Goldboy disappoints
Cryptic ball: when flush?
The crypto market remains boring, but bitcoin's continued slow bleed towards $41.5k is scaring many - prompting this space's market cap to fall 3% on the day, as much as the orange coin depreciated since the last newsletter was sent. While it's good that we aren't seeing a strong attack from bears, it's also the case we're likely going to test $40k in the next days - and maybe even lower.
It's a little bit like what happened between Christmas and the first week of January, where the $45.5k support was seemingly holding, but was also being weakened by the lack of interest bulls showed at that level. What's worse now is that the latest darling alts, like ATOM and FTM, just fell more than 10% - which doesn't help those trying to bid for a long life. And the S&P 500 index is dumping again, as earnings season begins in a disappointing fashion. What next then?
If we don't get strong demand here, the slow bleed will continue as explained above. Note there's no institutional demand right now, quite the contrary as you can see below. While global markets seem to be pricing in the Fed's interest rate hikes - meaning we may get some respite soon - before that happens we may still experience more pain in all markets. Overall, I'm aligned with Pentoshi - we need a quick dip to $39k before we can say the coast is clear!
Chart art: when demand?
Three things: when hyperinflation?
- 0xfbifemboy explains "the correct model of OlympusDAO", rebutting the popular (3,3) meme around the OHM community.
- Fais Khan goes deep on the Coinbase effect, or, as he puts it, "the Coinbase curse", rebutting the thesis that crypto helps the little guy.
- Paul Veradittakit shared Pantera's latest letter, about "the year ahead in crypto", (trying to) rebute the Fed's stance that inflation is under control.
Tweet tip: when capitulationft?
Meme moment: when capitulatiohm.
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