No chart was safe from the red today as a series of announcements from the White House including, US Job report revisions and rising conflict with Russia, sent markets into a downwards spiral. At time of writing, BTC has dropped -2.5% to $113k which has led to a significant drop off in altcoins, with the market cap of altcoins (Excluding the top 10 tokens) falling 7% today alone. If this really is “alt season” it’s the worst one we’ve had yet. Interestingly, while digital assets and the stock market as a whole felt the pain today, Gold rose 2.5%. For the last several months we’ve seen Bitcoin (and therefore crypto as a whole) enjoy similar “reserve asset” status to Gold, meaning their price action was highly correlated. Today we see that relationship diverge for the first time in a while, potentially indicating that investors still view crypto as far riskier than Gold.

You wouldn’t know it from today’s price action, but we actually had a number of bullish happenings for our industry this week, of course led by the formation of the White House Crypto Working Group. We’ve had a lot of news from the White House about crypto so this could be easy to gloss over, but this is a significant event for one major reason: the Working Group is tasked with making the US the home for the future of digital assets, which starts with making crypto accessible by everyday brokerage accounts and bringing the stock market onchain. While I’m sure there will be many exciting applications of tokenization later down the line, our best value proposition to the normal world is making things easier to trade and what better asset to start with than equities. On red days it’s important to remember just how far this industry has come in a matter of months, and how much potential it has to grow into.

Beluga felt the pain alongside our readers today as our balance has dropped off significantly since last Friday’s $155k total, with most of the damage done in the last 12 hours. The typical “schedule” of price action we’ve seen over the last few weeks has been a pump heading into and over the weekend, then a drop off as traditional markets get back in the office on Mondays. This week of course, we’ve front-run that move so it will be interesting to see how traders react.

One under-performer I do want to call out is Plume, as while I understand the alt market has struggled this cycle I don’t think they get nearly enough attention for what they’re creating. Tokenized Real World Assets (RWAs) have been one of the hottest narratives of the industry, and Plume’s team has made real strides towards bringing signficant, yield-bearing companies onchain. This is definitely one to keep an eye on, and I’ll likely add to our position soon.

I’m tired boss

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