🥛 What happened to crypto yesterday?! 🤬
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GM. This is Milk Road. We pour the latest crypto buzz straight into your cup – no sugar needed, just pure facts.
Here’s what we got for you today:
WTF happened to the market yesterday?! 🤬
Meet the $100M memecoin fund 💰
Solana’s market cap hit a new all-time high 🍪
WTF HAPPENED TO THE MARKET YESTERDAY?! 🤬
The past 24 hours have been a bloodbath…
BTC crashed from $73K → $66K in like 3 hours.
Many altcoins are down 10% or more.
Most of the top 100 tokens are in the red zone (not the good kind either).
If you’re one of those people who faints at the sight of blood, cover your eyes…
So, wtf happened? There are a few possible explanations…
1/ Hotter-than-expected inflation data
The U.S. dropped some major economic reports this week…
Consumer Price Index (CPI): This measures how much prices for products and services have gone up or down. It includes everything from cheese to rent to haircuts.
The latest CPI report shows that prices rose an average of 0.4% – higher than expected.
(Side note – shoutout to my barber Rico who’s been cutting my hair for $6 since 2003. Rico don’t play no games).
Producer Price Index (PPI): This measures the change in prices after products leave a manufacturer. Many view it as a key indicator of inflation.
The latest PPI report shows that it jumped 0.6%. (Btw, it was only expected to go up by 0.3%).
So what? The data shows that inflation is still a problem. And when people see the price of milk and eggs go up, it causes a chain reaction…
Panic → sell-offs → prices crash → more panic → more sell-offs → and then…
2/ Liquidations
Over the last 24 hours, 233K traders were liquidated for a whopping total of… $775M.
REKT!
Milk Road Take: If you’re new to crypto, these price swings can be scary.
But they’re actually a good thing… they flush out all the crap (i.e. investors that mismanage risk and are overleveraged) and help reset the markets.
It’s a lot like going to the dentist – painful, but also necessary.
NOTHING IS CERTAIN EXCEPT BITCOIN AND TAXES
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MEET THE $100M MEMECOIN FUND 💰
Earlier this year, the Avalanche Foundation launched a $100M fund called “Culture Catalyst.”
It’s focused on one type of asset… “community coins.” Which is just another way of saying memecoins.
(It’s like when my wife pronounces Target as ‘’Targét” to feel fancy).
Well, check it out. The Avalanche Foundation announced its first 5 investments yesterday…
Does investing in something called “COQ” sound crazy? Yes. (Say it out loud and you’ll get the joke).
Do we think more memecoin funds will be launched in the future? Also yes.
BITE-SIZED COOKIES FOR THE ROAD 🍪
The OG wallet, Exodus, offers an accessible way to onramp, store, and swap your crypto across multiple blockchains. Its wallet is available via desktop, mobile, and browser extension apps, and you can read more about its growing list of services in our review!
Solana’s market cap hit a new all-time high. It hit $81.1B this morning – breaking its previous record of $77.9B back in November 2021.
According to a new Paradigm survey, 19% of U.S. voters have bought crypto. The survey also found that 6% of crypto-owning voters hold between $1,001 and $10,000 – showing that there’s a large group with vested financial interests.
Robinhood reported that its crypto trade volume jumped 10% in February. The trading platform saw $6.5B worth of volume – the highest since the middle of 2022.
VeVe launched a new digital comic book reader and platform called VeVe Comics. Fans now have access to 300+ new Marvel digital issues, including those based on Spider-Man, X-Men, Captain Marvel, and Black Panther.
Global crypto investment products crossed $100B in AUM for the first time ever. Global crypto funds have witnessed record inflows in recent weeks, which, combined with recent price gains in the crypto market, have led to the AUM record.
The Arbitrum Foundation submitted a new DAO proposal to launch a $400M crypto gaming fund. If approved, the fund would invest in and promote crypto games on the Arbitrum blockchain.
MILKY MEMES 🤣
RATE TODAY’S EDITION
ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Checking prices this AM…
— Milk Road Images (@MilkRoadImages)
Mar 15, 2024
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.
