Chart of the Day
The trend is your friend (until the end when it bends). If 2020 cycles are any indication, there has been a structural shift in how Bitcoin is defined as an asset class, and how it’s correlated to other traditional assets. Since the liquidity crunch of March 2020, a sharp correction in intra-day correlation often coincides with an uptrend in BTC price. This year, the BTC-stock market tango points to the crypto king’s increasing entanglement with the world of traditional finance — until recently. Will this decline herald another bull drive?
Talk of the Town
A Controversial Dark Horse: Inspired by Twitter CEO Jack Dorsey’s first tweet sale, a firm called BitClout aspires to create a new type of social network by putting the identities of 15,000 celebrity Twiter accounts up for sale through NFT — without the celebrities’ permission. Without providing any further information on the technology that enables the feat, the firm has reportedly gained $160 million in a span of one week, plus growing interests from prominent investors. Though still at its infant stage, BitClout is seen by some prominent members of the crypto community as a scam, owing to a lack of transparency in its tokenomics and connections to a darknet marketplace. Proponents, however, believe it could be the start of a new social media revolution. Hoax or hype? The jury is still out.