Down the FOMO hole
4 min read

Down the FOMO hole

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: stay neutral.

As explained Wednesday, this week's ongoing dip - impacting +80% of the top 100 alts - makes us feel we'll find a bottom soon, which could pave the way for a better second half of September. As also expected, SOL continued its decline and we're targetting the first possible bounce around the $110-$120 level, in what could be an ugly weekend across the board. So, what to do over the next days?

Some OTC desks have reported Thursday as one of the summer's slowest days in what concerns Asian flows, with the rest of the markets in pure profit-taking mode. The Hong Kong stock market also hit a yearly low, attributed to fears that a Chinese real estate giant might default very soon and impact other markets. And you all know how Asia is an important demand driver for cryptoassets, right?

Chart art: until bitcoin makes up its mind.

The original cryptoasset looks healthy and the current flag hints at continuation towards a new higher high. But it needs to clearly break out above $48k to inspire confidence.

Market musings: stay in the game.

To be clear regarding the previous section, we don't anticipate much volatility this weekend. But this slow bleed makes us feel like being neutral. Indeed, some alts like Avalanche's AVAX and Cosmos' ATOM (two other popular "Ethereum killers") are rocking this week with 40% to 45% appreciations. However, most of the market seems pretty dull - so we prefer to avoid being long or short. Why?

As the saying goes, you should never short a dull market. Just make sure you protect your profits too. And, as usual, take advantage of the calm waters to dive down your favourite rabbit holes. If you still don't understand DeFi, consider checking The Economist's take at it. Despite the funny jokes, this magazine first covered Bitcoin in 2013 and made it its cover in 2015 - which created huge spikes in Google searches back then. Now you guess what will spike next.

Visual block: until more fall down the rabbit hole.

"Bitcoin, the first big blockchain, created in 2009, is now a distraction. Instead, Ethereum, a blockchain network created in 2015, upon which most DeFi applications are built, is reaching critical mass. Its developers view finance as a juicy target. (...) But Ethereum is a self-improvement machine. When it is in high demand the fees it charges for verification can climb, encouraging developers to work on minimising the intensity with which they use it. There will be new versions of Ethereum; other, better blockchains could one day replace it."

Three things: stay bullish.

  • CMS Holdings is one of this industry's most popular investment firms. Learn more about what his co-founder thinks about crypto in this great interview.
  • Trading options is mostly an institutions game, but it shouldn't be. Learn more about this sophisticated world with Defi Pulse's good introduction.
  • Layer 2 scaling solutions are key for the future of DeFi. While we disagree with those who argue these projects are undervalued, we strongly recommend this article from Bankless, covering different ways to be exposed to them.

Tweet tip: until the next blow-off top.

Twobitidiot knows his stuff. Then it's a race to the bottom.

Meme moment: stay fungible.

Until the fees go even further down.

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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.