The cryptocurrency market plummeted today due to concerns that the SEC might delay decisions on all pending BTC ETF spot applications, leading to more than $160 million in long-term liquidations.
Key crypto events in the second half of November - November 15th: $AMB – Token Economics Upgrade - November 16th: $TOKEN - Significnat Announcement - November 17: $BTC ETF Spot Approval Possibility - November 19: Swift - ISO 20022 - November 22nd: $AXS - Axie Champion Closed Beta - November 23: NFTB - Announcements - November 24th: $GMT - Gas Hero Beta Test - November 27th: $QTUM - Mainnet upgrade - November 28th: $ILV: Beta 3: PVP released - November 29th: $LINK - Stake v0.2 priority migration
If this is a bull market, Then, we should be chasing the rise. If this is still a bear market, Then, it's about timely profit-taking and settling. So, what market are we in now?
Nansen's founder, Alex Svanevik, believes that DeFi 1.0, which earned profits from liquidity mining and Ponzi schemes, is unsustainable. DeFi 2.0 has already started and is earning profits from LST (Liquidity Staked Tokens) and RWA (Real World Assets), which are sustainable.
He listed 11 catalysts for the new bull market:
1. The worst times are behind us; forced sellers have disappeared, and fraudsters are in jail. 2. BTC spot ETFs may be approved within months, allowing institutional players to step in. 3. Fintech companies are entering the blockchain space. PayPal's launch of its stable coin is the canary in the coal mine, indicating that other fintech companies will follow suit. Some banks will launch their stable coins by 2024. 4. We are seeing new products in the social and betting sectors that are truly worth participating in. 5. NFT trading volume bottomed out a month ago and has been on the rise ever since. 6. Web3 games developed over the past two years are starting to roll out. We are just one impressive game away from boom times. 7. Technological advancements are making it easier for the average person to join, such as lower Gas fees on L2 and other chains. Account abstraction, or AA, does away with the need for mnemonic words to enter the crypto world. 8. DeFi 2.0 is powered by LST and RWA, saying goodbye to Ponzi schemes. 9. MicroStrategy’s unrealized profit on Bitcoin has crossed $1 billion, which will trigger a FOMO amongst businesses. 10. The Federal Reserve’s monetary policy hasn’t even started to shift yet. Interest rate cuts may be in the future. 11. Bitcoin will experience a halving next year.