Cryptic ball: AUM, AVAX under management.
Yesterday I told you the next days were going to be boring and that's what we've been having. Most cryptoassets remain stuck in the dip's range, having - for the moment - failed to bounce. The most notable exception is AVAX, the token behind Avalanche, another popular "Ethereum killer" I first wrote about in August. It has pumped 11% and reached a new all-time high, following news that the fast blockchain protocol had struck a deal with Deloitte, a "Big Four" professional services firm, to develop "disaster relief platforms" - whatever that means.
It's clear some VCs are pumping their bags. You know well I'm a fan of the founders of Three Arrows Capital, Su Zhu and Kyle Davies, and both have been poking funny, seasonal remarks at how Solana's SOL (the Latin name for sun) had its season in the summer and now it's time for the snowy, Avalanche token to shine (after all, snow's albedo - its capacity to reflect light - is one of the highest!). Now, what can you expect next? Well, in the next four days global markets will be shaken by President Biden's decision to keep or replace the chair of the US Fed.
The odds are favouring Jerome Powell, the current chair, but we may be in for a surprise if Lael Brainard, the contender, is selected, given his more dovish views which could excite investors in risky assets, like tech stocks and cryptoassets, earlier than expected. I'll keep following that and, for the moment, remember that this has been a 15% drop. Yet, bitcoin remains above $60k and ether clearly above $4k. As LilMoonLambo says, "bears are finished". Or they will be soon. After all, even if we haven't already reached the bottom, remember pullbacks are normal.
Chart art: accumulate when funding is low.
Three things: it's the dreamverse.
- Abe Othman writes about how "solo capitalists are gaining on traditional venture firms".
- Omkar Godbole writes about India's "ban on crypto as a payment" while it regulates the trading of cryptoassets.
- Reuters writes about "how an Indian metaverse king made his fortune", in a special report titled "From Crypto to Christie's".