#18 Weekly Market Update - The Last Dip?
Halving is upon us, where will BTC and market go in upcoming weeks?
Welcome fellow investooors! It’s crypto time so let’s dive right in. To access more content find us here on Twitter. Enjoy!
Today, in Weekly Market Update:
Halving & Market Direction
Coinbase Wallet
Hsaka’s Story
and much more…
“Wealth is not his that has it, but his that enjoys it.” - Benjamin Franklin
The Last Dip?
With just over a week until the halving, the market still doesn’t look great, and the mood is getting worse each day... who would have thought we’d see such negative sentiments when Bitcoin is well above $60k. Where is the market heading, and how might it behave right after the halving?
Looking at historical data, price pullbacks in March aren't surprising. In the last cycle, the March dip was driven by COVID-19 panic; this year, we’ve seen subdued moods due to capital outflows from ETFs and the U.S. government selling BTC from Silk Road. However, if you recall 2020, that was the last aggressive price dip, quickly bought up, sparking a true bull run lasting over a year. Will it be the same this time?
Remember, the halving itself is an anticipated event; we know the date and all the data, so it’s not a surprise. Therefore, don’t expect an immediate price reaction on the halving day or right after; the most likely scenario is for BTC to continue moving within the current price range, reaching the last ATH above $70k. However, I wouldn’t count on a quick breakout and sprint to $80k. Why? Such a rally would imply an accelerated cycle, potentially ending even by the end of this year, which would significantly alter the cycle’s characteristics. One thing is certain: with each day, we're getting closer to entering the final, most euphoric phase of the cycle, lasting months and starting soon after the halving. Whether we see rallies in two weeks or in a few more doesn’t make much difference here. Time is on our side, cooling the market and allowing us to accumulate more of the projects we're interested in.
Alright, but all this concerns Bitcoin’s movements; what about the much-anticipated altseason?
In a scenario where Bitcoin continues to move within the aforementioned range, we would have plenty of time—and liquidity—to play out the next trends, memecoins, listings, events... The correction period won’t last forever, and the phase we enter after the halving will require incredible commitment, needing almost 24/7 availability and readiness. Get plenty of rest now, because there might not be time later. 😉
Time for Gaming?
Andreessen Horowitz (a16z), one of the largest VC funds—not just in crypto—plans to invest $30M in the blockchain gaming sector over the next 45 days. Typically, such announcements have led to increased interest and token price surges in the niche. Will GameFi experience a similar trend?
MemeLand Becomes Serious?
After months in the market, Memeland announces the creation of its own network. On one hand, this could be positive news, suggesting that the project is striving to build something of value. On the other hand, almost every time a meme project attempts to create something beyond mere emotional value, it ends up in significant corrections or straight death to the project. A meme is a meme, nothing else; why change it?
Another Round of Airdrops
If you recall how airdrops given to owners of Solana's SAGA phones far exceeded the value of the phone itself, you’ll notice a pattern, as it seems we’re in for a repeat. The first airdrop for those who preordered the next Solana smartphone has already covered nearly half of the costs—the phone was priced at $500. And it seems like this is just the beginning. It’s interesting to see if Aptos Phone will repeat this trend - if no, it will say a lot about the ecosystem.
Ether Rocks Back at the Top
Many of you may have forgotten about the EtherRocks NFT collection—simple digital images of rocks—that have once again topped the most valuable NFT collection in terms of valuation, with a Floor Price currently close to 500 ETH, nearly $1,700,000 (!), though sales transactions recently hovered around 200 ETH, closer to $750,000.
Coinbase Wallet Integration
The Base ecosystem is not slowing down, and Coinbase Wallet announces its integration with the Coinbase app, making it easy for every Coinbase user to access their ecosystem. This is crucial because transaction fees could now be deducted from our Coinbase accounts, significantly improving the UX of the entire ecosystem and potentially fulfilling retail needs. Moreover, using Account Abstraction, they employ various mechanisms, including Passkey for transaction confirmation, rather than the standard transaction signing as in MetaMask. It can create a huge trend for Base ecosystem in weeks to come - pay attention frens.
Hsaka’s Story
One of the best traders in the crypto market and also one of the most influential figures, Hsaka, is a legend in itself but few wonder about his origin. Introduced by Scott Melker, Hsaka entered the crypto scene in 2018, teaching the market the essence of enduring a trend, as Hsaka publicly traded SUHI, AXS, and MATIC, achieving impressive high double-digit returns. Can you imagine that Hsaka was even giving public calls and TPs?! Incredible how time flies and things change…
Best Trading Advice of the Week
Eugene shares another valuable post, showing how to check the accuracy of your trades and the most suitable trading style for you—not based on gut feeling but on data. Must read for everyone here imo.
TAO FUD
One of the tokens that fared well during the recent downturns was TAO, which had previously been hit with substantial FUD. Where did this FUD come from, what does it entail, and is there any truth to it? Here's a thread summarizing the situation.
The Peak of Hypocrisy?
Zach’s latest investigation focuses on someone who not only stole collected funds but also used them to purchase an NFT and use it as their new Profile Picture on Twitter. Just when it seemed we couldn’t fall deeper into the hypocrisy, such individuals emerge and revise our views on how low one can fall.
Base Revenue
A significant revenue source for Coinbase lately has been their Base chain, as it's generating nearly a million dollars in profit daily. This highlights the enormous potential in creating Layer2 projects, suggesting ongoing development work on Base, which will likely attract more interest and profits to the ecosystem. It’s just another reason to pay close attention to Base.
Where is the Market Heading?
An excellent thread by LadyofCrypto analyzes the recent halving cycles and their impact on both Bitcoin and the altcoin sector. How will Bitcoin behave this time, and is Altseason just around the corner? We don’t know, but it’s always wise to consult history. 😉
VC Funds Boarding the Ship
After nearly two years of waning interest from VC firms, they are showing renewed interest in crypto, allocating increasing funds to it. In recent months, VC funds have heavily invested in the Eigenlayer ecosystem, clearly confirming earlier hypotheses about the direction of crypto development. However, it’s noteworthy that Solana is also attracting significant interest, suggesting that Ethereum no longer holds a monopoly on VC attention—raising the question of whether this will result in quality projects on Solana or just typical VC pump-and-dump schemes.
Blast Chain's Multipliers
Blast chain is trying to draw in more users, this time by introducing point multipliers for activity on the chain. However, these Point Multipliers aren't awarded or purchased outright; instead, they must be actively collected, rewarding users for their engagement. If you’re interested, more information can be found in the link provided.
That’s all for today, thank you all for reading this week’s edition and see you in the next one! May the profits be with you!
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~ Crypto o’Clock Team
This newsletter is provided for educational purposes only and does not constitute investment advice. It is not intended as a solicitation to buy or sell any assets, and readers are strongly advised to conduct their own research and seek independent financial advice before making any investment decisions. The authors and publishers disclaim any liability for any direct or consequential loss arising from any use of the information contained herein.