Crypto Market Update - May 10, 2023

Falling off a cliff?

US Congress held a hearing about crypto regulations today. I didn’t watch it. These hearings change nothing, all the work happens out of the public’s view and anyway, we’re more concerned about the trends and behaviors that frame the market.

After 7 months of bitcoin’s price going up, we have some memecoins popping off and disbelievers questioning their bias. Tx fees went crazy and we still don’t see new interest from people who aren’t already in the market, but is it enough to send prices down?

Today’s update covers these topics:

  • Ded altcoinz

  • Key price levels (technical analysis)

  • Metrics falling and rising (surprise?)

  • What, me worry?

  • Bottom line

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