Crypto O'Clock Podcast (15.09.2024)
⚫ Bitcoin hit $60K, bouncing to $60.6K. Kevin predicted two scenarios – a possible drop to $49K or a rebound from $54K. The market looks bullish, but caution is advised.
⚫ The rebound was driven mainly by Bitcoin, with altcoins, especially strong ones, not performing as well. Ethereum isn’t outperforming Bitcoin, as seen on the ETH/BTC chart.
⚫ On Friday, over $100 million flowed into ETFs, indicating improved sentiment. The author predicts a potential correction, which may occur due to market reactions to interest rate decisions on September 18.
⚫ The S&P 500 is close to its all-time high, suggesting market strength. However, events like an interest rate cut could increase volatility, leading to sudden spikes or corrections. It’s essential to stay cautious, avoiding confusing being “bullish” with gambling. 0 reply
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⚫ In March, Layer 2s had to pay Layer 1 a "fee" tax of 10,000 ethers, but by July, it was below 400, showing a massive drop in activity.
⚫ Scaling Ethereum through Layer 2 would require a significant increase in their number to reach previous levels of activity.
⚫ Ethereum could become inflationary or deflationary, depending on Layer 2 adoption and large TradFi projects that may initially launch on Layer 1.
⚫ A rise in demand for Layer 1 block space could restore Ethereum's deflationary nature.
⚫ The future of Ethereum, particularly in the context of ETFs and the return to growth in crypto, is a question for the coming years, not weeks.
⚫ Binance and Bybit introduced their liquid staking tokens on Solana—$BNSOL and $BBSOL, respectively, quickly reaching $17M and $10M TVL.
⚫ Solana’s Liquid Staking Ratio is 6.3% of the total supply. 0 reply
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⚫ @MarinadeFinance lost market share, dropping from 40% to 15%. New projects like $CLOUD could gain popularity, while Binance and Bybit may increase their market share.
⚫ Stablecoins have become a key innovation of this cycle. @Venmo and @PayPal integrated @ensdomains, enabling the transfer of funds to simpler ENS addresses, potentially facilitating payment adoption.
⚫ In Singapore, stablecoin payments reached a record $1 billion in a single quarter, while Tether generated $6.2 billion in profit, surpassing @BlackRock.
⚫ Stablecoins are a massive business, as seen by Tether’s $6.2B profit with a $118B market cap. This could be a strong incentive for TradFi to enter the market.
⚫ The @friendtech project, after generating $44M in revenue, was abandoned by its creators. A top investor suffered significant losses—$16M. 0 reply
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