In This Issue
- I share my thoughts on the state of the market, FTX collapse, Instagram NFTs, Solana partners with Google and a possible SUI airdrop.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on flash loans
- Defi Dad has a tutorial for you on how to find lending yields with DeFiLlama
- 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
The State of the Market
Black Swan. You don’t see them too often, but that is what has happened with the collapse of FTX, more on that in a minute.
Markets are absolutely devastated. Bitcoin has put in a new yearly low. Many coins are heading in that direction if not already there. Ethereum has lost key support. Basically absolute carnage.
Crypto finally broke away from the macro carnage, but in the wrong direction.
And while it is easy to talk about the opportunities that are showing up in the market, the truth is that this collapse will have hurt a lot of people.
If that is you, then I want you to know the following.
- Losses can be recovered, and even if it seems hopeless now remember it is just money. If you are really feeling depressed or worse about the situation then reach out to friends and family. Call a hotline if necessary. Don’t suffer in silence.
- Many people in crypto have suffered catastrophic losses before. And many have recovered and gone on to make it all back and gone on to new portfolio highs.
- A new bull market will come, and while it doesn’t feel like it now in the depths of despair of this bear market, it will.
So what am I doing now? Not much, some low bid buy orders filled. But, with so much chaos and such a strong potential for contagion I feel like the right play at this time is to wait for the dust to settle. Catching falling knives could be very dangerous right now. I am holding onto my fiat while this all plays out.
FTX Collapse
In a shocking turn of events a top 5 exchange FTX has gone under. This came just a day after the CEO’s Lehman Brothers tweeted that “FTX is fine”. Spoiler alert, everything was not fine.
The trouble all stemmed from FTX using its exchange token FTT as collateral for loans, and when the prices started falling the loans started getting called in. Leading to a cascading collapse of FTX in a matter of a few hours.
This collapse is without a doubt going to shake the entire crypto industry. This is bigger than anything else that has happened this year. This is our Mt. Gox moment in 2022.
It has been a hard year for crypto investors with so many collapses and bankruptcies.
- LUNA/UST Collapsed
- Celcius and Voyager Collapsed
- Three Arrows Capital Collapsed
- And Now FTX Collapsed
If you are new to crypto, then realize that what we are seeing is extremely rare. I think that the FTX story still has a lot of twists and turns to expect as we see the market unwind its exposure to what at one time was the second biggest…
