Cryptic ball: pessimism rises.
Another day in these cryptic doldrums. Any bounce is shorted and all the dips get bought - at least for a while. Yet, we're still in a clear downtrend until bitcoin forms a higher high. In the meantime, what can you do to stay afloat?
- Watch out the latest corporate earnings for signs of where the stock market will go next. After Google's Alphabet failed to impress investors yesterday, it's time for Facebook's Meta to make it or break it by the close of the bell in the US.
- So far, Nasdaq has slightly bounced off its yearly lows, but the support looks meagre and I believe a dark (or shall I say red) end of the week is quite likely. If Zuckerberg fails to deliver, then we'll need some candy to soothe the bears.
- Back in the cryptoshere, everyone's excited about the latest airdrop in the Ethereum ecosystem. Optimism, a Layer-2 scaling solution, is launching the OP token soon and giving part of its supply away to active users. All details here.
- Such optimism won't surely suffice to turn around the tide, but it provides a great opportunity for market participants to get cosy with this tool which helps lower fees and speed up the typically congested Ethereum transactions.
Still, if you need an extra pill to sweeten your day, here's some schadenfreude: Bill Hwuang, the former billionaire who lost his $20 billion fund in two days last year was arrested today and charged with fraud. Not much optimism left there!
Chart art: bear flags.
Three things: funding falls.
- Juiced Protocol created "a beginner's guide for funding rates".
- Anthony Lee Zhang argues "yield farming is basically growth hacking".
- Burak Arikan compares "asynchronous heterogeneous blockchain networks", e.g. Cosmos, Polkadot and Avalaanche. A must-read!