In This Issue
- I share my thoughts on the state of the market, private key time, NFTs falling, Solana breaking again, Luna 2.0 & a great report by Acala.
- Rekt Capital has the latest technical analysis for you on the market.
- Sam has a report for you on Solana Summer.
- Defi Dad has a tutorial for you on how to earn up to 35% APY with USDC/DAI on Uniswap on Optimism.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
For any crypto related questions please comment on the website.
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What’s On My Mind by Lark
<h3 id="the-state-of-the-market“>The State of the Market
The entire market flipped uber bullish real fast this week as we broke out from the range BTC had been moving in for two weeks.
However, after a slip in equities today the crypto market fell abruptly, effectively erasing all gains. Surprise!
Our heavy correlation to the equity market has been the main driving factor in the market this year.
And what has the equity markets spooked? Quantitative Tightening, which is a fancy way of saying that the Federal Reserve is going to start reducing its balance sheet.
It does this in two ways.
One, by letting existing bonds end and not reinvesting in them. And two, by selling bonds and mortgages.
The first is not such a big deal, the second is more troublesome as it sees incredible sell pressure at a time when the market is already weak.
Relief rally?
Suddenly everyone starts going turbo long again, and it feels easy to make those bottom calls.
But as today shows it is best not to count your chickens before they hatch, because the macro headwinds do persist. We could be in a crypto winter for a while.
The market has not yet established strength. We are still well below all key moving averages. Emotion is high in such situations.
We just completed 9 red weeks for Bitcoin, a new record by 3 weeks. Any green gives people irrational hope.
But we are far from out of the woods in my opinion. Stay strong, stay calm, remain focused.
BTC dominance is rising again.
Almost 47% at the time of writing. This is bad news for altcoins as their valuations bleed out versus both Bitcoin and the dollar.
During such times in the markets, Bitcoin becomes a safe bet.
<h3 id="private-key-time “>Private Key Time
The market has been pretty crazy recently. You might have noticed?
Because of this and the ongoing crazy in the market I am going to be holding onto my private keys in the short term.
That is to say that I will be removing funds from lending platforms and defi protocols until things settle down a bit.
There is nothing wrong with just holding your assets in your personal wallet. In fact in many situations it is preferable.
If you can get good yield, then you might make the decision to risk a bit of your crypto in a lending platform or defi.
But when these yields fall enough during bear markets, perhaps it becomes time to rethink things.
Is it really worth risking my BTC for such a low yield? Even if the risk is small.
It is something to ask yourself.
<h3 id="nfts-falling “>NFTS Falling
Major…
