NFT Shower Thoughts (11/9/22)
Wow. To anybody that is diving into the NFT/crypto space within the past day or two, I apologize on behalf of the drama.
Its crazy how much a year and even 24 hours can make. Yesterday I wrote about the optimism I had for the market as a whole then the drama begins like its Keeping Up With The Kardashians.
FTX, an exchange, is facing heavy scrutiny over withdrawals, liquidity issues, etc etc. It was not looking good, then Binance comes along to try and save the day by acquiring FTX.
FTX CEO Sam Bankman-Fried said that without more capital, bankruptcy is likely. Yesterday he lost 93% of his total net-worth which was the single biggest drop in a day in history. He is now worth (only) $991 million.
It turns out that was just a tease and they pulled back from the deal. Its best for everybody not to check their portfolios because this caused crypto prices to drop it like its hot.
In fact, today we saw an all year low for Bitcoin when it touched $17,579. You know what the cherry on top is?
Almost exactly a year ago it was at an all time high.
You cant make this up
Literally right after I wrote the last sentence I got a notification from Coinbase saying Bitcoin price is -9% down to $15,800.
I don't even know what to say. How I feel?
I feel like we're in winter after daylight savings and it gets dark at 3PM while its very windy and cold. Now imagine that but every single day. Not only is this how the crypto world feels right now but also real life up here in Minnesota.
Sad, dark, emotionally draining, unsure when it will end.
But time heals all wounds.... right?