The Fether or Sound of Methal?
Cryptic ball: not NFTs, still good for ETH.
This has been a fairly uneventful day, with total market cap remaining stable over the past 24 hours. Mark (not Marc!) Zuckerberg didn't announce an ETF platform yesterday, as mistakenly anticipated, but ETH still managed to appreciate 3%, reaching a new ATH, against an average dip of 1.75% for the other top 5 coins! And DOGE, number 6 on the list (excluding Tether), managed to pump roughly 12%!
Meanwhile, as explained in the previous issue of this newsletter, bitcoin continues to consolidate right below the critical $55k level. In other words, the original orange coin is strong, both in terms of its technical indicators, network-based metrics, which are crypto's version of financial fundamentals (and we recommend you to click that link about metrics), and funding. However, some traders fear the current consolidation may be rejected, instead. Always have a plan and watch out!
Chart art: not bad for the environment, period.
Market musings: not fresh, but still refreshing.
The rumours that Facebook is going to announce something related to crypto continue, despite yesterday's failed act. And they claim the social media mammoth may announce it's holding bitcoin in its balance sheet. If that's the case, the new should come out later today, at 2pm PT, during their quarterly earnings call. Our take is that, even if it happens, it will unlikely move the market much.
After all, this wouldn't be groundbreaking, following Microstrategy and Tesla disclosure of similar moves over the past months. So, feel free to ignore the hype and concentrate instead on the current alt season. Just remember to be very careful, as the current moment of the market cycle is where scams and hacks most abound. If you don't trust us, check how a friend's friend lost $400k via a MetaMask scheme, also eventually related with holding private keys in the cloud.
Visual block: not euphoria, yet.
Three things: not financial advice, just experience.
- CryptoCobain is one of the most popular CryptoTwitter accounts of all time. He provides great advice in this new interview by the great Hasu and Su Zhu.
- Understanding the evolution of money is a key thing for all cryptocurrency enthusiasts. So, checkout this excellent webinar by ByteTree's James Bennet.
- Kraken Intelligence is churning some of the best reports in the cryptoshere. Their latest is about traditional markets vs. crypto markets. Must read here.
Meme moment: not soon, it's here for a while.
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