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January 21, 2022

Ember Nuggets - Recent Market Volatility

Hi Ember Crew,

With the recent pullback in the market, we just wanted to drop a line and reassure you that everything is ok! With any explosive parabolic market, you will always have healthy corrections. In the meantime, don't forget to continue stackin' sats!

Nugget 1: Bitcoin hits 6 month low

Macro environment and pullback in equity markets has rained on the crypto party. Bitcoin’s price has hit a 6-month low at $38.5K, selling off 10% over the past week alone (in comparison to the S&P 500 which is down 5.6%). It has been a volatile 3 months when Bitcoin had hit an all time high of $69K. The most recent pullback has wiped a lot off the crypto market cap, which has retreated from its high of $3T to under $1.9T.

Price action is one thing, but the space continues to mature and develop, and everyday we see more institutions enter the market. Corrections are healthy for the market, and oftentimes expected for such high growth, high risk sectors that are still experimenting and building. Long-term thesis on Bitcoin and the broader Web 3.0 space is unchanged, but there will be corrections to weed out poor performers. The biggest things to watch over the next few weeks: NASDAQ (tech has entered correction territory) and the Fed meeting next week. In the meantime, you can rest easy with your capital in Bitcoin Defense (formerly known as the Quant), which is made for these sharp downturns.

We wrote an email during the last market correction in May 2021, and we believe it stands relevant today. We believe that time in the market beats timing the market, and encourage everyone to remember that each Ember Fund portfolio was crafted to be held for years to come. Feel free to give the previous market volatility note a read.

Nugget 2: Microsoft Acquisition of Activision-Blizzard for $75B

Over the past week, Microsoft announced its acquisition of Activision and during a press conference, mentioned the word “Metaverse” 10 times. Satya Nadella, CEO of Microsoft, talked about the evolution of the internet and the importance of virtual experiences. It is unlikely that there will be one singular metaverse, but rather a collection of worlds that will operate seamlessly with each other.

Microsoft is betting that virtual experiences from work, to socializing and gaming will become a large part of our lives, especially on the heels of a global pandemic which has been a catalyst for the gaming industry. Regardless of the price action in the crypto market, these large acquisitions, although not native Web 3.0, support a thesis regarding NFTs.

Nugget 3:  Airdrop Season Continues with Ember

Split a $1,000 airdrop with a friend when your friend deposits BTC into their Ember Wallet. Your friend must sign up through your referral link to qualify. We will randomly pick the 2 winners at 5pm PST on Monday January 24th 2022. Happy Depositing!

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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