This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Outside of a few altcoins that have recently exploded, (SOL, LUNA and ADA etc.) the crypto market has been largely sideways for about 2 months. You could make the case that we are cooling off from a run from $29,000 to $50,000, but perhaps the more likely reason is the shift in attention to NFTs.NFTs have transitioned from being a fringe novelty collectible to a full-time trade/opportunity/investment for many major participants in and out of the crypto space. Alongside crypto enthusiasts, we have now seen celebrities, athletes, and Visa in the weeds, participating in the craze. There was a time when the news of an NFT selling for $100,000 was a big deal. Now +$1,000,000 is the standard for a rare NFT, with little sign of the trend slowing.Be warned - the madness will likely come to an end sooner or later. The concept of NFTs isn’t going anywhere, and the rare ones may always hold their value, but the overall NFT market is extremely inflated. This has created a new rift in the crypto community. Crypto investors are frustrated by the gains made by NFT traders (most of whom were altcoin and leverage traders before) and NFT traders are dunking on crypto bag holders with million-dollar images of rocks, penguins, and lambos as their profile photos. To top it off, NFT holders are publicly praising their purchases more than the crypto that they used to purchase the NFT.There are two potential outcomes that emerge from this current NFT craze. As NFT prices begin to come down, they will either correlate with the wider crypto market and drag prices down, or they will pass the spotlight back onto cryptocurrencies, propelling them up. I believe that the latter is more likely, as we have seen short term bubbles pop many times - in DeFi last summer, for example.As mentioned above, we could view the shift in attention from coins to NFTs as part of our correction after a massive run-up from $29,000. While it may be annoying to see everyone making endless amounts of money on NFTs, we should be thankful that the spotlight has shifted within the crypto space, rather than us seeing an actual retrace of our recent move with money exiting altogether.It will be interesting to watch the NFT market continue to mature and to see the interplay with the broader crypto market.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue:NFT BubbleBitcoin Thoughts And AnalysisAltcoin ChartsCrypto Companies Have Their Eyes On IPOsCoinbase Accidently Panicked 125,000 PeopleThe Wolf Of All Streets Podcast Ft. Emin Gun SirerMy Recommended Platforms And Tools
The Wolf Den #319 - NFT Bubble
The Wolf Den #319 - NFT Bubble
The Wolf Den #319 - NFT Bubble
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Outside of a few altcoins that have recently exploded, (SOL, LUNA and ADA etc.) the crypto market has been largely sideways for about 2 months. You could make the case that we are cooling off from a run from $29,000 to $50,000, but perhaps the more likely reason is the shift in attention to NFTs.NFTs have transitioned from being a fringe novelty collectible to a full-time trade/opportunity/investment for many major participants in and out of the crypto space. Alongside crypto enthusiasts, we have now seen celebrities, athletes, and Visa in the weeds, participating in the craze. There was a time when the news of an NFT selling for $100,000 was a big deal. Now +$1,000,000 is the standard for a rare NFT, with little sign of the trend slowing.Be warned - the madness will likely come to an end sooner or later. The concept of NFTs isn’t going anywhere, and the rare ones may always hold their value, but the overall NFT market is extremely inflated. This has created a new rift in the crypto community. Crypto investors are frustrated by the gains made by NFT traders (most of whom were altcoin and leverage traders before) and NFT traders are dunking on crypto bag holders with million-dollar images of rocks, penguins, and lambos as their profile photos. To top it off, NFT holders are publicly praising their purchases more than the crypto that they used to purchase the NFT.There are two potential outcomes that emerge from this current NFT craze. As NFT prices begin to come down, they will either correlate with the wider crypto market and drag prices down, or they will pass the spotlight back onto cryptocurrencies, propelling them up. I believe that the latter is more likely, as we have seen short term bubbles pop many times - in DeFi last summer, for example.As mentioned above, we could view the shift in attention from coins to NFTs as part of our correction after a massive run-up from $29,000. While it may be annoying to see everyone making endless amounts of money on NFTs, we should be thankful that the spotlight has shifted within the crypto space, rather than us seeing an actual retrace of our recent move with money exiting altogether.It will be interesting to watch the NFT market continue to mature and to see the interplay with the broader crypto market.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue:NFT BubbleBitcoin Thoughts And AnalysisAltcoin ChartsCrypto Companies Have Their Eyes On IPOsCoinbase Accidently Panicked 125,000 PeopleThe Wolf Of All Streets Podcast Ft. Emin Gun SirerMy Recommended Platforms And Tools