Cryptic ball: keep reading.
Things have been relatively slow for crypto markets over the past 24 hours. BTC is up 7% since printing an higher low at $53k in the beginning of the day, and ether has paused a bit since finding a top at $3.5k yesterday. This behaviour is healthy and is exactly what we want to see if things are to continue pumping for a while.
Now, some believe the above movements with the two leading coins are related to Janet Yellen's recent comments. Being a former chairman of the Federal Reserve and current secretary of the US Treasury, she remarked that Biden's current spending increases may have to be countered by a rise in interest rates and inflation "to make sure that our economy doesn’t overheat". Yikes!
Chart art: keep flowing.
Market musings: keep pumping.
But did the above made bulls feel confidence in BTC and start buying it after weeks of sideways? Not necessarily. Even tough Yellen's remarks created some turmoil in the stock markets, the popular policymaker later clarified she wasn't "predicting or recommending" anything. Ah, how subtle central bankers can be! All-in-all, bitcoin and ether's performance was more likely technical than fundamental - as it's normal for rallies to pause and for bitcoin to bounce after a sell-off!
Now, what should you be looking for tomorrow? Well, v3 of Uniswap, the decentralised exchange which revolutionised the world of DEXs, is being launched as we type. V2 came out a year ago, so this will likely resume interest in DeFi and in sh*tcoins, given how this new version improves liquidity and reduces fees. So, if you have never got rug-pulled while buying a new token, make sure you have an Ethereum wallet, then check this great beginner's guide and make your first trade!
Visual block: keep mining.
Three things: keep listening.
- Podcasts are great to learn things very few people are writing about. So learn more about Solana ecosystem in this great interview with Sam Bankman-Fried.
- On April 28th we shared an excellent podcast with Crypto Cobain, Hasu and Su Zhu. It's a must listen, but if you prefer reading it was just transcribed today!
- If you're still wondering how the DeFi hype will cause the next bear market, just like ICOs did back in 2017/18, check this rational comparison.