Bottom Signals ?
In previous cycles, Bitcoin miners had to go bankrupt before things got better. When miners blow up they have to sell their Bitcoin & November was remarkable bad month for miners.
Google searches for “self custody” have skyrocketed
Ledger had the highest sales week in their history. Not a surprise after FTX fiasco. In the last 30 days, 106k BTC has been moved to self-custody. This has only happened 3 other times in Bitcoin’s history.
ETH The Ultra-Ultrasound money
Since the Merge, 679 more ETH ($814k) has been burned than created. the merge is working like it is supposed to. Even in a bear market, gas fees are high enough to create a deflationary asset.
DEX volume is up 53% in November
Despite a 5 month slump and being in the dead of a bear market, they had their best month of the year with $63b in volume. The top DEX right now? UNISWAP
Crypto Recovery Funds
Binance has now committed $2 Billion of company funds to its new Crypto Recovery Fund. The Crypto Recovery fund is intended to keep the industry alive by purchasing struggling companies, and supporting the broader ecosystem. This recovery fund obviously comes at a time when the crypto industry is deeply distressed and reeling from significant FTX collapse
QUADRIGACX -Wallets are active again?
Back in 2015, QuadrigaCX was the biggest crypto exchange in Canada.Then suddenly, the site shut down. $200M+ worth of crypto vanished. And the company went bankrupt.Why? The founder, Gerald Cotten, suddenly died in India. And he was the only one who knew the private keys that held all the crypto. Well, $1.75m worth of Bitcoin just moved out of those QuadrigaCX wallets for the first time in 3 years. The evidence points to one man. The “Dead” CEO.
Many financial analysts and institutions have been predicting that inflation will not come back down to the 2% target set by central banks. Although none have yet budged on that 2% target, the European Central Bank seemed to step in that direction last week when it noted that inflation in the Eurozone would stay above 2% until at least 2025. Even Jerome Powell is slowly beginning to admit that a 3% target isn’t the end of the world either.
Donald Trump dropped an NFT collection
That’s right. From businessman → TV personality → President → NFTs. Donald’s collection of 45,000 NFTs sold out in 12 hours. That’s ~$4.45m made in half a day. The collection has done $2m+ in secondary sales and jumped 700%+ in price over the weekend. It’s the #2 trending collection behind the Bored Apes.
The team at Coinlabzz hopes you all have a delightful festive season!
Leave a Reply