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- Weekly Rundown - May 7, 2023
Здравей!
Another week, another bank failure in the US.
same same or different?
— RookieXBT 🧲 (@RookieXBT)
2:52 PM • May 4, 2023
Some call this a banking crisis, but until 2021, bank failures were normal. For most years of the 21st Century, four failures would seem pretty average.
“Steady lads, deploying capital.”
What does this mean for the crypto market?
We’ll see. Make sure you got my most recent update.
In that update, I talk about momentum and an ETH/BTC strategy, with yet more evidence that money, investment, interest, and “liquidity” continues to move from the US to other countries.
We know that a lot of talent and innovation has already left the US. Data scientists and statisticians tell me cryptocurrency is no longer correlated to US equity markets.
In general, crypto coverage is very US-centric, as are the conversations I have with casual people and no-coiners:
“The fed’s pulling liquidity, the recession’s coming, we all gotta tighten up, I’ll wait until the Fed starts pumping the market again, then I’ll get back in.”
What if that never happens and our next “pump” comes from the 7 billion people who don’t live in the US or have a connection to the US financial system?
That would mean a lot of English language analysts are putting too much emphasis on what’s going on in the US.
This reminds me of 2019, when everybody in the US seemed to think the upswing in bitcoin’s price from $3k to $14k came from Wall Street, Facebook, institutional adoption, potential US crypto laws, etc., when it actually came from a huge Asian scam that pushed prices high enough to trigger a short squeeze that pushed sidelined cash to feel compelled to enter the market (and further fueled the scam and the FOMO).
Is something like that happening now?
I guess we’ll have to see. You can never get perfect information nowadays!
Scroll down for a poll and some content you may enjoy.
Poll: which price will bitcoin reach first? |
Are you looking for “alpha” in emerging narratives?
If so, you must read a recent post from Alex’s Substack. For me to summarize here wouldn’t do it justice, read the post, “4 crypto investment theses,” for Alex’s reflections on what 1.5 years in the crypto market taught him about crypto's future.
Missing out on memecoinz
Did you miss out on PEPE?
I did too!
We also missed out on PEPE INU, PEEPEE, PEPEX, PEPEBET, PEPE SOL, and dozens of other frog-inspired memecoins that went straight to $0.
If you’ve been in the game as long as I have, you’ll also remember BOMB token and a hundred different dog-themed tokens that failed.
So, we have a coin for apes, dogs, bulls, bears, and frogs. What animal comes next? Leave a comment at the bottom of this post!
Mark, I thought you’d think memecoins are stupid?
No, I don’t.
Money is inherently a social construct, people are naturally social, and some people think memes are fun. Feelings have value, too!
I reviewed the top 100 altcoins (as of late 2022 - early 2023). Memecoins are competitive.
@MariusCrypt0 makes the case that all cryptos are memecoins.
$TRX is a memecoin.
$XRP is a memecoin.
$ADA is a memecoin.
$DOGE is a memecoin.
$DOT is a memecoin.
$LTC is a memecoin.
$BTC is a memecoin.
They all have their own meme going on about supposed utility.
Don't be so surprised by memecoins reaching billion dollar MCs.
— James Bull (@MariusCrypt0)
9:59 AM • May 6, 2023
I suppose you can make that case.
In my own country, our money started as a bunch of pictures, doodles, and numbers on pieces of paper. The ancients stamped pictures of themselves and others on flakes of metal. People didn’t care.
In fact, they came to value those images as precious treasures. In that sense, money is already a meme.
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Relax and enjoy the ride!
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