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Bitcoin ended 2021 on a soft note, where the token saw a pullback starting from $57.2K and ending the month at $46.8K, a ~18% pullback. The pullback began after high inflation numbers and changing monetary policy. Over the course of the past 18 months, we have seen excess liquidity in the market buoyed by Fed policy. This led to both a booming stock market and very strong crypto market, with strong capital inflows. But with the change in outlook, tightening liquidity, and an aggressive Fed that will be increasing rates to counter inflation, we have seen a macro pullback in the market, especially from high growth/high risk investments. Bitcoin and crypto may be a play on currency debasement in high inflationary environments, but it has not been able to break the correlation to the broader market.
Weekly transaction volumes on Ethereum surged above the $1B mark in December, which was last seen in August. NFTs strong MoM performance in December has carried into January. OpenSea continues to hold 90%+ volume on Ethereum. The NFT activity has been supported by branding endorsements by traditional companies and interest from celebrities. The top collections continue to be ruled by CryptoPunks by Larva Labs and BAYC/MAYC from Yuga Labs.
Last item: the war of the NFT marketplaces. The airdrop of SOS from TheOpenDao which is hoping to challenge OpenSea and LOOKS airdrop from LooksRare which saw a spike in activity after launch. The platform has already exceeded $400M in sales since launch.
Ember will be running an airdrop next week for those that make a deposit into their Ember Wallet. This Monday, one lucky person will be airdropped $1,000 in Bitcoin for making a deposit into their Ember Wallet. The larger the deposit, the higher chance of winning. We will randomly pick the winner at 5pm PST on Monday January 27th 2022.
Thank you for reading!
Investment Associate | Ember Fund
Ember Nuggets are a weekly update with commentary from the investment team on what’s happening within the crypto market - news, developments, market trends, and more.
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