TL; DR
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In our bi-weekly check-in with Bitcoin and the broader crypto market, things appear to be good at the moment, but things could turn around soon.
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After twelve straight months of painful sideways trading, we are finally seeing consistent profits!
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But many analysts still expect us to enter a recession. If that happens, there is a good chance that it will mean (again) pain for the crypto markets in the short term.
Full story
Alright, time for our bi-weekly check-in with Bitcoin and the broader crypto market…
So where are we?
Well, after twelve straight months of painful sideways trading, we are finally seeing some consistent gains!
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Bitcoin cracked and held at $39.5k this weekend
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Ethereum broke $2,160 (highest level since May 2022)
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Tokens in the DeFi and Culture & Entertainment indexes rose 39%-42% last month
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The hype around decentralized physical infrastructure (also known as DePIN) tokens is starting to take effect! Helium (the decentralized mobile network) gained 110% in November
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Web3 Enterprises has just started trading on the US OTC market under the symbol ‘WEBVF’. Web3 investment companies going public? Now That gives bull market vibes.
What can go wrong?
Well, a few things, like…
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We’re still not out of the woods RE: inflation.
If there’s even a remote possibility that inflation isn’t slowing fast enough, then BOOM! The Federal Reserve does not appear to be afraid of interest rate increases.
Which could lead to a crypto sell-off.
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The market has picked up on the rumor that a spot Bitcoin ETF will be launched in January.
But nothing is set in stone. If an ETF is not approved, we could see a large price dump.
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It feels good now, but many analysts still expect us to enter a recession.
If that happens, there’s a good chance it will mean short-term pain for the crypto markets.
Okay, that’s all we have!
Now you know it 🙂