🧘♂️As Promised
Market Meditations | March 31, 2021
Dear Meditators
? We recently heard news of the the Uniswap v3 upgrade:
“At the heart of the upgrade is the ability for liquidity providers (LPs) to make markets within customised price ranges, an approach dubbed concentrated liquidity.”
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MARKET BRIEFING
Crypto. Bitcoin approached resistance just shy of the $60,000 level during Asia hours. At the time of writing, we remain comfortably above $59,000. A rally led by positive fundamental developments of PayPal and VISA getting into cryptocurrency payments.
Legacy. Technology shares led U.S stocks higher and Treasury yields inched up before U.S. President Joe Biden unveils an economic plan including a $2.25 trillion infrastructure boost.
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MARKET MEDITATION
UNISWAP V3 AND LIQUIDITY PROVIDERS
? This section of today’s newsletter is made available to our premium community only.
? Uniswap announced on Tuesday its plans to roll out Version 3.0 this spring. At the heart of the Uniswap v3 upgrade is the mechanism known as concentrated liquidity, the ability for liquidity providers to make markets and allocate capital with customized and granular price ranges.
Liquidity providers? Concentrated liquidity? Making markets?
Don’t worry if you’re lost, because in this article we’ll review the benefits and risks of the upgrade and show you how you can utilise the information to profit ?
NFTS
Dapper Labs, Creators of NBA Top Shot, Get $305M Funding
Canadian blockchain technology company Dapper Labs secured $305 million in private funding – some of it from current and former NBA players, including Michael Jordan – to scale up its virtual NBA trading card site ?
The virtual cards come in the form of a floating digital cube that includes a video highlight of an NBA player and come with a non-fungible token, backed by blockchain technology, certifying its authenticity and scarcity.
Remember, NFTs fall into 5 different categories: collectibles, game assets, virtual land, crypto art and other. NBA Top Shot is an example of a digital collectible. Collectibles derive their value from the narrative surrounding the asset. So, if you want to get involved, it is essential to do your research and understand key narratives in the space. As always, avoid investing in NFTs purely for financial gain; the key is to connect emotionally with an item. In the process, you have proven the item is capable of creating that connection ✅
This is a risky and exciting space that high profile celebrities are continuing to pile into. If you haven’t done so already, be sure to check out our podcast with Andrew Steinwold: only the founder of the first ever NFT investment fund.
We will soon be sharing a FREE NFT guide. If this is something you’re interested in, make sure you are on our email list:
TECHNICAL ANALYSIS
Altcoin Pick 4
Yesterday we shared our Top 3 Altcoin picks for April 2021 and promised to share our last one today. And we are not in the habit of breaking promises, so here you have it:
FTT/USD
One Day
Following a strong bounce from the 0.618 level our bias is bullish with an upside target of $50.
? However given the heavy retrace it’s risky to buy before we see a clear breakout of $44. While price is above $37.5, we are presented with a high risk accumulation zone.
High risk accumulation zone = area where one can build a position with a lower probability of success but higher potential upside.
?$31.6 acts as an invalidator to our bullish bias.
MARKET NEWS & ANALYSIS
CoinShares CEO Calls For ‘Multi-Decade Supercycle’
CoinShares, which became listed on Nasdaq’s Nordic market in Sweden earlier this month, reported Wednesday that it had doubled its earnings in 2020 as a bull market caused the value of its assets under management to surge during the second half of the year ?
“Not only are we going to keep accelerating in our digital asset journey but the market is already giving us some interesting indications that digital assets are in the early phases of a 12 to 24 month bull market cycle, itself part of a bigger, longer, multi decade supercycle” says the CEO.
A supercycle is a sustained spell of abnormally strong demand growth that producers struggle to match, sparking a rally in prices that can last years or in some cases a decade or more. It can be visualized through the Gartner Hype Cycle.
? There is much debate on crypto twitter as to whether bitcoin is steadily on the ‘slope of enlightenment’ and heading toward the ‘plateau of productivity’. If we are indeed on the last crypto Gartner cycle, then it stands to reason that the rally will extend many years and engender mass adoption.
PODCAST
Investing in NFTs, Web3 and the Future of Crypto with Charles Read
? This section of today’s newsletter is made available to our premium community only.
Charles is the founder of Web3 venture capital fund Rarestone Capital.
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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.
