correct call.

BUT I do stress, should ‘closes’ happen on these main indices, below the necklines I highlight, then all bets are well and truly off.

To that end, here’s a reminder.

On the S&P, the longer term Head & Shoulders pattern in play since September last year is charted below, with that neckline. As I write, trading at 4138, that neckline is 4088. Should a close happen below this area, the bare minimum technical target in the coming months suggests c. 3400, which is c. -20%.

To the TECH index the NDX.

H&S and neckline, c. 12500 is the neckline vs 12850 trading now as I write. Should this breach and close below, then the bare minimum target in play suggests c. 8900. That’s c. -30%.

Now here is the scary part.

Bitcoin correlation to NDX being > 0.8, suggests c. $25k area should the NDX neckline breach dynamic play out. Being roughly c. -30% slide too. But there is a H&S pattern in Bitcoin that implies ZERO too. And let me tell you that many a pro out there is convinced this is the case. That this is completely worthless, and that MicroStrategy, for example, will soon be facing margin calls that create a vortex of crypto destruction.

To be absolutely clear I think that is nonsense. But equally I consider it my role to always tell readers Alpha’s feedback from the financial markets. And I would use this whole period of max fear as an opportunity.

And so, back to my opening paragraph, why did the market puke? Why the historical reversals? Why did the bears on equities, fixed income et al, get so het up after initially being so relieved?

The narrative essentially stems around the read that the FED chickened out. That by not going with a 75bps hike and only 50bps, and by Powell explicitly saying 75bps wasn’t in consideration in future months, the FED is being read as storing up even more trouble further down the line. We now have calls out there that the FED is going to have to go as high as monthly 100bps hikes to get back onside the inflation threat, which will absolutely crash an already rapidly slowing and recessionary economy.

On the other side of the pond, yesterday the BOE also said, almost explicitly, that a major recession was coming, which the market read across Western economies, and the UK will clearly not be alone in that. This added significant volatility into the fixed income mix too.

What I think is an interesting read, is that Powell et al are actually trying to keep optionality on the table. What if they had kept 75bps for future months alive as a possibility of magnitude of hikes, and therefore ended up going 50bps (this month as they did), followed up by a 75bps and 75bps hike in June and July for example? Because that would not be enough time for the inflation data to come in showing it was rolling in any meaningful manner. What would then be the case, is a market pricing and clamouring for MORE hikes after that, which would escalate the risk of total policy calamity.

Another way of putting it is that Powell, by saying 50bps increments going forward was the FED’s intent, means that they can hike for a longer period, at a slower pace, thereby giving themselves more time to watch the real-time data in the cycle. Aka optionality.

So it is quite striking and now somewhat perverse, that the market is now fighting the FED, trying to bully the FED into more aggressive moves into the face of unknowns with regards to what inflation is going to look like and what growth will look like in 6 to 9 months. And with more moving parts than I can remember in >20+ years working in financial markets.

I will close out with this.

JPM highlighted how only 6 times in the last 10 years have long end Treasury yields jumped as much as they did yesterday. Now, whilst I am certainly not saying this is a FED ‘put’ marker yet, it may give pause for thought as to how close such a dynamic may perversely be? Because the last time such moves happened in the longer end Treasury markets was in March 2020, and the FED duly intervened.

Or put another way, the printing press of the FEDERAL RESERVE that has shaped financial markets since the Great Financial Crisis back in 2008/09 is going to get turned back on. It is not a matter of if, merely a matter of when.

Until next time,

Alpha

Wednesday’s AMA (Ask Me Anything)

Once a week on a Tuesday at 6pm UTC, Freeway holds an internal AMA in the Freeway Telegram channel that gives the community a chance to ask direct questions with core team members.

You can find the transcript from last Wednesday’s AMA session here.

Click below to join the official Freeway Telegram group.

If you’d like to participate in the next AMA on Tuesday at 6pm UTC, where you can ask Graham anything, join the Freeway Official Telegram group here.

As always, we love hearing from you, so please join us on Telegram, follow us on socials, and if you want to hear from us and you want to hear it first, sign up for the newsletter.

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Until next week,

Sadie Hutton
Co-Founder and CEO

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