The crypto markets may have tanked last week, but not for the reason you'd expect. Check out the latest happenings in the cryptoverse.
Gm,
If you’re from Europe, you will be familiar with the Eurovision Song Contest. It’s a big singing competition where countries from Europe send their best performers and the winner is determined by the popular vote.
It looks like the Ethereum nation wants to participate as well:
And that’s not even the most outrageous thing that happened last week…
Whose Threads Are a Must-Read?
But first, another week full of killer threads. Miles Deutscher took the cake with his thread explaining the five major crypto headwinds in the market now:
- Mt. Gox 142,000 $BTC unlock
- Shanghai upgrade $ETH withdrawals
- Silvergate collapse
- Macroeconomic shift
- Regulatory crypto clampdown
He links to other interesting threads in his thread, so if you’re bullish, you better read this one:
Solana’s major headwind is the constant outages it is facing. DBCrypto explains in this short but sweet thread what the reason is:
Another ecosystem that has stirred the crypto week in recent weeks is Stacks. Especially since Bitcoin Ordinals hit the scene, Stacks turbomooned and got talk of “DeFi on Bitcoin” going again. Jermaine W did a deep dive into Stacks and its ecosystem:
- How its consensus mechanism is tied to Bitcoin
- How Stacks NFTs are different from Ordinals
- Who is investing in Stacks
Here’s the full version:
Since we’re already talking about scaling solutions, let’s talk about Base. Coinbase announced its own L2 a week ago, and everyone is still wondering what the big-brain move behind it is. Rayzhu.eth proposes an interesting theory about the rationale for Base’s launch in this thread:
TLDR: Coinbase may be thinking much bigger than everyone thinks they are thinking. They may be going after Visa and Mastercard.
Last thread this week is DeFiIgnas breaking down the rivalry between Optimism and Arbitrum. Loads of graphs and data in this one, but it’s a very easy read:
Wisdom of the Week: Surviving the Bear Market
You probably noticed that Bitcoin didn’t have its best week. Obviously, the bears are dancing on the bulls’ graves at the moment.
But not so fast, says Degen Spartan. Do you really want to be short on the one thing you kinda understand?
Especially because there are major demographic tailwinds for crypto. Sooner or later, millennials will be the ones with the deep pockets. And where do you think this money will go?
Just make sure you anticipate what those millennials will be buying. It might not be what looks sexy now:
Elon Building Twitter
Elon has been at his meme-posting best last week. But it’s been quiet on the Twitter functionality front.
There’s one update coming for the DMs though:
And here’s your weekly sales pitch for Twitter brought to you by Chief Twit:
Talk of the Town
Alright, so what was this god-awful utterly horrifying abomination of a “song” about?
Well, ETHDenver got underway. And someone somewhere must have thought it was a good idea to dress two people up and torture everyone’s ears, as if it wasn’t enough that their wallets have been tortured since the last ETH convention.
If you think that’s overreacting, let’s ask the ETH community itself, shall we?
So yeah, that’s why crypto tanked. Speaking of, longs got hit hard by liquidations.
In all fairness, besides the ETH Denver “performance,” the fact that Silvergate may be going down over regulatory concerns and liquidity issues is probably not helping:
Investors have withdrawn over $8B since FTX went down (Silvergate was their banking partner) and the bank booked almost $1B in losses in 2022. Ouch — things are not looking good there:
It’s been one of those weeks…
Our Favorite Coinfession
The best Coinfession of the week goes to this wonderful redemption arc:
No matter how down things look, don’t give up and hang in there. You don’t know when you will enter a bull market…
Memes
Instead of memes this week, we have something better.
Cool American Presidents with a mullet, brought to you by AI:
If the future is better than that ETH Denver song, we’re good.
See you next week!
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