Bitcoin Cracks $39.5k, ETH Back to Pre-FTX levels, DePIN Tokens are Booming…What Could Go Wrong?

TL;DR

• In our bi-weekly(ish) check in with Bitcoin and the broader crypto market things seem to be good right now, but it could turn around again quickly.

• After 12 straight months of painful side ways trading, we’re finally seeing some consistent gains!

• But many analysts are still expecting us to go into a recession. If that happens, chances are it’s going to mean pain for the crypto markets (again) in the short term.

Full Story

Alright, time for our bi-weekly(ish) check in with Bitcoin and the broader crypto market…

So where’re we at?

Well, after 12 straight months of painful side ways trading, we’re finally seeing some consistent gains!

• Bitcoin cracked and held $39.5k over the weekend

• Ethereum broke $2,160 (the highest it’s been since May 2022)

• Tokens in the DeFi and Culture & Entertainment indexes gained 39%-42% this past month

• The hype around decentralized physical infrastructure (aka DePIN) tokens is taking effect! Helium (the decentralized mobile network) gained 110% in November

• Web3 Ventures just commenced trading on US OTC market under symbol “WEBVF.” Web3 investment firms going public? Now that gives bull market vibes.

What could go wrong?

Well, a few things – like…

• We’re still not out of the woods RE: inflation.

  If there’s even the slight possibility that inflation isn’t slowing fast enough, then BOOM! The Federal Reserve doesn’t seem to be afraid of hiking interest rates.

  Which could lead to crypto sell offs.

• The market has bought in to the rumor that a spot Bitcoin ETF will launch in January.

  But nothing is set in stone. If an ETF isn’t approved, we could well see a big ol’ price dump.

• Things feel good now, but many analysts are still expecting us to go into a recession.

  If that happens, chances are it’s going to mean pain for the crypto markets in the short term.

Alright, that’s all we got!

Now you know 🙂