Bitcoin update
Bitcoin has barely moved in the past 24 hours. In fact, it’s effectively at the same spot as when yesterday’s Morning Brew was published. So, not much of an update here. That said, the fact that bitcoin is holding firm given the circumstances could be read as a positive sign.
Macro update
Commodities are going through the roof. Wheat has surged like a memecoin.
And gold just broke $2,000 dollars; a chase of the all-time high seems imminent.
Notable gainers
Waves continue to make… waves… rallying almost 200% in a couple of weeks. Privacy coin (and Barry Silbert’s favorite) Zcash is showing strength, as is decentralized storage solution Arweave, up 10% on the day. We’ve been calling both these narratives since the start of the year, and the fact these two projects are defying market conditions is something worth paying attention to.
TVL update
Bitcoin Fear and Greed Index: Extreme Fear 21 (+0)
“Bitcoin” Google Trends: 57 (+5)
“Crypto” Google Trends: 55 (+3)
Major news
President Biden’s executive order is coming, but it could be a nothing burger.
The much-talked-about banning of Russia from the SWIFT payment network holds huge ramifications, but could it all be part of the plan – the ultimate financial decoupling between Russia, China and the West?
Yield Guild Games (YGG) has hit a significant milestone of 20k Axie Infinity scholars.
In another gaming story, Immutable X has achieved a $200m raise to bring blockchain gaming one step closer to the mainstream masses.
Banter’s take
The market is undecided, waiting. While further downside is of course a possibility, the fact that the uncertainty hasn’t sent bitcoin back to test the 2021 lows could be seen as a bullish sign. Equity markets are meeting the criteria of a bear market, a war is raging on the borders of Europe, and the US (and global) inflation crisis continues with no signs of abating. The first bit of positive macro news (far away as it may seem at this point) would likely see markets rip. In the meantime, bitcoin, like us, is hodling strong.
