All your base are belong to us
Cryptic ball: priced in or out?
Markets are nice because people tend to repeat mistakes. After all, today's 4% drop from the all-time high caused $1.3 billion in liquidations. As explained yesterday, Coinbase's direct listing in a public stock exchange should be played according to the good old "buy the rumour, sell the news adage". So you couldn't expect a train to the moon. Anyway, we're seeing good support around $62.5k and $60k, as you can see below, so things should remain fine. But what about the next hours?
Well, it will all depend on how Coinbase's stock price fares in its first day. The initial reference price is $250 but trading hasn't started yet. However, some futures markets are pricing it at more than $450, which implies a market cap of $117 billion - compared to Goldman Sachs' current market cap of $111 billion. Is this mad? Yes, it is. But it's alt season after all! And, after the likes of GME, a popular stock which burned short traders, who wants to bet against Coinbase?
More interestingly, in today's GS's earnings call, their CEO remarked "bitcoin is on an inevitable path to have the same market capitalisation and then a higher one than gold". This is just the beginning.
Chart art: traders selling their BTC for COIN?
Macro musings: dogecoin alt cycle indicator rekt?
Meanwhile, alt season continues. While the tokens which were pumping recently fell today - think BNB, XRP, UNI - others found their moon today, with Doge up 2x since the beginning of yesterday. All-in-all, roughly half of the top 100 alts are in the red today, to compensate for the rest. Remember most things in crypto behave in cycles, so don't panic if you're favourite coin hasn't moved yet - unless it's a blatant scam or sh*tcoin, of course. Additionally, note that Doge's current ATH against the USD, matches its historical top when paired against BTC. While we should never underestimate the power of a meme, one must also be weary of alts who seem to defy gravity. Even dogecoin tends to rapidly fall.
Visual block: dogecoin is a proxy for alt cycles.
NFT naan: non-fungible taboos.
The New York Stock Exchange minted two NFTs two days ago. This is completely immaterial, but nevertheless interesting. After all, it's another attempt from a traditional finance operator to stay relevant in what is the future of web. First it was data. Then social interactions. And now it's value. That's the concept behind Web3, a fundamental block of the NFT rush, which we recommend you to get familiar if you want to ride this bubble! Otherwise, traditional institutions might be able to catch-up, and the new generations will lose the revolution. Meanwhile, stay tuned as we'll drop curated NFT news and knowledge in this section. We'll aim to publish every day there's something relevant for you.
Three things: only videos today.
- Garry Tan is a VC who invested $300k into Coinbase back in 2012. That will be soon worth more than $2 billion. Check his story and tips in this video.
- CMS Intern is a top-notch meme maker. They made this awesome Coinbase IPO party video you must watch.
- But not everything is a meme. Check this live conversation between Coinbase's founders and Marc Andreessen, a legendary VC. Brian Armstrong felt founding Coinbase in 2012 was already too late!
Meme moment: happy 20th bitcoin doubling.
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