CryptoNews

In the eyes of most Western elites, investors, journalists and academics, Bitcoin rates anywhere from an annoyance to a disaster. In May 2021, American billionaire Charlie Munger described Bitcoin as “disgusting and contrary to the interests of civilization.” Warren Buffett, once the world’s richest person, sat next to Munger in obvious agreement. He has said Bitcoin is “a delusion” and “rat poison squared,” and he has warned that he is sorry about its rise “because people get their hopes up that something like that is gonna change their lives.” Bill Gates, who also used to be the world’s richest person, has said Bitcoin is a “greater fool theory” investment and that he would short it, if he could. HBO host Bill Maher skewered Bitcoin in an extended segment on his show, saying that the new currency’s promoters are “money-hungry opportunists.” A few weeks earlier, the New York Times ran a story that said Bitcoin will “ruin the planet.” Financial Times columnist Martin Wolf has long ...

Crypto market performance, macro recap, market structure, and theme of the month (NFTs as a market hedge). Crypto market performance Since last month’s market insight, BTC and ETH have recovered 5.78% and 2.15%, respectively, sitting comfortably at $43,500 and $3,100 levels. In the first week of February, we saw the majors gain an average of 15%. SHIB was the best performing large-cap coin, up 56% in 7 days on the back of an announcement about creating “Shibaverse,” a Shiba Inu themed metaverse. SOL and AVAX continue to be strong performing smart contract chains, up 18% and 19%, respectively, at the time of writing. For the first time since the start of the year, not all sectors across crypto were negative. L1s had the best performance, up 7.7% despite the January blues, with DeFi following up 4.5% and Web 3 up 4.3%. Macro recap The market continues to play to the Federal Reserve’s tune as Chairman Powell showed a hawkish stance by indicating a high likelihood of a rate hike next m...