May 24, 2021       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

  • BTC and ETH are down 50% from ATHs.

  • Crypto exchange FTX to raise $1b at a $20b valuation.

  • China is looking to “crack down on bitcoin mining and trading” (Here is Nic Carter with a glass-half-full take).

  • Huobi, a crypto exchange, suspended miner hosting services in China, along with other functions.

  • The “Grayscale discount” improved to 10% over the weekend — up from 20% a week ago.

  • A Nebraska legislative proposal would use blockchain technology in agriculture.

  • Goldman Sachs to release a report on crypto as an asset class later this week.

  • DeFi100, a Binance Smart Chain project, appears to have been a scam.

What Do You Meme?

What’s Poppin’?

The past two weeks have been brutal in the crypto markets. How brutal? 30+ tokens have dropped 50%, or more, from its 2021 ATH, as pointed out by The Block’s Larry Cermak.

There are many, many factors you could point to that could rationalize the plummeting market — Tesla, China, leverage trading, tax day, Tether, etc. — but all of that is just conjecture, and, at this point, par for the course in crypto. The most recent 50% drop from Bitcoin’s ATH does not even rank as a top 5 dip for BTC since 2012.

The 2020-2021 bull run has been relatively smooth up until now. In under a year, Bitcoin rocketed up from $10K to $60K, and Ethereum rose from $200-$4k in just about the same time period.

However, as exemplified by Binance’s Changpeng Zhao, the latest bull run has been the exception to the rule — for people who buy during bubbles, it’s tough to be a HODLer:

My glass-half-full take is that, at least after the bubble deflates, the market always settles higher than where it was previously.

Recommended Reads

  • Vitalik on blockchain scalability:

  • Check out the most recent update on Ark Invest’s solar, battery, and bitcoin mining system:

  • Learn about crypto bridge-building:

On The Pod…

What do you think Bitcoin will do for the rest of 2021? Was $60K+ the top? Or is the recent crash just another dip?

Check out this clip from the latest Unconfirmed episode with Mike Novogratz, CEO of Galaxy Digital, where he gives his BTC price prediction. Do you agree with him?

If you liked the clip above, check out the full podcast using the link below!

Mike Novogratz on the 5 Reasons the Crypto Markets Plummeted

 

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, is now available for pre-order now.

The book, which is all about Ethereum and the 2017 ICO mania, comes out Nov. 2nd. Pre-order it today!

You can purchase it here: http://bit.ly/cryptopians