Friday the 13th, 2022 version
4 min read

Friday the 13th, 2022 version

Cryptic ball: a truly scary week.

It's the second time we have a Friday the 13th in this newsletter. The first one was last August and there were few reasons to be afraid, as alts were starting to pump in the aftermath of 2021's May to July carnage. But what's left to fear now?

  • Following this week's crash, the crypto market finally got some respite, with all tokens bouncing 5% on average. Bitcoin even managed to stay above $30k for most of the day, even if it fell below it once again - albeit not violently.
  • Naturally, this was perfectly aligned with the US stock market, given that the S&P 500 rose 2.5% and the Nasdaq nearly 4%. For now, crypto is still highly correlated with these markets and we can only dream with a decoupling.
  • And, as anticipated yesterday, stonks bounced because the Fed acted. Or spoke. Some FOMC members reiterated Jerome Powell's statement that 0.75% hikes are not being considered and that the Fed will calm down once inflation peaks.
  • However, this doesn't look like a true bottom for the stock market - especially because Jim Cramer, the infamous CNBC host, is shouting the bear market is over. He wants it to be over and so do I. But tech stonks are still "expensive".
  • Fortunately, at least for the weekend ahead it does look like we'll have some peace. The past days were so intense that even bears are exhausted and need to rest a bit. Moreover, it seems Terra's downfall hasn't spread to other projects, with Celsius confirming they got all their funds from Anchor before the depeg.
  • Lastly, let's keep following BTC, especially around Sunday night. That's the time when bears tend to attack these days, especially if US stock future are negative. Overall, I believe things will be fine but I'm sitting peacefully flat.

Meantime, remember LUNA kept crashing today until it it reached a minimum of $0.000009 and was eventually delisted from major exchanges! While Do Kwan announced a revival plan, don't expect the Terra ecosystem to be back soon.

Chart art: a truly capitulative moment.

On-chain realised losses hit the second highest amount since 2018. But, like in May 2021, we'll likely chop sideways for some time. There's no rush to buy now. Conversely, remember that if no one is interested in buying BTC then it's easier for bears to try another test of $25k!

Three things: a truly doomful forecast.

Tweet tip: a truly wise tip.

Funny because it's true.

Meme moment: a truly memetic cycle.

Bear markets create strong memes.

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