A Very Bullish Prediction: Crypto News Recap, Aug. 31
Crypto News

A Very Bullish Prediction: Crypto News Recap, Aug. 31

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Plus, one of the world's biggest tennis stars is *really, really* interested in crypto.

A Very Bullish Prediction: Crypto News Recap, Aug. 31

Table of Contents

Today’s Top Crypto News Stories

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The Difference Between Hype....and Real Price Action

Yesterday, we watched Celo go up. At first, the candle seemed like just a regular price spike that we often see in these oh so volatile crypto markets. But then, the candle didn’t stop. 50% gains in a day, 80%, 100%, 113%. We jumped on Twitter, expecting the Crypto Twitterverse to be going crazy, talking about this chance for people to have made massive returns — and there was nothing. Well, there were some price tweets if you really looked for them, but nothing from almost any of the big crypto players in the space. Why? Because this was nothing new! There was nothing special about Celo seeing over 100% returns in one day. Because this is the crypto space, and people become millionaires now from selling JPEGs of rocks.
More seriously, the Celo price jump yesterday made me think about the differences in how different projects and tokens in the space are valued. Celo’s price can almost directly be linked to positive support following the news of Celo’s “DeFi for the People” initiative, joined by big players like Aave, Sushi, Curve and 0x. The price movement, as big as it was, had a root cause — people believed in the potential for this new DeFi project.
On the other hand, so many price pumps that we see in the space seem to have no foundation in reality, no news story you can point to and say, see? This is why I expected these 150% gains from this project! You can go on the homepage of CoinMarketCap and see our biggest gainers, and you can almost guarantee that at any moment, you won’t have heard of any of them — and yet they’ll all be up over 200%.
This is not inherently good, and this is not inherently bad. And maybe we’re still noobs in the space if we are continuing to examine the reasons behind price pumps (and sometimes dumps) when the answer is so clear (why do they happen? To make people money!). But in a space where you can double your profits supporting a DeFi initiative you believe in, and then go double your profits again by buying ShibaInuPuppyElonMuskDogelonTesla token (not a real token), it can’t hurt to always stay curious.

Which NFTs Do You Recognize?

We thought we’d do something a little different today, and give you a little test (virtually, and with no prizes) — which of the top NFT projects do you recognize, and which are you totally out of the loop on?

The top-ranked NFT project on CoinMarketCap is….Mutant Ape Yacht Club. If you haven’t heard of this one, you must have been living under a rock (but not an ETH NFT rock, a real life rock). This project is one of the several ape-related NFT projects that are currently making people go bananas. Sorry.

Number two is...Axie Infinity. If you are still reading this newsletter, then you know about Axie Infinity. Besides being one of the most popular NFT games, it’s one of the ways that many people in the Philippines and other Southeast Asian countries are able to support themselves, full-time.

Three is...Art Blocks! We have to say, we didn’t immediately recognize this one ourselves (5 points from Gryffindor!) But after checking it out to tell you guys more, it seems like it is a collection of blocks of art. So it stands true to its name. Nice.

Number four is CryptoPunks — which needs no introduction. Go check out almost anyone who is anyone’s avatar on Twitter, and you’ll probably find a pixelated punk face staring back at you.

Number five is….Bored Ape Yacht Club. Which, to be honest, we thought was the same as Mutant Ape Yacht Club (which we may or may not have confused with Degenerate Apes….and we peeked at our ninth ranked project just now and saw that it is Bored Ape Kennel Club.)

And that is your test! How many did you know? Do you feel like a real crypto degen now?

A Big Bitcoin Prediction 🤑

Bitcoin will be worth between $250,000 and $400,000 by March, according to Raoul Pal. On the Bankless podcast, he also predicted Ether will shoot up to $20,000. ETH dominates Pal's portfolio — and he says staking, DeFi and NFTs mean an "exponential rise" in its price is the only outcome. However, one billionaire is convinced crypto is heading to zero. Find out who.

Are You Crypto Curious? 🧐

New research suggests those who are crypto curious are more likely to take risks with their money, think a small amount of personal debt is normal, and make impulsive purchases. The YouGov poll in the U.K. also revealed those who are interested in digital assets are also more likely to have a higher level of disposable income. Here's what the study shows.

Police Hunt Financial Advisor 🚨

A financial advisor is being accused of faking his own kidnapping and making off with more than $1 million in Bitcoin that belonged to his clients. Andres Jesus Dos Santos Hernandez told the investors that captors had forced him to drain their accounts. Police in Venezuela have now launched a manhunt, and have released a wanted poster. Read more.

Tennis Star Thinks Crypto is Ace 🎾

Naomi Osaka has revealed that she is looking for opportunities to invest in cryptocurrencies. The tennis star, who is one of the world's highest-paid female athletes, said her interest was sparked in Dogecoin's dramatic rise earlier this year. The 23-year-old recently released a six-piece collection of one-of-one NFTs that sold for $600,000. What she said.
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