Volatility is back with a bang to shake things up.
The crypto market is awake with the sound of red candles and long wicks down.
It’s been a rough week for crypto with portfolios in the toilet.
If you’re still here, congrats! You’re going to make it.
This is your end-of-the-week crypto news roundup and a breakdown of WTF just happened.
Here’s what’s in today’s issue:
- My portfolio updates.
- Rebecca shares her thoughts on this billion-dollar crypto crash, Shibarium and Sei’s stinky launches, new developments on Ethereum & PayPal partnering with Ledger.
- Altcoin Alpha by David.
- Airdrop of the week by Jesse.
- Jesse has a deep dive on HMX Exchange.
- Sam has a report for you on Base NFTs.
- In case you missed it by Rebecca.
For any crypto related questions please comment on the website.
Lark’s Portfolio
Buys and Sells
Quiet week for me as I have been ill.
So no new buys, sells, trades, or farming.
Yes, I know there were juicy prices to be had on the sell off, but my mind isn’t in it today as I come back to the office.
Will reassess early next week. Should have lots of new updates next week so stay tuned!
One thing I did do though was repay some of the debt for my Ethereum loan to give myself a lower liquidation rate just in case things get worse in the market.
I unstaked my DAI from Summer App to pay this down. Better safe than sorry IMO. I can always draw from this later.
Also, we are seeing a rather brutal sell off right now in crypto.
Lots of bad news all piling up at once can do that. Stay safe out there. Don’t use too much leverage.
Don’t fomo. Be patient.
Bitcoin halving is not far away now.
A Bitcoin spot ETFs will be approved eventually.
Better days will come for these markets.
Open BUY and SELL Orders
Nothing new this week
Current Farming/DeFi Positions
- Maker’s Summer App Loaned ETH to borrow USD DAI.
- Trader JOE: ETH/USDC on Arbitrum
- Syncswap: ETH/USDC on ZKsync
- Horizon: ETH/BUSD on Linea
- Baseswap BSWAP/ETH on BASE
- Quickswap QUICK/USDC on Polygon zkEVM
- Linea Bank ETH supply on Linea
- Lendle supplying USDC on Mantle
- Radiant Capital LP RDNT on Arbitrum
NOTE – Most of these positions are very small
👉 VIEW LARK’S UPDATED PORTFOLIO 👈
The News Now
💥 WTF Happened: The Billion-Dollar Crypto Crash
Bitcoin dropped 9% in 4 minutes.
It’s the biggest liquidation event of 2023. Over $1 billion was wiped off the market in total. And Bitcoin saw more liquidations than the FTX collapse.
Bitcoin has retraced its entire move up following the flurry of Bitcoin ETF applications. Either the market is broken and we go lower, or we get a V-shaped recovery. But let’s discuss what the heck just happened:
1. Fed’s meeting minutes
The Federal Reserve dropped a bomb on all financial markets.
Their latest meeting minutes revealed two things:
- increased fears inflation will continue to tick up
- interest rates will need to go even higher
This could turn out to be a nothing burger. But it certainly rattled the markets. Stocks, down. Bonds, down. The yield on the US 10-year Treasury has risen to its highest level since October 2022.
2. China falls into deflation
China’s inflation has cooled too much and slipped into deflation. China’s…
