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- 🟣 Beware the ides of March
🟣 Beware the ides of March
Traders met this pop culture day with suitably reverent dread
On this day in 44 BCE, Julius Caesar met his untimely death, kicking off a series of events that would lead to the fall of the Roman Republic.
2067 years later, crypto traders in Asia woke up and chose violence, throwing back bitcoin as much as 11%. BTC has since rallied about 4%, but many smaller cryptos are still down double digits. It’s one of those “only stablecoins are in the green” days folks.
Is it the start of a larger correction, or a buy-the-dip moment in a continuing uptrend? That is the question.
Adding to the doomer view, a fresh pair of exploits connected to two coins in the AI narrative: Mozaic and NetMind, whose tokens are down -65% and -85% in the past 24 hours. Both were tiny (now tinier), but popular among the AI crypto cognoscente. As of now, the former case appears to have been an admin key compromise, and the latter a miner of NMT tokens who got hacked.
It’s unclear what the long-term damage will be.
In Bitcoin, bull market drawdowns of 20% or more are fairly common, with past cycles experiencing between 3 and 19 such periods. The current 2022-2024 cycle has had 4 so far.
Needless to say, with Bitcoin hitting an all-time high earlier this week, all such dips have historically been excellent buying opportunities.
Solana’s slide was slurped up faster than a strawberry smoothie — it’s up 7% in 24 hours — a clear outlier.
And what of Michael (sooth)Saylor? Surely he'll be buying again soon.
In the words of Shakespeare’s Caesar: Let us leave him. He is a dreamer.
Blobband: Ethereum’s broadband moment
With the caveat that fees have yet to find an equilibrium in the post-Dencun Ethereum L2 environment, enjoy it while it lasts.
The precise savings depend on your chosen L2, but early results according to our latest data dashboard are in the 93-94% range, compared to transactions earlier this week, which is quite promising.
“I've reached the conclusion that the evidence is overwhelming…
First, that Dr Wright is not the author of the Bitcoin White Paper.
Second, Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011.
Third, Dr Wright is not the person who created the Bitcoin System.
And, fourth, he is not the author of the initial versions of the Bitcoin software.”
MakerDAO's monetary strategy shift, meme coin madness, reflecting on the progress of the crypto industry. Solana's influence in the crypto market, intellectual property rights in a digital age, and analyzing the current bullish trends in the cryptocurrency market.
MakerDAO has struggled to find organic demand for its stablecoin. This has been driven by mispriced interest rates and heightened market volatility, placing vast pressure on the USDC PSM.
The Avalanche Network is well on its way to becoming the best platform to build high-performance blockchains that can seamlessly interact with each other, and the strong focus on performant and scalable blockchains will likely be Avalanche’s competitive advantage.
Nigeria and Binance continue to face off, even after Binance pulled support for the naira
Stocks and cryptocurrencies have been on the decline since Thursday, although analysts say this week’s bad economic reads should have caused a bigger selloff
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.
