Happy Friday Blockfolians
At least it would have been a Happy Friday if it weren’t for that insane dip last night. That was obviously the second big dip of the week, and it got people right in the feels.
Others were spending time comparing the two dips and noting the differences.
Crashes charachterized by extreme liquidations in a highly levered market (eg Apr17) bounce fast due to the mechanics of stop losses.
Crashes charachterized by heavy spot selling not in a highly levered market (eg Apr22) don’t bounce as hard, making BTFD much more challenging.
Still, Bitcoin did us all proud and wasn’t content to stay below $50,000 for long.
Stay strong out there!
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
A fourth ETH ETF goes on sale in Canada
SEC begins formal review of another Bitcoin ETF
USDC blacklisted 7 wallet addresses this week
Paxos gets an OCC charter to be a bank
The times they are a changing
Have literally zero interest in overseas property as a store of value. Insane frictional costs, illiquid and cumbersome to manage, and add some geopolitical/taxation risk on top as well when buying as a nondomicile.
If you prefer wealth you prefer crypto.
LOTS of chatter about Biden’s tax plans today
If you liked talent flight from California to Texas and Florida last year…
You’re going to LOVE emigration patterns from the U.S. in a future that taxes investors and entrepreneurs at >50%.
A Really Big Number We Should Be Paying Attention To
That’s the current size of the Kimchi premium in South Korea, down from 20% over the weekend