Six days for the real three
3 min read

Six days for the real three

Cryptic ball: just wait for ETH.

What a weekend! Total crypto market cap rose +6% and looks poised to break $3 trillion this week (according to CMC, as CoinGecko's calculations already put the market above this milestone). Bitcoin finally woke up and pumped 11% to $66k and is also menacing conquering a new all-time high over the next days - and hopefully enter price discovery mode this time. All this despite a bad update in the US political scene, as the House of Representatives approved the infamous Infrastructure Bill with a crypto provision that not only "paves the way for extra crypto taxes", but also "would effectively kill DeFi and NFTs if it comes into effect".

What does that mean? That the market is not yet near the top. When things get overheated, any piece of credible FUD creates havoc. To be fair, this US crypto provision is being discussed for a while, but Congress finally passing it is a major step that would have spooked the least anxious of the bulls if things were getting out of control. What next? Remember Bitcoin's Taproot upgrade will happen this weekend, so I'm expecting increasing volatility around that time - which varies according to the time Bitcoin's blocks are actually produced by miners.

Finally, US equities continue to rally towards new all-time highs, perhaps inspired by Ethereum's ether - which is nearly hitting the mythical $5k level. What's interesting regarding the second most valuable cryptoasset is that it continues to be very coupled to BTC, a relatively new relationship in its not-so-short history. My view is that both assets have matured to a point where we won't see the kind of totally independent pumps among the two like we used to. In other words, every crypto investor should measure their performance against these two projects, which implies one needs to look for other projects if they want to outperform!

Chart art: but don't wait too much.

This correlation can be explained by the fact most investors are already exposed to these two cryptoassets. And they believe their investment thesis are somewhat interchangeable.

Three things: researching atom.

Tweet tip: what about Web 5.0.

Web 4.0 - Read, write, own, live.

Meme moment: it doesn't even need to be fresh.

Tether FUD never gets old.

B21 Card: new countries.

B21 Card is going places!

Get started: download the B21 Crypto app!

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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.