March 19, 2024

🥛 Uh-oh! Prices are dropping… 👀

Today’s edition is brought to you by Phemex – a top 5 crypto exchange that has captivated the crypto community with the rollout of its innovative social trading platform, Phemex Pulse.

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Milk Road here, where we break down the crypto market like a mechanic with an old truck – we know what makes it tick.

Here’s what we got for you today:

  • 3 questions to ask when prices crash 🧐

  • Quick hitters from Twitter 👀

  • The world’s largest pension fund has its eyes on BTC 🍪


It’s been a bloody 7 days for crypto…

  • Major cryptocurrencies (BTC, ETH) are down 10% or more.

  • Altcoins dropped 20%-30%.

  • NFT floor prices plummeted 10%-30%.

  • Popular memecoins crashed 30%-40%.

My my… how the tables have turned. 

These big price corrections can be scary. But they’re also great moments to step back and ask some questions. 

Here are the 3 we always ask ourselves when prices drop:

1/ Did my belief change? Or just the price? 

For example, let’s look at tech stocks (just hear me out).

Google, Amazon, and Facebook are some of the best businesses ever invented. Yet each of them has seen huge price drops at some point over the last few years (i.e. Facebook dropped 70% in 2022).

Does that mean Facebook was 70% less valuable that year? No. 

As the billionaire Dharmesh Shah says: “Valuation oscillates up and down around value.” 

So while value and valuation are related, they are not the same. 

Ok, now back to crypto. We believe the industry has created a ton of value. It’s a new financial system with superior alternatives to gold, currencies, stock exchanges, and savings accounts. 

That’s still true whether BTC is at $73K or $50K. 

2/ Am I a tourist? Or a local? 

When prices are up, crypto gets more tourists than Miami during Spring Break.

Then when the weather gets bad (aka prices drop), they all leave. 

Locals know that seasons change and know how to live with the weather cycles.

3/ Is crypto crashing? Or is everything on sale? 

This is one of my favorite crypto memes…

It’s funny AND has a lot of truth to it:

  • When prices are pumping, we wish we had bought more at lower prices.

  • When prices are dumping, we get too scared to buy and shrivel into the fetal position. 

Most investors panic during price corrections. The great ones view them as fire sales.

Ok, enough price talk. Let’s get into everything else you missed yesterday. But first… 

**static noise**

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**static noise**

And now back to your regularly scheduled programming…

Let’s take a quick Tour De Crypto and see what else has been going on in the industry:

1/ MicroStrategy bought another $623M worth of BTC

Milky Fact of the Day: MicroStrategy now owns 1% of all BTC.  

Crazy, I know. The software company went from chugging BTC-free skim milk → 1% (BTC) milk. 

2/ Ghostface Killah is launching new music on the blockchain

Wu-Tang Clan is one of the greatest rap groups to ever walk this Earth.

(I still wake up every day and do my Pledge of Allegiance to the Wu).

Now one of its OG members, ‘Ghostface Killah’, is dropping new music on the blockchain. 

It’s pretty cool to see how a lot of rap legends (and my childhood heroes) like Nas, Snoop Dogg, and Ghostface Killah are all experimenting with launching music on-chain. 

3/ Memecoin presales raised $122M over the last week

Yesterday we talked about the recent Memecoin Presale Mania

Well, ZachXBT (crypto’s version of Batman) did some digging around to see just how much money has been raised by these projects. 

The results? 27 presales raised 655,000 SOL (worth $122.5M).

The craziest part? One of those projects (Slerf) has seen $2.7B in trading volume over the last 24 hours. 

For reference, that’s more trading volume than all Ethereum-based exchanges.

Never a dull moment in crypto 😂


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Japan’s state pension fund (GPIF) is exploring BTC as a potential investment to diversify its portfolio. Fun fact: GPIF is the world’s largest pension fund. 

Changpeng Zhao is launching a new online education platform called ‘Giggle Academy’. The former Binance CEO says it will be a “gamified, adaptive” platform that aims to provide free basic education for all.

Fidelity amended its spot ETH ETF application to include staking. According to the filing, staking “may be treated as income to the Fund as compensation for services provided."

Centrifuge launched a new on-chain fund management platform. The goal? To connect all service providers and data into a central control panel to automate reporting, streamline fund operations, and improve transparency for investors.

OKX will be delisting trading pairs with Tether’s stablecoin in Europe. Users based in the European Union (EU) and the European Economic Area (EEA) will no longer be able to trade using USDT pairs.





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.