EllioTrades

Share this post
November 22, 2021
www.elliotrades.xyz
EllioTrades Daily Roundups

November 22, 2021

Toxicity Is at a High – What Does It Mean for the Markets?

Oliver Grah
Nov 22, 2021
10
2
Share this post
November 22, 2021
www.elliotrades.xyz

Introduction

After the nice weekend rally – especially in the gaming and L1 sector – the "gravity" of the CME gap has brought BTC and ETH back down to where they left off on Friday. What's next is obviously the big question on everyone’s mind.

While we literally could go up, down, or sideways in the short term, one thing is clear: Plan B’s price prediction of $98k at the end of November is probably rather unlikely to materialize. Will he be right with a few months of delay, confirming the lengthening cycle theory? This bullish scenario is certainly in play.

Twitter avatar for @StraightGainers
🩸straight (🎩,🔺) (🐃,🐋) @StraightGainers
@LomahCrypto @EVNFT ahhhh, so things will go up, or maybe things will go down. tyyyyy
8:42 AM ∙ Nov 22, 2021
Twitter avatar for @fomocapdao
Fomocap @fomocapdao
By November 30 $BTC should be $98k, according to stock to flow model. that is 65% increase. Miracle?
Image
8:01 PM ∙ Nov 21, 2021
312Likes14Retweets

Toxic Sentiment Is Everywhere… Are We In for a Cool Off?

  • In the last few days, the toxicity on Crypto Twitter has increased to an almost unbearable level. With different crypto communities insulting each other and defending their “bags”, the question arises: Is a serious reality check and pause of the bullish momentum “needed” or is this all just noise that will soon fade away?

Twitter avatar for @StaniKulechov
stani.eth (👻,🐻‍❄️) 👘 🪰🔺 @StaniKulechov
Any survivors from the violent CT weekend ?
9:22 AM ∙ Nov 22, 2021
224Likes1Retweet
Twitter avatar for @safetyth1rd
𝕯𝖆𝖓𝖌𝖊𝖗 @safetyth1rd
the fundamental mismatch in timelines between building something significant (months, years) and a market cycle (let alone altcoin market cycle) creates a lot of conflict in this industry
4:21 AM ∙ Nov 22, 2021
20Likes3Retweets
Twitter avatar for @econoar
eric.eth @econoar
Honestly, I’m starting to root for a bear market. We need a cleanse.
6:43 AM ∙ Nov 22, 2021
218Likes10Retweets
  • One thing is clear: The recent infights in the crypto community are not helping to improve the reputation of the crypto space and will drive quite a few people away...

Twitter avatar for @QwQiao
Qiao Wang is hiring @QwQiao
Our industry is doomed if builders are not respected by speculators. It’s that simple.
1:57 PM ∙ Nov 21, 2021
688Likes49Retweets
  • No matter if the recent controversies will soon ease or are a sign of unhealthiness of the crypto market: With the abundance of new projects and the insane pumps we have seen in recent months, it’s certainly wise to keep your risk profile in check.

  • Focusing on fundamentally strong projects with fast-growing adoption (or at least strong potential) and tokens that haven’t already experienced massive growth, is the least risky way to navigate this late stage of the bull market.

Twitter avatar for @blknoiz06
Ansem🃏🃏 @blknoiz06
i think that it would be prudent to derisk your underperforming bags on this next bounce, u should have a couple of weeks
12:34 PM ∙ Nov 22, 2021
283Likes9Retweets
  • Aside from the concerning signals from within the crypto space, there is one potential major catalyst every investor has to keep an eye on in the weeks and months to come: The reaction of the Fed to inflation. For now, the central banks in the US, the EU, and the UK are the only ones that haven’t started combatting inflation… Will they be forced to react soon or can they “talk inflation down” and extend the market rally into next year?

Twitter avatar for @jnordvig
Jens Nordvig @jnordvig
The Fed is on the move... In the short-term, the 'big guns' will be a bit on hold due to the Fed Chair re-nomination debate/uncertainty. But the December FOMC looks to be a big meeting. END
12:34 PM ∙ Nov 22, 2021
13Likes1Retweet
  • With investors anticipating Fed intervention, the US dollar has been soaring lately. An accelerated move could rattle the stock and crypto markets at some point…

TradingView Chart
  • On a more positive note, US president Biden today announced the renomination of Jerome Powell (aka, “the money printer”) for a second term as the Fed chair. This brings a sense of assurance to the markets that everything continues as usual. What markets hate most is uncertainty, and at least today, one element of uncertainty has been removed.

