Bitcoin and Altcoin Market Update - November 16, 2022
Situational Awareness
Watch this 25-minute update on market conditions and six altcoins or get the TL;DW below.
More LUNA/3AC Fallout
What They Do, Not What They Say
Altcoin dominance
Altcoins Ranked #65-70
Closing Thoughts
Some notes before you start:
The market’s spooked and many people don’t want to put money into exchanges, so you can’t expect to see much new money coming in—but we haven’t seen much new money for a long time and had only just recently seen signs of a possible change in that situation (before FTX).
Now is a great time to move your crypto into your own self-custody. On-chain fees are low and you can protect yourself from exchanges.
DAN Teaches Crypto has some good tutorials in its “Safety” and “How Do I” modules.
The FTX debacle seems much bigger than UST/LUNA but, unlike when LUNA collapsed, I’m not getting rage-quit emails, massive unsubscribes, and texts from friends trying to trade the drop. Is this a sign of despair? Apathy? Devotion? Leave a comment with your thoughts.
Beware of any exchange that issues a new exchange token.
Exchange tokens can give you some benefits but with everything going on in the market, you don’t know if they’re using your money to bail themselves out. You can always come back to it later—maybe in 6-8 months, possibly at the same or lower price.
Here’s the update.