The AI x Crypto Cycle ($)
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Sponsor: SynFutures — Trade perps on SynFutures V3 and earn 3X airdrop rewards:
- 🟠 Bitcoin smashes ETF record. Bitcoin ETFs did $10 billion in volume yesterday, in a volatile day of trading that took BTC to all-time highs.
- 🪱 Wormhole airdropping 617M tokens. Wormhole confirmed its token plans today, detailing a 6% airdrop and providing an eligibility checker.
- 🇪🇸 Spain going after Worldcoin. Spain is trying to block Worldcoin from operating there, ordering them to stop using data collected in the country.
📊 Nature is Healing. Crypto prices are back on the offensive after yesterday’s broad market pullback, with Bitcoin gaining steam to yet again position itself within reach of achieving new all-time highs!
For the past week, crypto markets had been signaling that prices were overextended and due for a correction, and yesterday’s leverage wipeout facilitated the much anticipated return to equilibrium. Should you take the opportunity to get long?
Read on for more market analysis + our favorite chart and tweet of the day 👇
| Prices as of 4pm ET | 24hr | 7d |
|
Crypto $2.51T | ↗ 10.3% | ↗ 13.6% |
|
BTC $67,283 | ↗ 7.7% | ↗ 11.5% |
|
ETH $3,877 | ↗ 13.2% | ↗ 17.7% |
Every bull market cycle gets defined by the mania it incubated.
- 2013 was the “Proof of Work fork-and-fair-launch” era
- 2017 was the ICO mania
- 2021 was the NFT bubble
I’m calling it now: The 2024 cycle will be remembered as the AI x Crypto cycle.
See what opportunities David is bullish on 👇
SynFutures is Blast’s largest perps DEX with 140,000+ users. Backed by Pantera, Polychain, Standard Crypto, and more, V3 introduces oAMM, an onchain order book with a CLAMM. Stack Blast and SynFutures rewards while experiencing the most capital-efficient trading in DeFi derivatives.
Ryan and David share another Bankless Takes episode where they discuss their AI memecoin analysis, why AI crypto tokens are a big deal, how to speculate on narratives, and what the next big narratives are in this cycle.
Click in for all the alpha 👇
Despite a big slowdown in NFTs, Ordinals are showing traction.
JPG buyers have been circling Bitcoin NFTs for months, but the hottest project in the sector isn't made by Yuga or bridged from Ethereum.
See which Ordinals project is getting a lot of attention 👇
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.