Cryptic ball: is this a new month?
Not much has changed since yesterday's macro explainer. It's great to see that bitcoin is pumping and about to test $60k again - finally showing the first signs of trying to break out of that downtrend I've been writing about. The S&P 500 is also trying to bounce, but global equities still look shaky. Ether is also less than 2% away from its all-time high, having pumped 20% in the past three days alone!
As before, I'm seeing many claiming this is a dead cat bounce and trying to short any rally. This may slow down the ascend, but if traders are slow to flip their bias this also creates incentives for bulls to squeeze these late shorts and use their liquidation levels as fuel to conquer new highs. Terra's LUNA is providing such an example, with another ATH achieved today on no particular news (kind of).
Overall, I remain convinced the world will see Omicron as part of the new normal, with the increased volatility also part of the adjustment process required to deal with these economic woes. In other words, this COVID news will be fairly neutral and markets will complete their long-term trends. Still, let's see how the weekend approaches as December is about to define the mood of the year ahead.
Visual block: is this 2012?
Three things: is this the multichain future?
- Know anyone working in a bank? Check The Block's report on "trends in banking for digital asset firms".
- Know anyone divided between protocols? Check William Pester's advice on "how to hop between chains".
- Know a normie trying to fall down the cryptic rabbit hole? Check Sara Harrison's "normie's guide to becoming a crypto person".