Summary
- Cryptocurrencies and NFTs are crashing due to rising interest rates and high inflation levels.
- In terms of the fundamentals, nothing has changed. Crypto’s value proposition is the same as it was a month ago.
- Reminder: This asset class, and its supporting industry, have grown explosively since 2019. Market corrections are to be expected.
00:00 Intro
00:46 Broader crypto performance
02:34 NFT performance
03:42 S&P 500 performance
04:21 10-Year Treasury yield
05:10 Treasury Bill interest rates
06:01 M2 money supply (inflation)
07:23 Consumer Price Index (CPI) (inflation)
09:28 Broader crypto performance last 2 years
10:46 NFTGO and NFT market cap
12:20 Stock-to-Flow (S2F) model
14:08 DEX performance
15:04 OpenSea performance
16:05 Coinbase 10K
17:38 Goldman Sachs & Coinbase BTC loan
18:28 Conclusion and outro
For the long-term investor, days of volatility in excess of +/-10% are simple blips on a long-term calendar—very curious and very interesting blips.
Over the past 24 hrs, decreases in cryptocurrency prices have lowered the total crypto market cap from $1.711T to under $1.495T. Bitcoin (BTC) and ether (ETH) are down 11% as of writing.
While days like today can shock investors, it remains clear that the long-term movement of cryptocurrencies has already reached a gravitational tipping point of adoption that will guide living and future generations into the digital age.
Today’s video highlights consistent monthly trading volume for the past 12 months for market-leading DEXes and for the past 9 months for the NFT marketplace OpenSea as indications that crypto has established a foothold in the global economy.