This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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https://twitter.com/alexjmingolla/status/1570434839408685057
The Merge successfully completed last Thursday, and leading up to the Merge for months, ETH prices increased in what was considered to be in anticipation for the positive aspects of what the Merge will bring, even against every micro and macro-economic roadblock that in other situations, would have kept any asset price down. ETH even outpaced BTC for the first time in this rare upward pattern. However, the Merge occurred, and ETH did not take the upward trajectory everyone thought it would. In fact, in the hours leading up to the Merge, prices started going down already. So what happened? Why didn't prices actually go up? I believe there were 3 major reasons for this:
Investors remembering "wait, aren't we in a recession?!" - It's the same reason why I was scratching my head when ETH prices started going up back in July. What's to guarantee the Merge will bring a paradigm shift so great that purchasing ETH leading up to that moment will pay off?
Global markets are down - War, and overall economic downturn has been a huge factor in why assets are down across all markets. ETH's uptick did not fit the pattern of every other asset out there and was bound to return to normality at some point.
Awful CPI data - And probably the biggest kicker was the CPI data presented on Wednesday, which spooked investors even further. Stocks crashed that day, and so did crypto assets. This was enough for investors to bail out, Merge or no Merge.
All signs are pointing to the bear market lasting one more year through 2023, so buckle in everyone!
Written by: nikethereum.eth / Medium / Mirror
https://twitter.com/alexjmingolla/status/1570434839408685057
The Merge successfully completed last Thursday, and leading up to the Merge for months, ETH prices increased in what was considered to be in anticipation for the positive aspects of what the Merge will bring, even against every micro and macro-economic roadblock that in other situations, would have kept any asset price down. ETH even outpaced BTC for the first time in this rare upward pattern. However, the Merge occurred, and ETH did not take the upward trajectory everyone thought it would. In fact, in the hours leading up to the Merge, prices started going down already. So what happened? Why didn't prices actually go up? I believe there were 3 major reasons for this:
Investors remembering "wait, aren't we in a recession?!" - It's the same reason why I was scratching my head when ETH prices started going up back in July. What's to guarantee the Merge will bring a paradigm shift so great that purchasing ETH leading up to that moment will pay off?
Global markets are down - War, and overall economic downturn has been a huge factor in why assets are down across all markets. ETH's uptick did not fit the pattern of every other asset out there and was bound to return to normality at some point.
Awful CPI data - And probably the biggest kicker was the CPI data presented on Wednesday, which spooked investors even further. Stocks crashed that day, and so did crypto assets. This was enough for investors to bail out, Merge or no Merge.
All signs are pointing to the bear market lasting one more year through 2023, so buckle in everyone!
Written by: nikethereum.eth / Medium / Mirror
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