For the last bull markets to take off we needed a surge of new/returning investors, that means big news in the crypto space for people to hype on and pile on.
The reality is though, even if tomorrow Vitalik announced a surprise Eth 3.0, with Sharding, Infinite scaling, and hookers, and blackjack too. Or the governments around the world in a surprise move came to some global regulation that were surprisingly reasonable for everyone involved, even then though **crypto is NOT going to pump tomorrow**.
Sure no one really knows what the market holds, but we are in the middle of a major global recession, Inflation is hitting everyone hard, and governments as usual are slow to react. Layoffs are happening in every sector, including the often untouched tech sector. The hard truth is, no one is running out to buy bitcoin when they aren’t sure if they will have to move when their landlord raises rent next month, or if they can afford food after another price increase. Retailers are reporting that we just had the worst Black Friday/Cyber Monday in decades, and that is usually a barometer for how well retail will do for the year given holiday sales make up a significant portion of annual revenue. If some one isn’t buying their family x-mas gifts, do you think they are really jumping to buy thousands of bitcoin.
More than that though, no one really knows what the fallout from FTX, while I hope that sensible heads will prevail, law makers tend to be a bunch of old fucks who listen to the people with the biggest wallet in the room. Next month owning crypto could be like owning a controlled substance, very illegal and very hard to explain on your taxes.
#bottom #step #crypto