In This Issue
- I share my thoughts on the state of the market, Ethereum Shanghai, API warning, CryptoCom proof of reserves, Sushi Swap in trouble and Canada bans leverage.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on how stablecoins make money.
- Defi Dad has a tutorial for you on how to earn 170% APY staking APE.
- 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
Another week and more proof that macro is basically the key driving force in crypto at the moment. Had we not had the FTX collapse Bitcoin and really the whole market would probably be a lot higher now.
First, let’s talk about the CPI data for November. The market reacted bullishly to the news that inflation came in better than expected. While it was widely thought that it would come in around 7.3%, it actually came in at 7.1%. Down from 7.7% in October. Meaning that inflation is heading in the right direction, and yes, it is still way too high, but it is still dropping. If we continue this trend then things could be well into not shit territory by March.
Today the FED announced the latest rate hike and as widely anticipated it was only 0.5%. With the FED chief saying a terminal rate of 5.1% was likely. This is generally good news because it means we are finally slowing after months of HUGE hikes! Still have a long way to go, but we could see rate hikes stopping in Q1 or early Q2.
Are We Actually Memeing a Santa Rally Into Existence?
Next, I wanted to share this chart from Glassnode with you. It shows that over the last year there has been a total realized loss of 213 billion dollars for Bitcoin holders. In 2020/21 There was a yearly profit of 455 billion. This represents a capital loss of 47%, which is pretty close percentage wise to the 2018 market cycle. Interesting. And yet another factor showing that this period could be the bottoming period… assuming there are no more Black Swans.
Oh and SBF, the disgraced CEO of FTX, has been arrested in the Bahamas and has been denied bail. Insane that it took so long and that he was able to do the podcast tour before actually getting grabbed. Anyway, he has been taken and the next chapter in the FTX saga begins.
Ethereum Shanghai
March 2023 is the target for the Ethereum Shanghai upgrade. This is the next major step in Ethereum. This upgrade will open up withdrawals for staked Ethereum. Meaning that those who have been staking will be eligible to withdraw their initial stake, their block rewards, and their fees they received.
The fear of course is that this will lead to a massive sell off for Ethereum.
Keep in mind though that not all the ETH will be unlocked at once, and that there will be daily withdrawal limits of 40,000 ETH. At the current level of locked coins it would take 14 months to unlock all of the staked ETH. Assuming everyone wanted out. Which they won’t. The biggest and…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
