🧘♂️ALERT: Big Crypto Updates
BTC & A Mystery Altcoin
We prefer to see red on Santa, not the crypto markets.
BTC and AVAX Updates
Adidas Meets NFTs
Why navigate the crypto markets alone when you can get free resources and analysis sent straight to your mailbox? Make sure you’re on our free email list where we are helping over 38,000 people build life changing wealth👇
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
🐈⬛ Will The Dead Cat Bounce?
To quote the newsletter from last week:
“At the moment, it doesn’t seem like we’re holding the $50k level. Further downside towards the $45k level is not out of the question.”
And indeed that’s where we headed.
We are currently in the neutral-bullish zone.
A relief bounce is now not out of the picture. $48k does not seem out of the question.
However, all in all, the main zones remain the levels to watch.
Broken out of $90 and headed to $100.
Notice the interplay between the 100 Day MA and the 30 Day MA.
Lots of strong fundamental updates also support Avalanche.
This does not look like an attractive entry. BTC and ETH are shaky for now.
Keep missing pumps and opportunities? Consider becoming a FREE subscriber to stay ahead of the crypto market.
🧘 Free subscribers get full access to:
✅ Our Daily Crypto Newsletter
✅ Bitcoin Reports and Ethereum Deep Dives
✅ Altcoin Analysis and Crypto Project Coverage
✅ Detailed On-Chain Analytics
✅ Regular Technical Analysis
✅ Podcasts With Crypto Leaders
🚰Wash. Rinse. Repeat.
A common practice among large investors may be partially responsible for the downward movement of Bitcoin’s price over the past two months.
Known as the “Wash Sale” rule, IRS tax code states that when investable assets are purchased and their price goes down in the same tax year, they can be sold at a loss and written off on yearly taxes.
For most investable assets, holders must wait 30 days before repurchasing the same assets as were sold. However, this stipulation is not in effect for crypto… yet.
This means that anyone who purchases BTC at prices higher than current levels can sell their coins at a loss to tax harvest, then immediately buy back in to maintain the same level of exposure.
In addition, starting January 1, some crypto platforms like Coinbase and Gemini will be required to report customer holdings to the IRS.
Time is ticking for this strategy, since Democrats’ “Build Back Better” plan includes language to eliminate this exemption from crypto.
It’s no surprise that these tactics are commonplace amongst those who control millions and billions of dollars, but it may come as news to the rest of us. There’s no empirical evidence to implicate that this tax loophole has contributed to falling prices as we approach the end of the year, but fundamental changes to how crypto is regulated make an impact on market moves.
🏃♀️Adidas Running to NFTs
Last Friday, Adidas did their first run at NFTs. To say that it was successful would be an understatement. To truly appreciate the magnitude of the sale, we will look at the amount of NTFs they sold and in the amount of time!
Here’s a closer look:
30,000 NFTs minted within hours of going on sale.
Each NFT sold for .2 ETH (roughly $765).
Adidas sold 29,620 NFTs and kept 380 for future events.
Partnered with Bored Ape Yacht Club, Punks Comics, and GMoney.
Buying these NFTs gave customers exclusive access to physical goods such as tracksuits worn by the Bored Ape that Adidas owns. With more brands releasing NFTs, we can usually expect a physical copy of the NFT. This will allow brands to release exclusive items available only with purchase of an NFT or partner with current NFTs to bring the piece to life.
Adidas collected a cool $22 million in NFT sales Friday afternoon. After seeing this, other companies will look toward following this format to not only attract new customers, but keep existing customers in a different market.
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 20 December
Harmony’s Trustless Ethereum Bridge will go live, giving users the ability to transact between the Harmony blockchain and ERC-20 tokens while avoiding ETH gas fees.
Upcoming listing on FTX, Polkadot (DOT) will be available in the spot market with three different trading pairs.
The Ftribe Fighters airdrop campaign features a prize pool of $40k and is live, running until 31st December.
Tuesday, 21 December
Trading goes live on crypto exchange Kraken for Avalanche (AVAX).
Wednesday, 22 December
Question and answer session with the Moonpoly team, an NFT game representing a classic board game staple.
💠 VPAD Listing On Phemex
Influencer backed VLaunch is the first fully influencer backed Launchpad that can provide projects with exposure to boost performance ·
Friday, 24 December
Upcoming SOLO Airdrop for Sologenic (SOLO) and Ripple (XRP) holders to be taken.
🌎🧘♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.