Market Roundup
Plenty of macro insanity to keep markets spooked and uncertain. The FED still has not pivoted, although there is plenty of speculation that the FED could be getting ready to pivot! We will find out this week whether or not the FED makes any indication of a pivot as there is a FED meeting on Wednesday.
That being said the last week has been pretty exciting as altcoins, in particular, Dogecoin went nuts! This was due to speculation that Elon Musk could integrate Dogecoin into Twitter. It is important to not fall victim to FOMO on these rallies. The bear market forces could be in effect for quite a while still. Lots of great opportunities, but we are far away from hitting major reversal points for most of the market which is still realistically beholden to macro conditions.
I covered these charts in my video last week, but I wanted to post them here for you again because the pattern forming up between the 2018/19 bear market bottom and now is certainly noteworthy.
This is how the 2018 bottom formed up.
This is how 2022 is going…
See any similarities? Curious…
The balance of Bitcoin on exchanges just keeps dropping! This continues to blow my mind. It is such a mega-bullish indicator of the demand for Bitcoin. In spite of the massive market sell off the buyers are still here and people still want BTC. The amount of Bitcoin on exchanges has been falling non-stop since March 2020!
Although it is worth keeping in mind that Bitcoin Miners are still sitting on enough BTC to add a lot of sell pressure to this rally! Their wallets currently hold over 78,000 BTC. Also, rumors are going around the US based miner Core Scientific could declare bankruptcy by the end of the year.
Top Airdrops of the Month
Aptos Testnet testers got over $1,000 bucks! We told you about this in July. I hope that some of you were paying attention and took the time to play around and get that free money.
Anyway, that was then and this is now!
Confirmed Airdrop: Blur is a new NFT marketplace that will be airdropping coins to anyone who trades and lists NFTs on their platform during the month of November. Details HERE.
Unconfirmed Airdrop Potential: Stratos, the biggest NFT marketplace on Arbitrum. Users who buy and sell NFTs here may qualify for a future airdrop of both Stratos and Arbitrum tokens.
Potential Testnet: ZKEX is a layer two exchange built on three different Ethereum based rollups. Testers are “likely” to get an airdrop. Check it out HERE.
Top Altcoins to Watch
If we get an end-of-year melt up then altcoins have the potential to see a nice rally!
But, I generally remain suspicious of rallies now as they are likely to be just bear market rallies. Still great gains potential, but caution is needed. Altcoins continue to present big risks right now. Even if short-term gains are possible we are far away from an “altcoin season” or new highs for underwater bags.
The talk of the town this month has been Aptos, the Solana killer. If you have still not read our report on this coin then check it out HERE.
One area I am seeing getting traction during the bear market is on chain perpetual swaps. We covered GMX a few times in the newsletter as being one of the top real revenue perpetual swap coins.
Two to keep an eye on are Meta Vault…
