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Bitcoin Price Drops Below 20K; $BTC Drops to Triple digits as Market Goes Berserk

Daily Market Update 6/17 | A Thread 🧵🧵🧵

Overall Trends - After a consolidation period for both BTC and ETH, BTC has now dropped below 20k and ETH has dropped to the triple digits. What seemed farfetched 6 months ago has now become reality and this could last for a while.

1/ NFTs have followed cryptos trend and have slowed a lot but there is still lots of chatter and hope as we close in on NFT NYC.

2/ Notable News

With BTC's drop, it has done some historic things but in the good way. After a horrible week of trading, the largest cryptocurrency has now dropped below 20k and for the first time has dropped below the prior cycle's all time high.

3/ Since its all time high in November, it has now dropped 70%, causing a lot of people financial problems and liquidation issues as a whole for the market. We can still go down further, and i think things will still get worse before they get better.

4/ Today's degen free mint of the day is @Gossamer_world.">@Gossamer_world Gossamer Seed is a digital animated adaption of Lois Lowry's novel, created by @BronStudios using @UnrealEngine with Forest Whitaker and Vera Farmiga as leads and Timbaland as executive music supervisor.

@Gossamer_world @BronStudios @UnrealEngine 5/ Their twitter says something will happen on the 22nd, so a buy here could be a short term investment. The project already has over 300 ETH traded on @opensea,">@opensea however, holder ratio is pretty bad and the floor has steadily dropped to now 0.13. I will be watching this closely.

@Gossamer_world @BronStudios @UnrealEngine @opensea 6/ A project that saw a crazy pump today is @CryptoNinja_NFT. This is a Japanese branded NFT that has art similar to that of Pokemon. It started off as a free mint and was one of the first successful mints we saw in the beginning of this bear.

7/ The floor saw over 500 sales today, making the price now 0.63 on @opensea.">@opensea This pump is thanks to an announcement of burning your @CryptoNinja_NFT into a new character.

@opensea @CryptoNinja_NFT 8/ Seeing as the project @CryptoNinja_NFT is 22k large, this burn is bullish and i assume people believe it will lead to a supply shock on secondary (which is has). It might be too late to buy into the fomo, but maybe buying the post burn dip wouldnt be such a bad idea.

9/ @PixlLabs_ had an announcement today talking about their co-founder leaving the team and how it is a lot more drastic than what he led on. Pixl Labs is the team behind projects like @SappySealsNFT,">@SappySealsNFT an NFT that has a floor of over 0.6 and is a well known name around the space.

@PixlLabs_ @SappySealsNFT 10/ They announced how the cofounder @CryptoKass_ departure was not voluntary and how he allegedly used unethical tactics to try to take money from the team.

11/ The whole situation is odd considering Kass still expressed on his Twitter about his good relationships with the team and Sappy Seals, but this is some pretty big info nonetheless.

12/ Update on ETH 2.0 Merge - it has been postponed atleast until mid-September. A few days ago they announced they would halt the difficulty bomb upgrade (hardcoded deadline for the Merge to occur at a specific block height).

13/ This is one of the most important steps that needs to be done before the Merge so its postponement tells us we still have a ways to go before we see ETH 2.0. The overall necessity of ETH 2.0 is that it changes the network from a proof of work to proof of stake and

14/ will lead to an over 99% reduction in energy consumption as well as 90% drop in Ether created. The market wants this but there is no need to rush it and have bugs and problems when it comes out.

15/ Overall Thoughts

Now that BTC and ETH have finally broken their resistance points, I think a lot of people will start buying and DCAing now. Whale activity has already jumped up a lot and people are now looking to develop their long term investments.

16/ I would not say I am bullish, but I think we are are in a good spot to see some possible jumps in the coming MONTHS. For the short term, I think we will stay at these prices or even drop some more.

17/ NFT profit is great right now and many people are making their bags. I hope the same goes for you Kings and have a great weekend. Follow if you enjoyed and let me know what I should cover next! 💵👑

This post is based on this twitter thread.


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