In This Issue
- I share my thoughts on the state of the market, Ethereum Shanghai next week, Arbitrum News, Dogecoin madness & position updates.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on account abstraction.
- Defi Dad has a tutorial on a LayerZero airdrop strategy so you can earn up to 17% with stablecoins on Stargate.
- The team from Myria talks about their Ethereum layer 2 for web3 crypto gaming.
- Jesse has a ton of hot new airdrops for you.
- 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
Bitcoin $28,000 continues to be a major hurdle for BTC. Ideally, we want to see a weekly close above $28,500. As this chart shows here we have basically been range bound for 3 weeks.
So I am watching out for three things right now. Retest at the bottom of the range. A breakdown below the bottom of the range indicating a possible double top scenario and a target around $25,000. Or a break higher confirmed by a weekly candle above $28,500 which could spark the pulls to push us as high as 32k in the short term.
Ethereum finally got over $1,900 this week. Possibly showing some market interest in ETH before the Shanghai upgrade next week. A strong Ethereum tends to correlate with broader altcoin moves.
All that being said it remains to be seen how OPEC+ oil production cuts could factor into the markets in the coming weeks and months. Will it send prices soaring and with it inflation thus sending us back into a risk-off environment where prices fall or will it simply be absorbed by the market without much fuss? Wild card. Watch and wait. Remember, crypto does not live in a vacuum.
Here is an interesting chart for you. Uniswap has beaten Coinbase in volume for two months in a row.
The on-chain narrative continues to grow as fear around regulations and lack of trust in centralized entities remains strong. It is crazy just how dominant Uniswap remains. I think there are many better exchanges out there, but the first-mover advantage is very real.
I loved seeing this chart the other day. It shows that Bitcoin is the best-performing asset of 2023 so far when compared to other more traditional investment class assets.
Something else interesting to note is that the S&P 500 has never in its history put in two consecutive quarters of gains during a bear market. First time for everything, but if this holds true then it would mean that the stock market is back into a bull market already. In fact, the NASDAQ has officially re-entered a bull market. An important index to track because it is a tech-heavy index, and crypto tends to correlate strongly with tech stocks. Still, a million things that could crash markets, but this is definitely interesting.
Ethereum Shanghai Next Week
Well, it is finally here. The Shanghai upgrade is coming for Ethereum on April 12th!
Here’s what you need to know and also what to watch.
What you need to…
