Jack Daorsey is here
3 min read

Jack Daorsey is here

Cryptic ball: everyone is bearish now.

Yesterday's second attempt at testing $60k fell short by $1k, pulling bitcoin down 3% on the day, with the average alternative cryptoasset following the orange leader by that same percentage. Sentiment remains in fear territory and Adidas has just changed its Twitter profile picture to its Bored Ape Yacht Club NFT; something that many are seeing as a sign the top is here, at least for NFTs.

It's also interesting to see that Jack Dorsey's announced departure from Twitter is all about Bitcoin: Square - the other company he is CEO of - has just rebranded to Block, although the Square brand will be maintained. More interestingly, Square Crypto - a subsidiary - changed its name to Spiral, as it's a business unit solely focused on supporting "open-source projects aimed at making bitcoin the planet’s preferred currency", and the reference to "crypto" was a source of confusion.  

Indeed, it's typical to see such announcements close to the top of a bear market, as major players are late to embrace the fad and, when they do, many perceive this as a good time to sell. But, as explained yesterday, while we may see a bearish December if we fail to see a sustained pump until the end of the week (especially with open interest near all-time highs and a surge in exchange inflows), it's also the case that we're far from a cycle top, as you can see in today's chart art.

Moreover, it's good to see the S&P 500 is bouncing hard after hitting the key support level that its 200-period moving average on the 4h chart has been since June 2020. To be fair, it was also the worse two-day fall since October 2020, but I'm pretty positive central banks won't let equities ruin this year's Christmas dinners. And such a stock market recovery would surely contribute to a crypto pump. So, make sure you have a plan in case BTC breaks $53k again, but otherwise keep researching and preparing for the next leg up.

Chart art: everyone is afraid now.

The top will only happen when trading volume peaks.

Three things: everyone is self-sovereign now.

Tweet tip: everyone is a VC now.

Meme moment: everything is a DAO now.

Meme moment, part 2: it's all about support.

If bitcoin kisses support one more time the hodlers may fall.

B21 Earn: Put your stablecoins to work

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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 guidance in the report will lead to any particular outcome or result.