Buckle up as we cover yet another week in crypto — where banks collapsed, stablecoins depegged and Bitcoin could be mooning to $1 million.
Gm,
Another rollercoaster of a week in the books. Exactly one week ago, we were dealing with a depegged stablecoin. Now, people are betting on Bitcoin going to 1 million by summer.
The entire madness of one week in crypto, summarized below. Let’s go!
Whose Threads Are A Must-Read?
Balaji puts up the “BitSignal,” warning that the current banking crisis would lead to hyperinflation and cause Bitcoin to moon to $1 million, much to the delight of Bitcoin maxis:
Operation Wen has finally begun! Arbitrum dropped the date of one of the most anticipated airdrop in crypto history:
Miles Deutscher covered everything you need to know about the ARB airdrop in this comprehensive thread:
Crypto Twitter was ablaze with speculation about the token price. In short, if ARB trades around the same value as OP, we should see $1 for 1 ARB. But obviously, the hopium in crypto circles is strong. People are already calling for ARB to $10, even though that’s unlikely to happen. Olimpio Crypto wrote a price analysis of ARB in this thread:
$2.50 seems a realistic upper band for the token price. But we all know how ecstatic crypto markets can get, so mark March 23 if you are eligible to claim ARB.
Speaking of airdrops. We haven’t covered any in a few months, but airdrop season might be upon us again soon. Rektfencer covered a possible Layer Zero airdrop, another blockchain ecosystem with no token out yet. Here are a few easy steps you can follow to increase your chances of being eligible:
But let’s not stop there. CC2 dropped a massive 20+ potential tokens in his thread:
To cap things off, there were a couple of non-airdrop-related threads as well. The first is CryptoKoryo’s list of AI tokens and explainer of what makes AI such a good narrative. All 20 tokens are in this thread:
The other was Zero Ika’s explainer of four market manipulation techniques:
- Wash trading
- Pump and dump
- Bear raid
- Spoofing
The entire thread is well worth a read:
Wisdom Of The Week
The wisdom of the week came, as so often, from trading OG GCR Classic. If you missed out on yet another airdrop with ARB, it may be time to start paying attention:
And he also had something to say about the emotional state of crypto markets. Don't get too high and don’t get too low:
Elon Building Twitter
After last week’s drama, Elon was back in building mode for Twitter this week. One promised feature could get very interesting:
How exactly that’ll work is TBD, but safe to say that it could lead to more heated discussions on Twitter.
The second update is a big one:
It has already been well-received and lauded all around. It seems like Twitter is not going to 0 as the doomsday prophets wanted us to believe,
Talk of the Town
Phew, where do we start?
A massive week that encapsulates what it means to be in crypto. How about the news that Signature Bank, one of the three massive bank failures of recent weeks, was thrown under the bus because of what some term as “Operation Choke Point 2.0”:
The US banking crisis was the talk of the town last week. Some already think a new paradigm is upon us:
One video that quickly went viral was Janet Yellen trying to explain what happened at Silicon Valley Bank and what that will mean going forward:
In other words, not all banks are created equal. Welcome to pleb banks and patrician’s banks:
To make things more egalitarian, Europe gets its own little banking crisis too. Credit Suisse was on the verge of going bust and was acquired for $2 billion by its competitor UBS. Understandably a much lower market cap than financial giants like DOGE and SHIB.
This entire mess means that liquidity levels are spiking, both in the US and elsewhere like Japan. Which has lead to our favorite influencooors calling for the bull market to be back on:
The most outrageous, sorry, daring call came from Balaji Srinivasan, who wrote the Network State. He put on a masterclass of “how to go viral” by accepting a bet that Bitcoin will go to $1M in 90 days:
Is he off his rocker or just a clever marketer? Why not both:
Not everyone took Balaji’s bet as fun and games though. Ben Hunt was less than amused about people rooting for societal breakdown (which Bitcoin to $1 million would inevitably entail):
Balaji Srinivasan: complete madman or underappreciated genius? We’ll know in 90 days. He’s been right on something before though…
At least Colorado is getting prepared for the Bitcoin standard:
The non-Bitcoin cryptosphere had a hard time keeping up with the rebound of Bitcoin dominance in price and attention. So how about a good old-fashioned hack, where the protocol pleads with the hacker to return funds to spice things up:
Not good enough? And what about this one, where a beloved DeFi analytics dashboard undergoes a hostile fork:
Still no? Alright, come back next week then…
Our Favorite Coinfession
Even in the depths of the bear market, true love can be found on Crypto Twitter:
You go girl!
Memes
Elon summed up the banking sector in one accurate meme:
Another big week ahead of us. Steady lads, deploying more drama!
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