Crypto Newsletter Reset (Get smarter in 5 min)
Attempt 2 at getting back to bringing quality content on Crypto & Blockchain to all of my readers. No excuses but I fell off the cliff when it comes to my writing and now I am back!!
🚨Disclaimer: This is not investment advice. I am not an investment advisor. This information is meant to be for educational purposes - DYOR(Do Your Own Research).
🪐 You stopped writing!! What happened?
Hi everyone 👋. Welcome back. No excuses here. I just went down a rabbit hole in crypto that sucked up too much of my mind space. I skipped 1 week of writing, which turned into 2,3,4 and before I knew it - I had stopped writing.
If you are still looking for the most woke crypto content (blockchain, nfts, defi) and life advice (lots to learn from my mistakes), this is the place for you.
💡What’s in it for Me: Get Smarter in 5 Minutes
This is where I curate a reading list of insightful articles, market updates & bite-sized learning nuggets to get you caught up for the week. If you're reading this you are part of the 300+ subscribers to this newsletter, thank you. 🙏
🔥Crypto Market Update
Let’s start with some crypto market updates.
BTC is down ~70% from its all-time high price of $69k
Many smaller alts are down 95% to 98% - I did not appreciate that was possible till I saw the charts and price action
Just to be clear, a 98% drawdown means if you put in $100k at the top you are now down to $2k and your money needs to 50X (5000% return to break even if you bought the top)
So what caused this mess?
Markets were overheated. Money Printing was stopping. Interest rate hikes were on the horizon. Risk on assets was not in vogue. Even Netflix went down 70%. The next trigger for crypto came from the Crypto Market Contagion.
Terra Luna / UST Crashed - This was touted as the most amazing algorithmic stablecoin. Amongst the safest bets in crypto but that was not to be. find out more.
3AC Collpased - $18Bn assets under management but with very high exposure to Terra & UST. They took a huge hit. Once they went down the full force of the contagion kicked in.
For those of you who bought the dip hoping for a quick bounce. My condolences. The markets had a lot of unwinding ahead of them.
Markets stabilized a saw a small relief rally in July & mid August - Many alt coins going up 100% (as much as 300% MATIC) from their lows.
NFT Market got hit Hard
Monkey pic got demolished from 100-150Eth down to 15-20Eth currently.
The liquidity just dried out, lots of money was pulled from the market. Teams rugged and the tourists have mostly left.
So is this game over for Crypto?
NFA (Not Financial Advice). But I don’t think so.
In my next article (coming this weekend), I will lay out some of my learning from this roller coaster and what are the pitfalls to avoid if you are still hanging around for the next round in Crypto or even tech stocks (any ARK fund maxi’s out there)
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🚨Reminder of Disclaimer: This is not investment advice. I am not an investment advisor. This information is meant to be for educational purposes - DYOR(Do Your Own Research). Please do your own research before you decide to invest your hard-earned money. If you are unsure seek help from a professional financial advisor who can understand the full breadth of your financial needs & commitments to advise you on what you should do.