625 million reasons
Cryptic ball: do your own research (and audits)?
Total market cap is up a meagre 2% over the past day, as bitcoin ranged, just like anticipated. In the meantime, and has also explained, it's great to see some alts putting on quite a show with spectacular +20% pumps. Time to dig deeper:
- Bitcoin is consolidating around $47k. And the war in Ukraine is slightly de-escalating, with Russia withdrawing troops near Kyiv. In other words, the conditions are set for this pump to continue to $50k, possibly even $52k.
- Why? Well, macro conditions are less dreadful, with most of the current fear already priced in. The significant appreciation of some alternative cryptoassets also shows how investors are comfortable with risk - even if just for a while.
- If Terra's LUNA pumped 10% towards new all-time highs (ATHs), the only major coin to break records in times like this, then we also saw the likes of RUNE, AAVE and WAVES pumping 20% to 30%. It's the cycling game, right?
- On the other hand of the spectrum, it was discovered today that Axie Infinity's Ronin network had an exploit, with hackers stealing $625 million in what's being called the greatest hack in history. Yet, AXS's price only fell 8%!
- Lastly, the Nasdaq jumped roughly 2% too, a significant gain for equities, especially considering the past two green weeks in the American stock markets and four consecutive up only days, in spite of an inverted yield curve.
All-in-all, it's clear that there's enough bullish sentiment to prolong this pump, at least until the next major scare. I'm long since early last week and will continue to be until my stops hit or major news breaks out. As explained yesterday, that can easily happen and this tweet shows you how. In the meantime, keep DYOR!
Chart art: surf those waves.
Three things: love that DeFi Edge.
- The DeFi Edge shares "how to build a solid Crypto Portfolio in 2022"
- Meet Barvadiya shares "the ultimate thesis about Ethereum's Merge".
- Tascha Che wonders if this is a "sustainable rally or dead cat bounce".
Lastly, here's yesterday's correct link for Ming Zhao's piece on correct bet sizing. And do read Tascha's contrarian take, great case for why this isn't the bottom.
Tweet tip: love that agnosticism.
Meme moment: love those memories.
FV Bank: meet us in Miami.
Get started: download the B21 Crypto app!
