Erik Weijers, 3 months ago
Besides the fact that all kinds of technical indicators are at similar values as during the troughs of the previous crypto bear markets, also news is comparably gloomy. This is typical for the sentiment at this stage of the cycle. We list three news events that illustrate this.
Sentiment is lackluster but behind the scenes, work is being done. Most teams are still in good shape financially and are just loving the bear market. The hype is over, and everyone can focus on what matters most: enabling a better financial system.
Investors who have been through multiple bear markets are also laconic and continue to buy. Hedge fund manager Dan Morehead, in an interview with Raoul Pal, isn't worried:
"I've been through about four of these cycles in the last ten years, and I was sweating in some of the previous ones. I was like, man, maybe blockchain doesn't work, maybe they'll outlaw Bitcoin, or maybe there's a flaw in the code and we're all screwed. There were so many worries in these past cycles. And I've experienced it firsthand, get in and it all goes down 80%. What I would say is this time, it is really, really a different vibe. There's hundreds of millions of people using it, 10% of all US-Mexico remittance is going over Bitcoin. It's a lot of people are really counting on, it's really a real system."
Nov 28, 2022
The current bearmarket is turning out to be a nice opportunity for Bitcoin believers who aren't wealthy. For many, the goal of becoming a wholecoiner, is a worthy endeavour. According to data from Glassnode, they are buying at a record pace.
Nov 28, 2022
One after another major player in the crypto world toppled over since spring 2022. Crypto exchange FTX was the latest (for now?). Crypto prices took a nosedive during this period. Are we at the end or could some more corpses fall out of the closet?
Nov 25, 2022
When exchange FTX crashed in the second week of November, Solana had a million dollars in cash on there. Hardly a sum to lose sleep over: according to Solana, it's less than one percent of their reserves. But still, the entanglement of FTX and Solana makes one wonder: does this spell insurmountable trouble? Or will Solana pull through, which would imply it is a great time for investors to stack some SOL?
Nov 24, 2022
The biggest factor this year that determined the Bitcoin price was the crypto drama that unfolded in 2022. With the FOMC meetings and the release of the inflation data, a second factor came into play that wasn’t exactly bullish this year either. Yesterday, the Fed released the FOMC meeting minutes and a couple of remarks gave hope that pivot may be closer than we think.