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Today’s edition is brought to you by Masterworks - invest in blue-chip art today! |
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GM. This is Milk Road, the newsletter that turns the crypto maze into an easy stroll in the park. |
Here’s what we got for you today: |
Bitcoin hits $42K 🤑 Monday Market Movers: Tokens & trends to watch this week 👀 Blast reaches $650M in customer deposits 🍪 |
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BITCOIN HITS $42K 🤑 |
There’s breaking news! |
The news: Bitcoin hit $42,000 for the first time in 20 months. |
Breaking: my thumb, while I use it to refresh crypto prices on my phone every 0.4 seconds. |
So, why is Bitcoin up so much? There are a few theories… |
1/ Bitcoin is going through a “supply shock”. |
~70% of all BTC hasn’t moved in over 1 year. Only ~5% of BTC’s supply is available to buy/sell on crypto exchanges (a new 5-year low). |
In other words, people aren’t selling their Bitcoin and there isn’t much supply available to buy on crypto exchanges either. |
Low supply + HODL mode = potential for sharp price increases. |
2/ Investors are buying up BTC in anticipation of a spot Bitcoin ETF coming soon. |
Many people think a spot Bitcoin ETF could be approved next month. Which is why some are calling this… “Bitcoin ETF Eve”. |
And some analysts predict that Bitcoin’s price action could be similar to gold’s price action when the first gold ETF was launched back in 2004. |
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Who knows if these are the real reasons why Bitcoin jumped from $38.5K —> $42K over the weekend, but either way… ain’t no complaints here! |
To celebrate, here are some milky memes: |
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MONDAY MARKET MOVERS: TOKENS & TRENDS TO WATCH THIS WEEK 👀 |
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We’re back with another Market Movers segment. We track all the crypto action, so you don’t have to. |
This week, there are a few trends & tokens on our radar. Let’s dive in: |
1/ Some altcoins have big events, product launches, and/or announcements coming up. |
Polygon ($MATIC): Polygon Connect (a big ecosystem event) is scheduled to start on Dec 7. Many anticipate new product launches and/or partnerships could be announced. Dogecoin ($DOGE): Tesla is launching its new Cybertruck and Dogecoin is expected to be a payment option. If Elon tweets about it, DOGE could see a big pump. Avalanche ($AVAX): Republic is listing its profit-sharing digital asset platform on the Avalanche blockchain on Dec. 6. It’s backed by over 750 private companies and assets in Republic’s portfolio, including SpaceX, Dapper Labs, etc. Reddit token ($MOON): Reddit community points tokens (aka MOONS) are making a comeback after the social media giant “officially renounced” ownership of the token contract. The mod team said it would work on restoring features for the MOONS token. Bitcoin Ordinal-related tokens ($ORDI): Bitcoin Ordinals have almost gotten as much volume as Ethereum NFTs over the last 30 days ($370M vs. $378M) and as a result, the Ordinal protocols native token (ORDI) is up big in that time (+521%). |
2/ Web3 games keep getting added to the Epic Games Store. |
This time last year, there were less than 10 web3 games listed on the Epic Games Store. |
Today, there are 69 (giggity). |
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Each of these games has its own assets (tokens, NFTs, etc.) and could be an interesting play for investors who are eyeing the crypto gaming space. |
(Btw - you can check out a list of the games here). |
3/ NFTs see big volume over the weekend. |
Check it out. NFT volume has quietly been increasing over the last 3 weeks. |
And Sunday was a big day for some of the most popular collections: |
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We’ll see if the animal JPEGs can keep their momentum. |
Side note: if you asked me to guess whether Sappy Seals, Cool Cats, Kanpai Pandas, and Pugdy Penguins were names for multi-million dollar NFT collections or team names for my 4-year-old nephews' soccer league… |
I would’ve guessed the latter. |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Blast has attracted close to $650M in customer deposits. The craziest part? The layer 2 network doesn’t officially exist yet. — DL News |
Coinbase says it’s received over 13,000 requests from governments and law enforcement agencies over the last year. That’s a 6% year-over-year increase in the number of requests. |
A U.S. federal judge is calling out the Securities and Exchange Commission (SEC) for allegedly lying to receive a temporary restraining order. Now the judge is demanding the SEC make a case for why its lawyers shouldn’t be sanctioned by the court after presenting false and misleading evidence to freeze digital assets. |
The Platypus Finance hackers were cleared of criminal charges by a French court. According to the court, the hacker's use of a flawed smart contract did not constitute fraud. |
Arbitrum DAO approved a $23 million 'backfund' to invest in crypto projects. 26 projects, including Gains Network, Stargate Finance, etc. will receive funding. |
Brian Armstrong says Coinbase has no plans to launch a Base token. Sorry kids, no BASE token for Christmas. |
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MORE MILKY MEMES 🤣 |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
