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GM. This is Milk Road, the newsletter that turns the crypto maze into an easy stroll in the park.
Here’s what we got for you today:
Bitcoin hits $42K 🤑
Monday Market Movers: Tokens & trends to watch this week 👀
Blast reaches $650M in customer deposits 🍪
BITCOIN HITS $42K 🤑
There’s breaking news!
The news: Bitcoin hit $42,000 for the first time in 20 months.
Breaking: my thumb, while I use it to refresh crypto prices on my phone every 0.4 seconds.
So, why is Bitcoin up so much? There are a few theories…
1/ Bitcoin is going through a “supply shock”.
~70% of all BTC hasn’t moved in over 1 year.
Only ~5% of BTC’s supply is available to buy/sell on crypto exchanges (a new 5-year low).
In other words, people aren’t selling their Bitcoin and there isn’t much supply available to buy on crypto exchanges either.
Low supply + HODL mode = potential for sharp price increases.
2/ Investors are buying up BTC in anticipation of a spot Bitcoin ETF coming soon.
Many people think a spot Bitcoin ETF could be approved next month. Which is why some are calling this… “Bitcoin ETF Eve”.
And some analysts predict that Bitcoin’s price action could be similar to gold’s price action when the first gold ETF was launched back in 2004.
Who knows if these are the real reasons why Bitcoin jumped from $38.5K —> $42K over the weekend, but either way… ain’t no complaints here!
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MONDAY MARKET MOVERS: TOKENS & TRENDS TO WATCH THIS WEEK 👀
We’re back with another Market Movers segment. We track all the crypto action, so you don’t have to.
This week, there are a few trends & tokens on our radar. Let’s dive in:
1/ Some altcoins have big events, product launches, and/or announcements coming up.
Polygon ($MATIC): Polygon Connect (a big ecosystem event) is scheduled to start on Dec 7. Many anticipate new product launches and/or partnerships could be announced.
Dogecoin ($DOGE): Tesla is launching its new Cybertruck and Dogecoin is expected to be a payment option. If Elon tweets about it, DOGE could see a big pump.
Avalanche ($AVAX): Republic is listing its profit-sharing digital asset platform on the Avalanche blockchain on Dec. 6. It’s backed by over 750 private companies and assets in Republic’s portfolio, including SpaceX, Dapper Labs, etc.
Reddit token ($MOON): Reddit community points tokens (aka MOONS) are making a comeback after the social media giant “officially renounced” ownership of the token contract. The mod team said it would work on restoring features for the MOONS token.
Bitcoin Ordinal-related tokens ($ORDI): Bitcoin Ordinals have almost gotten as much volume as Ethereum NFTs over the last 30 days ($370M vs. $378M) and as a result, the Ordinal protocols native token (ORDI) is up big in that time (+521%).
2/ Web3 games keep getting added to the Epic Games Store.
This time last year, there were less than 10 web3 games listed on the Epic Games Store.
Today, there are 69 (giggity).
Each of these games has its own assets (tokens, NFTs, etc.) and could be an interesting play for investors who are eyeing the crypto gaming space.
(Btw – you can check out a list of the games here).
3/ NFTs see big volume over the weekend.
Check it out. NFT volume has quietly been increasing over the last 3 weeks.
And Sunday was a big day for some of the most popular collections:
We’ll see if the animal JPEGs can keep their momentum.
Side note: if you asked me to guess whether Sappy Seals, Cool Cats, Kanpai Pandas, and Pugdy Penguins were names for multi-million dollar NFT collections or team names for my 4-year-old nephews' soccer league…
I would’ve guessed the latter.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Blast has attracted close to $650M in customer deposits. The craziest part? The layer 2 network doesn’t officially exist yet. — DL News
Coinbase says it’s received over 13,000 requests from governments and law enforcement agencies over the last year. That’s a 6% year-over-year increase in the number of requests.
A U.S. federal judge is calling out the Securities and Exchange Commission (SEC) for allegedly lying to receive a temporary restraining order. Now the judge is demanding the SEC make a case for why its lawyers shouldn’t be sanctioned by the court after presenting false and misleading evidence to freeze digital assets.
The Platypus Finance hackers were cleared of criminal charges by a French court. According to the court, the hacker's use of a flawed smart contract did not constitute fraud.
Arbitrum DAO approved a $23 million 'backfund' to invest in crypto projects. 26 projects, including Gains Network, Stargate Finance, etc. will receive funding.
Brian Armstrong says Coinbase has no plans to launch a Base token. Sorry kids, no BASE token for Christmas.
MORE MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Big “first day of the bull run” vibes
— Milk Road Images (@MilkRoadImages)
Dec 4, 2023
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.