Cryptic ball: a new month.
Sunday didn't provide us the pump we wanted. But at least we were reminded of the patience needed for the summer ahead. Some bears are still dreaming of $16k over the next months, but it's clear that won't happen unless the Fed loses the plot.
- What's next? August is here and I'm expecting bitcoin to form a new range amidst these doldrums. Such newfound stability can provide room for select alts to provide great trading opportunities, as this space is still vibrant.
- There are also few macro risks this month, as the EU closes for holidays and the US crowd pretends to work while scrolling Twitter. There's a minor chance US-China tensions escalate due to Taiwan's contentions geopolitical status though.
- But I'm not expecting that to have a big impact on the markets. In the meantime, September is still on the cards for Ethereum's highly anticipated merge, and this narrative will continue to drive demand for ETH and L1s.
- Alas, even Ethereum Classic is back from the dead as miners are threatening to resuscitate the old chain on top of a fresh investment by Bitmain in the ETC ecosystem, as this mining giant won't be able to sell more GPUs for ETH.
- But we can't forget the demand for ETC is negligent and even if all miners back Ethereum Classic out of the blue they won't make money, like in the good old times of the Bitcoin Civil War of 2017, because there are not enough fees for all.
Lastly, let's keep an eye out for the upcoming European winter, potentially a major source of chaos in global markets and in the lives of many. I'm betting Russia will keep choking the gas supply, which won't bode well for risk-on assets!
Visual block: a new sector is back.
Chart art: a new supercycle theory is here.
Three things: a new framework.
- Don't miss QCP's Capital Q2 crypto market update. A must
- Don't miss Sam Lessin's debate "over crypto use cases". Not to be repeated.
- Don't miss The DeFi Edge's "crypto research framework". Good to start!