2021-06-15 20:24:13
Stacked Insights Newsletter, 06.15.21
Believe in the bounce?
Polkadot has arrived
Crypto fundraising at ATH
This time, it's different Bitcoin firmly bounced above $40K and brought much needed relief to us all. But, is this time
really different, or is the bounce just setting up exit liquidity for whales?
Dave the Wave, a crypto twitter trader who has so far nailed BTC price action in 2021, sees parallels between now and spring/summer 2018.
In 2018, crypto markets touched all time highs before getting nuked, bouncing to lower highs, then grinding out a long consolidation period.
So far, BTC is following the 2018 playbook so closely that even the daily MACD is uncannily similar.
If we are in fact following the 2018 fractal, the good news is incredible dip-buying opportunities await
and the correction will resolve much faster than in 2018.
Follow up here https://twitter.com/davthewave/status/1404538985381208066
DOT listed on Coinbase as parachains near Blockchain interoperability used to be a buzzword. Now, it's almost a reality.
Polkadot, the multi-chain protocol that acts as connective tissue between networks, is on the cusp of enabling parachain auctions.
If you're new to the concept, parachain auctions are similar to crypto ICOs with a few key differences.
Projects stake DOT tokens to earn space on the network
To raise DOT, projects run crowdloans
In crowdloans, DOT stakers get the project's token in exchange
The key takeaway is parachain auctions
never involve giving up your DOT tokens. Instead, you're just leasing them to projects which need them as bond collateral.
Coinbase Pro just listed DOT tokens likely in anticipation of the network transitioning toward its first full auction.
Kusama, Polkadot's test network, is starting its first parachain auction next week. If all goes well, Polkadot has the green light to let the fireworks begin.
Despite market fears, project fundraising is booming According to the Fear and Greed Index, crypto market sentiment is oscillating between
extreme fear and
fear.
Even though retail traders are clearly shaken, venture capitalists and big-name investors are pouring into crypto like there's no tomorrow.
Lesser-known projects like Stake Technologies, a group developing interoperability tech for Polkadot, are raising millions from the likes of former Sony CEO Nobuyuki Idei.
Massive funding rounds of late include:
$380M, Ledger crypto wallets
$350M, BlockFi crypto lending
$314M, Solana blockchain
$305M Dapper Labs NFTs
$300M Blockchain.com wallets
These totals
blow away the sums raised during the ICO craze and involve far higher-profile investors like Mark Cuban, Michael Jordan, Ashton Kutcher, Bain Capital, and Andreessen Horowitz.
Don't let short-term price action distract you from long-term bullish signals.
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