🐻 Top charts to follow
Have we bottomed yet?
GM friends, welcome to April. Spring is in full bloom, and so is crypto. Bitcoin still hasn’t budged and is sitting tightly at $28,000, despite the Binance and other regulatory FUD. Thanks to the failing fiat dollar, it seems like people are finally starting to wake up to the broken system.
Meanwhile, the US elections are nearing closer and campaigns are beginning to roll out. For one of the first times ever, candidates are showing their stance on crypto and incorporating digital currency policy into their campaigns. Pay attention closely and note what side of the fence politicians are sitting on and choose wisely…
One of the best ads for Bitcoin I’ve ever seen 😂
— Dan Held 🧙♂️ (@danheld)
Apr 2, 2023
In this issue:
📣The big story of the week. Top charts to follow this month.
🚀The good. Gucci is partnering up with Yuga Labs to further expand into the metaverse and Michael Saylor stays bullish on Bitcoin by stacking up another 6,455 Bitcoin.
🐻The big, bad FUD. The BRIC nations could be starting their own currency and Matt Damon gives the story behind the infamous Crypto.com commercial.
📣The big story of the week
Top charts to follow this month
To start off this month, let’s look at some charts to help decipher the major narratives to follow.
1/ You thought the stock market bottomed? Think again
The recession speculation continues. Are we in a recession right now, or are we headed into one? Historical S&P500 data shows that the stock market typically bottoms on average 11 months after a recession.
History shows that stock markets bottom on average 11 months after (not before) a recession starts.
If you think the S&P500 lows were hit last year, then you think:
- We already had a mild recession in 2022
- We don't get a recession at all
- ''This time is different'' http
— Alf (@MacroAlf)
Apr 2, 2023
So things will either get worse or maybe we’ll dodge a recession thanks to the Feds! Everything is fine though, don’t worry.
BREAKING: 🚨 🚨 🚨
McDonald's layoffs ... everything is fine 🔥🔥🔥
— Wall Street Silver (@WallStreetSilv)
Apr 2, 2023
2/ The US is stacking up debt quicker than ever
In the course of two years, the US has racked up over $7 trillion in debt, which historically took 215 years to reach. So…who is paying the bill?
It took 215 years for the US to reach $7 trillion in debt.
It then took only 27 months (March 2020 - June 2022) to add another $7 trillion.
Debt is not a bug of our credit-based monetary system.
It's a feature.
— Alf (@MacroAlf)
Mar 29, 2023
3/ People are bullish on gold
As the dollar fails, investors are flocking back to gold, the original store of value. Whether it’s physical gold or digital gold, diversifying your assets is probably a good idea right now.
— wikifolio Trader (@IvanKorelo)
Apr 1, 2023
4/ Small US banks are slowly getting wiped out
After the fall of major banks like Silicon Valley Bank and Signature Bank, depositors have been withdrawing at a record level. Particularly for small banks, over $119 billion has flowed out, with many beginning to favor big banks for the safety of bailouts. If this trend continues, we could see more bank runs and more consolidations happen.
Small US banks see a record drop in deposits after SVB collapse. 25 largest banks saw deposits increase $67bn, while smaller banks experienced a $119bn deposit outflow. Top 25 is defined by 2022 reports, in which SVB & First Republic are in the 25 largest. httpp
— Holger Zschaepitz (@Schuldensuehner)
Mar 25, 2023
5/ Ordinals are here to stay
Lastly, if you thought Bitcoin NFTs would be just a fad, you might be wrong. Ordinal volumes are still going strong and just hit an all-time high of inscriptions in a day. With NFT NYC next week, we could see it pump even more to a new high. Are you pro or anti-Bitcoin NFTs?
Ordinals just hit an ATH of 58,179 inscriptions in a single day.
This smashes the prior ATH of 31,692 from March 9th.
— Leonidas.og (@LeonidasNFT)
Apr 2, 2023
So to recap, what can we take away from all these charts?
It doesn’t matter if you believe in the recession or not. Either way, you should prepare for the worse to come and it seems like many people are beginning to choose “the golds” to diversify their assets and store their value.
🛍️ Gucci is partnering up with Yuga Labs to explore the metaverse. There are no details yet, but the luxury fashion brand teased us with a tweet of what looks like a Gucci x Yuga Labs perfume. But this isn’t Gucci’s first move into web3. They recently launched a collection of Gucci-branded NFT apparel for avatars and purchased plots of virtual land.
📈 Michael Saylor stays bullish on Bitcoin by acquiring an additional 6,455 BTC. The king of Bitcoin repaid its $205 million Silvergate loan at 22% discount and stacked up on more digital gold for $150 million. Keep stacking king!
🐻The big, bad FUD
🤔 The BRICs could be starting their own currency. Shortly after China and Brazil announced that they will be ditching the US dollar for trade, it was reported that the BRIC countries (Brazil, Russia, India and China) may be working on a national currency. CBDC here we come…more reasons to stack up on Bitcoin now.
🤦 Matt Damon gives an uncomfortable response to his popular Crypto.com commercial. As one of the first A-listers to do a crypto marketing campaign, the commercial Damon did for Crypto.com was iconic at the time, but is now no longer a good look. Check out the video where Damon clearly looks uncomfortable giving his reasoning for doing the commercial in the first place, which was to raise money for his failing charity organization, Water.org. Is his reason valid?