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- 🥚Easter Hangover Got Bitcoin Down
🥚Easter Hangover Got Bitcoin Down
PLUS it's time to get ready for the NFT culture coin wave!
🗞 Market commentary.
GM, welcome to the halving month.
It's time to make history again! Bitcoin is experiencing a bit of a post-Easter slump today, but we just need to look back at the familiar production cost chart. There's still a long month ahead until the anticipated Bitcoin halving on April 25th. At that moment, the production cost will instantly jump to $60,000 per BTC. Until then, we might see a lot of sideways movement in this area, but it's highly unlikely to see long-term closes below the production cost line. Moreover, Bitcoin isn't the only one undergoing a halving; Bitcoin Cash is set to halve tomorrow, which might further fuel the already bullish price action.
April is filled with events, so we can expect plenty of volatile price movements, some possibly triggered by the US CPI data on April 10, the deadline for the settlement between the SEC and Coinbase on the 19th, and, more importantly, the launch of Runes Protocol (more on this here) on the 25th and Eigen Layer's mainnet by the end of the month.
By the end of the year, we might come full circle, as there's a possibility of the largest airdrop to date: repayments for FTX creditors. The FTX bankruptcy estate has announced plans to start repaying creditors by the end of 2024.
📊 Luke’s Chart of the Day
BTCUSDT 1D
Within a few hours of the monthly candle closing, $BTC rolled over and rekt everybody’s longs. The market had been quite choppy for a week or more, and it felt like things were being propped up. Nevertheless, the monthly close was pretty decent, especially on Solana (not pictured)—a big, almost 100% gain candle.
Our Early February uptrend (blue upward diagonal) just broke, and it seems likely we will get a little downtrend channel/bull flag into the halving. The 100-Day MA is coming up towards the channel and may provide bottom support again, as it did on 23 January. We also have some minor support, around $63k, for a bounce or potential bottom.
Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!
🔥 Degen corner.
NFT Culture Coins
Last week, we saw an extraordinary event on Base. Many of you are familiar with the Mfers NFT collection, one of the few that survived the NFT bear market purge while maintaining its respect and status. Last Friday, Sartoshi, the creator of Mfers, released a whitepaper titled “mfercoin: a peer-to-peer electronic mfer system.” Soon after, every Mfers NFT holder received an allocation of mfercoin, a meme coin on the Base chain. In short, mfercoin reached a market cap of $330 million USD on the very second day after its launch.
This sets a significant precedent. Ethereum NFT collections are largely considered obsolete. However, this event shows that those which maintained their respect and status in the cryptoverse can release a meme coin at any time and achieve massive, immediate success. Additionally, this concept makes a lot of sense since a 10K collection is a very limited community, while a meme coin allows literally anyone to become a part of the Mfers community.
You can guess which collections might be next, but I have a feeling Remilio coin could surpass everything we've seen so far. Stay tuned!
👀 DeFi insights.
The important bits.
Term Labs (DeFi) - Lido incentives on USDC/wstETH pairs started - read
Ethena (DeFi) - Extends airdrop criteria to Milady - read
Bera Puppets (Berachain NFT) - Partners with Ramen Finance - read
Vertex (DEX) - VRTX staking rate reached 30% APR - read
AIOZ (AI, L1, DePIN) - Unveils AIOZ Node V3 - read
Core DAO (BTC DeFi) - Campaign with Multibit started - read
OASIS Network (L1) - Announces private cross-chain swaps for BTC - read
📰 DeFi news.
Even more important bits.
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
PepperDEX: The Ultimate Perps Trading Protocol on Solana
Founder Series
Today Jedi is joined by Peprika Inferno, Founder of PepperDEX. PepperDEX is a community-driven perpetuals and expiring futures DEX platform, offering Trading Vaults, Zero-Day Futures and utilizing the SPANDEX Risk Engine, and a Dexterity Order Book.
Tune in on YouTube →
🐥 Tweet of the day.
To save you doom scrolling.
Cold Blooded Shiller brings epic trading psychology rants this bull run. Pay attention!
🦍 And finally…
Today, I've turned my GPU into an io.net worker. You can do the same (and possibly receive a significant airdrop) until the end of the month. Here's the complete guide for the setup. Also, check out the Galxe campaing. Good luck!
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