💀 Bitcoin Did NOT Choose Rich!

🗞 Market commentary.

GM to all survivors of the leverage purge.

It appears that above all, this is a memecoin market and we all just live in it. During yesterday’s flush, we saw a nice reset across the market – except memecoins, which continued pumping like nothing had happened. 

Even Avalanche Foundation seems fond of the memecoin bullish thesis and even disclosed their community coin holdings, including memes like COQ, Gecko, Kimbo, and TECH. Even Franklin Templeton wrote a whole thesis on memecoins this week!

Of course, by now, the situation changed, and the purge has spread across the market – this is where we need to keep in mind the bigger picture, there are many 30% sell-offs coming through the whole bull market.

Over on the macro front, aside from the US producer price index (PPI) coming in hot right after higher-than-expected CPI on Tuesday, not much changed. We continue to monitor the NASDAQ support level of around 17,800. If that one breaks, we’ll have a chance to see how correlated crypto markets are to TradFi after some time.

Despite the short-term bearish prospects we discussed in our last newsletters coming to fruition, ultra bulls of the Michael Saylor type are unsurprisingly not worried at all. Actually, Saylor plans to raise yet another $500M to buy more Bitcoin. What a legend.

Another unsurprising piece of news comes from the UK, where a judge made the final ruling about Craig Wright. Yep, you guessed it: the grifter is indeed not Satoshi Nakamoto. However, I wouldn’t be surprised if this news piece continues to pump Bitcoin Satoshi Vision, though.

📊 Luke’s Chart of the Day

How Bitcoin 20x-ed in 1 year

In 2017 $BTC speedran the chart from $1k to $20k, but the road was fraught with giant, trouser-browning 35% pullbacks. All of similar magnitude. Almost all had some narrative attached, Segwit2x, the BCH hard fork, at least one ‘China banned Bitcoin!!’ dump that I remember… None of the narratives mattered in the end. All were great buying opportunities. 

Pullbacks were necessary to continue upward - flushing out overleveraged apes and retesting previous resistance levels. All dumps were retraced in a matter of days or weeks, and we turbo accelerated up the parabola to the eventual, glorious $20k blow-off top.

🔥 Degen corner.

Trade with intent (X)

We have a lot to look forward to in crypto!

Do you recall IntentX from our previous newsletters? This intent-based next-generation perpetual exchange is crushing it, and the volume numbers speak for themselves. After all, having hundreds of pairs ready and being able to tap into, for example, Binance’s liquidity from the comfort of your wallet is attractive.

Oh, and by the way, rumors are circulating that the upcoming airdrop could be juicy, and there’s still time to stack those points. Good luck, and use a stop loss!

👀 DeFi insights.

The important bits.

• Ethena (DeFi) - Reached USDE $1,000,000,000 supply - read

• Curve Finance (DeFi) - Reached $1M weekly fees - read

• Movement (Move VM) - Partners with Aptos - read

• IntentX (DEX) - Reaches  $40M daily volume - read

• Entagle (Omnichain) - Presents its roadmap - read

• Eigen Layer (LRT) - Unveils mainnet launch plans  - read

• Redacted Cartel (DeFi) - Launches LST vault with Arrakis - read

• Radix (DeFi) - Project Ignition live with $10M+ incentives - read

• Protectorate (NFTfi) - Teases big announcement for the end of March - read

• Monad (L1) - Devnet is live - read

📰 DeFi news.

Even more important bits.

• El Salvador drops income tax from 30% to 0% for international transfers - read

• Elon Musk: “DOGE payments for Tesla are coming” - read

• Franklin Templeton goes degen with memecoins  - read

🫠 ICYMI.

Life gets busy so here’s what you’ve missed.

Persistence One Explained: Liquid Restaking on Cosmos

Podcast

CryptoTube takes us deep into the Cosmos to break down Persistence One chain and their moves with Liquid staking tokens.

Tune in on YouTube →

🐥 Tweet of the day.

To save you doom scrolling.

LARP mint is going crazy! Are you bidding?

🦍 And finally…

Whatever you do, don’t get bamboozled by the short-term price action. The worst thing, especially for beginner traders or those in their first to second cycles is overthinking and over-rotating their positions or even selling dumps. Don’t do this! Crypto is headed higher, even though it might seem scary at times. 

This is not about becoming rich fast; for most, it's about becoming rich very slowly, which is, in most cases, the only sustainable way to not only make it but, first and foremost, to survive.