The Nomad way
Cryptic ball: true digital nomad.
Another day, another hack in the cryptoshere that surrounds us. The market barely flinched, showing how normal losing ~$200M in this industry is. But it's a sign of its resilience, as the exploiters can't just sell the funds and instantly depress prices!
- What's next? It's clear we are consolidating and I continue to expect the next leg to point upwards. One just needs to be mindful that a minor dip may occur in order to trap late bears - but nothing significant is on the cards.
- Yes, miners are concerned about losing their revenue once Ethereum switches to PoS, but that's known for a long time ago. And it's normal for any move in prices to have pauses - especially in turbulent times like this.
- However, it's also clear the market is discarding the chance the Merge will be smoothly implemented, especially the fact that miners will likely continue to support the current PoW version of Ethereum - which will be confusing!
- Anyway, stocks are also trending sideways as global markets await confirmation of Nancy Pelosi's landing in Tawain tonight and of the backlash it can generate in US-China relations. But that chicanery should be over soon.
As usual, let's keep monitoring these trends and keep an eye out for all the things Merge. Ether is outperforming all Layer 1s and total crypto market cap, and it will likely stay that way until the network's upgrade either succeeds or fails.
Chart art: true world computer.
Three things: true free for all.
- Shivsak explains why he doesn't trade and only invests.
- Brian Feroldi shares "15 images every investor needs to memorise".
- Samczsun tells why "the Nomad hack was one of the most chaotic ever".