Week 8 Mar - 14 Mar 2023
On your knees when you face the Market - Mars Captain
- SVB bankrupt, USDC depeg took all the attention everywhere. Indeed, it was big and not cool. But soon, government bailout? WTF? How can you be a titan when you mess up and crying for MaMa? I thought this world was about crypto, not the boomer economy?
- 4 weeks in a roll, eyes on BTC based projects, ordinals, Stacks, etc. Crypto 1001, regulation is unnecessary in a free market. If you are in this for more regulation, please go back to TradFi, or Web2, or sell Hotdogs.
- Stablecoin MC continues to decline, don’t be over optimistic and assume the stables flew to risk-on assets 100%, they might have just left the market and return to the fiat economy. Market trend remains uncertain given all the macro unhealthy indicators.
- Crypto vs US Stock market momentarily decoupling? US stock market is still unprecedentedly high. Crypto has always been more fluid and ahead of stocks. If crypto has bottomed, that means the stocks will bottom in the foreseeable future, but if the correlation between the two heightens again, then crypto will fall further.
💵 Stablecoin & Market Landscape
- Stablecoin market share remains high in reference to the total crypto market capitalization. 12.15% of stablecoin (134B) on 1.11T crypto market.
Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 12ish% with a 1ishT total MC.
- Now at 1.11T. Still hanging around on the 1T level. Going steady.
- No need to be too excited with BTC 20% pump on 13MAR2023, we are just back to where we were 20 days ago.
Reminder, June and Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.
- This is worrying. Following US centric monetary policy volatility will endanger every sector of the economy.
- How different is the world today compared to previous years of similar money supply pattern? That’s the question we need to time as researchers/investors.
- Silvergate, SVB, and more banks to come, then Binance pumped 1B USD in BTC, BNB, ETH. WDYT about this market cap & price level vis-a-vis this greed level. NGMI long, sorry.
- SVB bankruptcy pumping people’s confidence in BTC.
📰 Current affairs
Layer 1s/ Major DeFi
Macro econ/ Regulations
Research reports/videos (DYOR)