Cryptic ball: from guttural to cultural.
After yesterday's small liquidation wicks down, which brought cryptoasset prices across the board to the nearest support levels, the market has been ranging today, trading on low volume. This chop is typical in crypto so you must be patient. The stock market has also stabilised after it became clear the Evergrand rumours were just that - false information spread on purpose to foster chaos. What next?
Bitcoin's Taproot upgrade aside, not much has hit the market and this explains the boring, sideways activity. One of the most interesting comments that deserves to be highlighted, amid the sea of noise that I try to distill for you, came from Visa's head of crypto. In a conference this week (not Breakpoint, though), the executive said that "it used to be that if you were investing in crypto, you were kind of weird", right after saying "crypto is becoming cultural, it’s becoming cool".
This may sound dull, but it clearly represents the growing adoption and awareness of crypto by the larger society. Another good example is the fact many were shunning the fact that the overall vibe of Solana's Breakpoint conference, which also took place this week, was less about the software developers and more about the "tech bros" and investors. But that's just a reflection of the expanding utility of crypto projects - which are at last touching more areas of expertise. Isn't that cool?
Chart art: from resistance to support.
Three things: from SegWit to Taproot.
- Bitcoin Magazine has the best Taproot explainer around.
- LgDoucet has the best guide to crypto airdrops around.
- Yasmine Karimi has the best guide to DAOs around.