Week 31
Weeks pass, but events never decrease. Week 31.
Bridge hack. If you are superstitious, please know that it was the 13th. And although it is Solana-related, this blockchain should not be written off entirely. If with all the trouble, it ranks after #Ethereum and never gives way to other handsomes, it means that either nobody knows anything or it’s not that bad. What are those 8000 wallets from millions of users? After all, you have bought something broken in a supermarket or a market, but deciding not to set foot there anymore is about feelings. But sure, everything happens with Solana a little more often than it should. But, it should not be forgotten that, in most cases, it is not the fault of Solana itself as a blockchain.
Oil. Only this week, there were slightly more optimistic reports that oil and gas prices were falling steadily. But this is in America, not Europe. More precisely, we are late on those prices, just as all fashions from there are late. The good news for cryptocurrencies is that (maybe) there will be no interest rate hikes later this year, at least for one of the remaining four meetings. The war between China and Taiwan could make a big difference. If you hope that conflict is imminent and you have an old TV in your house, an old phone in your pocket, and a car begging to be put in the graveyard, then you should strongly consider swapping these items because they are all very much linked to Taiwanese parts production.
There have been more minor conflicts in Europe, and the world seems keen to hang on.
#Bitcoin. Mr. Saylor has left his post but has not left his Microstrategy company. It is still not clear why he did that. He remains the face of the company anyway. Maybe the board decided to take someone more efficient? Is Mr. Saylor perhaps a little tired? This did not affect the price of bitcoin. Even the most prominent institutional players can no longer make significant corrections. This is a good sign for the market.
Connections. The blockchain FLOW is shooting up after the news that it will be “friends” with Meta and Coinbase. The trouble is that both “friends” are not holding up very well. At least for a short time, the effect is there. The NBA’s top-shot NFT marketplace is using the FLOW blockchain. It worked out well, which made it easier to agree with Meta. The next day, Blackrock, “the Money Machine,” agreed with Coinbase to cooperate. The organization has many negative reviews everywhere. Many tweets insist on fleeing from Coinbase without returning. But is it rational? Blackrock runs without scruples. They have more money than entire countries. Will Coinbase be an equal partner or a tool for them? Both companies’ stories make it more likely to be the second choice. Some have money; others need it desperately.
Fear. The Fear Index no longer falls to Extreme Fear but is holding up quite well. Just Fear. Although, it is close to the Neutral Index. What to expect next week. Everything will be like this: Saylor will continue working, we will be on holiday, and a few of our favorite cryptos will “show some muscle.” Everyone is advised to avoid friendships with bears. The question in the air, ‘is this the bottom of the markets”?’ is very difficult to answer. If you expect the world economy to go down, it is not a bottom. But Elon expects the recession to be “soft.” If his horoscope works, likely, the bottom is now.
