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December 10, 2021

Ember Nuggets: Market Update and Unicorns

Nugget 1: November Market Commentary

November saw a broad crypto market pullback in the last week, but shows resilience on the downside after leveraged positions faced liquidation. Bitcoin opened the month at $60.7K and closed at $58.3K – highlighting a continued flat, choppy market. Ethereum opened at $4.2K and closed at $4.4K and has been gaining on the Bitcoin ratio.

The broader market finally accepted that inflation was not transitory but here to stay with inflation hitting a 39 year high of 6.8%. If the bitcoin thesis plays out as it should, we should see decoupling between crypto and equity markets, and price appreciation in the asset as many institutions see it as an inflation hedge.

Nugget 2:  Crypto Unicorns

The Block, a research publication, recently published a report about the growth of unicorns in the crypto space. Unicorns are private companies with valuations above $1B. Per the report, the market has seen tremendous growth of number of companies with unicorn level valuations. There are three key market segments with largest allocation of unicorns: trading, financial services, and infrastructure. NFT gaming is the up and coming segment that has grown from near zero to almost 20% in 2021.

The U.S. has the largest geographical share of these companies. Hopefully the Congressional hearings will create a safe and productive regulatory environment to help attract, build, and scale innovation in the crypto space within the US.

Thank you for reading!

Harsharn Singh
Investment Associate | Ember Fund

What are Ember Nuggets?

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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