There's That Slowdown We've Been Waiting For

Plus Bakkt confirms its SPAC (although some are skeptical of the valuation)

Happy Monday, Blockfolians

The Lede

Bitcoin (and crypto as a whole) have undeniably been on a tear. We’ve had four consecutive weeks in a row of double-digit gains. Over the weekend, we hit a new all time high of nearly $42,000 - more than double the ATH we were fighting to hard to achieve just about a month ago.

That sort of face-ripping is extremely exciting, but inevitably has to slow down. Well, the slowdown came. Bitcoin has been crashing since yesterday, and at the time of writing is down more than 20%. There have been massive amounts of trader liquidations and really, the whole thing is a sea of red.

That said, the sentiment isn’t overly spooked.

It’s hard to be too freaked when we’re still up massively on the year and there’s still so much macro momentum. For now, let’s all just take this as a reminder that, the higher prices get, the crazier these swings are going to feel.

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.


Highly Relevant Reading


Community Commentary

Interesting take on the relationship of market infrastructure and derivatives on exacerbating market moves
That about sums it up

A Really Big Number We Should Be Paying Attention To

$2B

That’s the amount of Tether that was minted last week - a new record


Final Thought

Good reminder that this cycle is just getting started.