Let’s start with Crypto Market UGLY
Caroline and Sam the FTX lovebirds have been moving Ethereum around in some seriously big chunks, one would think it is all a game and eventually it is all coming to market.
FTX and the Thermonuclear implosion has sent out a massive shockwave and it looks set to hit several firms, for Bitcoin this could get very ugly. The is growing speculation that Greyscale will collapse, Grayscale said it will not follow the trend and perform a proof of reserves because it would no be the safe, Grayscale assures that its cryptocurrencies are held by the custody service provided by Coinbase, the only regulated and publicly traded cryptocurrency exchange in the United States.
SO the question now is does Coinbase have them, or did they short them to Greyscale FTX style?
Gemini, Genesis and many more are now under pressure, a drop below $13000 is going to see Michael Saylor and his MicroStrategy come under margin pressure, if that happens we are going low, low, low, low.
The Bad – Alt Coins
Close your eyes, the contagion from the leading Crypto’s is going to hurt.
There will be people selling to cover BTC and ETH losses, idiots that think their Altcoin is in someway connected to the 2 big Crypto’s DEX prices of ETH tokens will take a beating.
The Good – It is all building a better industry
The removal of the bad actors will hurt but it is for the best, if you are invested and believe in your project HODL. If you holding are already underwater, HODL. You only lose if you sell.
Long term Crypto is taking over, the bumps in the road will not end here, but at the end of the road a pot of gold awaits.
Until then my fellow futurists, Praise the Lord and pass the ammunition!