In This Issue
- I share my thoughts on the state of the market, China is back, EGLD and Tencent, Platypus drama, Arbitrum season continues and a possible Lens airdrop.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on Nostr.
- Defi Dad has a tutorial for you on how to earn up to 26% APR with the stETH-ETH LP on Camelot on Arbitrum.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
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What’s On My Mind by Lark
The State of the Market
Bitcoin has faced rejection at $25,200 three times this week. A break of that level could be the spark for a renewed rally higher. Personally, I would like to see some more consolidation. Even a retest of 20k to fill my bids, would be nice, haha!
But is this all just a part of the plan? Has the new bull market really started? Well, if we follow the 4-year cycle theory then the answer is yes. Although Bitcoin has not seen such macro conditions like this and we are increasingly linked to equities.
Over the last week, Bitcoin has put in its highest greed readings in almost a year. Showing that sentiment in the market is changing quickly. The new narrative driving excitement in markets is China, more on that in a moment.
We also need to account for the fact that retail investors are currently pouring 1.5 billion a day into the US stock market.
This is a huge number as the chart shows because it is the highest number in a year. And it shows without a doubt that retail money still has enough cash to dump into the markets and that they are doing it. This signals a broader risk-on attitude for the markets. How long it will last though is anyone’s guess.
But as the old saying goes, “make hay while the sun shines”. Let’s just hope that this is not some epic bull trap, but instead some kind of 2019 like scenario.
Most everything though will continue to depend on the macro scene. And the big story right now is China.
China Is Back
China added 92 billion worth of liquidity to capital markets on Friday last week. China is in big money mode. China is reopening. China is getting more crypto-friendly via Hong Kong offerings and a crypto tax regime.
The liquidity equation alone is MASSIVE. Because, China, since 2009, has been leading business cycles. Global liquidity is widely thought to have bottomed in November of 2022. The bounce back higher since then has been led primarily by Japan and China.
We are starting to see a trend on social media of “Chinese Coins” that are going to pump due to leaked chats from Chinese social messaging groups. This includes coins like FIL, VET, HIGH, and TVK. The extent to which this is actually a thing remains to be seen, but it could become a self-fulfilling prophecy. Plus some new ponzi scheme is taking off in China which requires users to deposit coins like Matic and EOS. So there is that too…
Long story short, China showing back up to markets is a big deal and could be…