Source: CNBC
  • While there are potential headwinds with looming central bank intervention, the overall macro trend for crypto clearly only knows one direction: up. The adoption of Web 3 and blockchain technology hasn’t even truly started on the big scale and because no one can perfectly time market cycles, it would be unreasonable to not be exposed in some way to the transformative crypto projects that will unquestionably change the world.

  • Consequently, if we are “blessed” with some macro “hiccups” and liquidity shocks, these dips will likely be the last generational buying opportunities to get into crypto…

  • It’s important to note however that opportunities will be abundant in the months to come and you don’t have to rush into every shiny project immediately. Patience and self-discipline, coupled with focused high-conviction bets are the way to go.

    Twitter avatar for @developer_dao
    Developer DAO (🧱, 🚀) @developer_dao
    probably nothing
    Image
    3:10 PM ∙ Nov 21, 2021
    635Likes92Retweets

Polygon Partnering with Akash

  • In an effort to truly decentralize the infrastructure on which the Web 3 protocols of the future are built, Polygon is partnering with Akash Network to onboard thousands of Dapps to Akash’s distributed cloud hosting network.

  • Both Akash and Polygon are fundamentally very strong projects that are likely to play a significant role in the Web 3 world of the future.

Twitter avatar for @0xPolygon
Polygon | $MATIC - We're hiring! @0xPolygon
1/2 🤩 @akashnet_ and #Polygon will team up to offer decentralized infrastructure to dApp developers. 🤝 The joined forces will help in onboarding thousands of dApps to the distributed cloud hosting solution. ➡️ Learn more: bit.ly/Akash-Network-…
3:02 PM ∙ Nov 22, 2021
155Likes43Retweets

Australia Bullish on Crypto?

  • Although we know that some of the most impactful crypto projects originated in Australia (including the likes of THORChain, Synthetix, and Illuvium), the country isn’t exactly known for its positive stance towards crypto. However, things seem to be shifting in “the land Down Under” with more and more political and financial players voicing their support for crypto.

Twitter avatar for @BitcoinMagazine
Bitcoin Magazine @BitcoinMagazine
"We see bigger risks in not participating." – Commonwealth Bank CEO on #Bitcoin services
Image
1:18 PM ∙ Nov 22, 2021
987Likes185Retweets
Source: AMBCrypto
Source: CryptoPotato

American Banks Bullish on NFTs

  • Meanwhile, both Morgan Stanley and JP Morgan, have published bullish reports on NFTs. While this is a nice (but unnecessary) sign of legitimacy for NFTs, these banks are not exactly known for making accurate crypto predictions.

Twitter avatar for @CoinDesk
CoinDesk @CoinDesk
Morgan Stanley predicts that metaverse gaming and NFTs could represent a 50 billion euro revenue opportunity for the luxury brands sector by 2030. @willcanny99 reports
trib.alMetaverse Gaming, NFT’s Could Account for 10% of Luxury Market by 2030: Morgan StanleyThe bank expects the NFT market to grow to around $300 billion by 2030
12:58 PM ∙ Nov 22, 2021
151Likes39Retweets
Source: Market Insider

By creating marketplaces for illiquid assets such as digital art, collectibles, music, gaming and other assets, the NFT universe is surely set to continue to grow strongly over the coming years because it helps to solve the problem of injecting liquidity into naturally illiquid assets such as collectibles.

2
Share this post
November 22, 2021
www.elliotrades.xyz
2 Comments
ybRUBIN
Nov 22, 2021Liked by Oliver Grah

As always, many thanks and much gratitude for this daily update!

Expand full comment
ReplyCollapse
StrictlySports
Nov 22, 2021Liked by Oliver Grah

👏 👏 great write up thanks

Expand full comment
ReplyCollapse
TopNewCommunity

No posts

Ready for more?

© 2023 EllioTrades
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing