Optimism drops
3 min read

Optimism drops

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.

This channel is now looking like a textbook bear flag. If it breaks let's just hope $30k holds over the next months. Otherwise it will be 2018-2019 all over again.

Three things: funding falls.

Tweet tip: valuations reset.

Read the full thread as Vance argues such a reset is healthy. Agreed, healthy but painful.

Life is just a ride, right?

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.