👀 WTH happened this weekend

GM everyone. This is 2036, the crypto newsletter that pays you.

Here’s what we’re serving up today 🍲: a few days ago, bitcoin tanked -9% in a few minutes and started a ripple effect in the industry. Here’s what happened and what you can do about it.

Let’s dig in.

🥔 Today’s meat and potatoes

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It’s Monday.

Bitcoin is trading at $29,600.

The Bored Ape Yacht Club floor is 30 ETH - clearly in a bear market, but the worst seems to be behind us.

The SEC will likely deliver a ruling by Friday. You can take the weekend off in the green.

You wake up.

That was last Monday.

Today, bitcoin is barely holding $26,000.

There was no ruling by the SEC on Friday.

And the BAYC floor crashed below 20 ETH over the weekend.

It feels like the Napoleon trailer came to life. Crypto is a bloodbath.

No one knows exactly what triggered it but in a span of a few days…

• Evergrande, the Chinese real estate developer, filed for bankruptcy.

• SpaceX wrote down the value of its bitcoin holdings (∼$393M) to zero.

• People sold, which caused others to panic and sell… which created the biggest cascade of liquidations since FTX almost a year ago.

Then, the market dragged down the price of $BLUR - the token of the biggest marketplace for NFT traders.

Traders hold and trade NFTs on Blur, hoping to receive Blur rewards.

But when the Blur token crashed, traders sold, and NFTs absolutely tanked.

It was an ugly few days.

But here is the great news…

Everything is on sale.

Banks and institutions sitting on the sidelines finally have their buying opportunity:

• The bitcoin fear and greed index is back down at 38… the lowest since January.

• Bitcoin is the most oversold since June 2022 - an entire year ago.

a.k.a people are fearful.

As the old Baron Rothschild said: the time to buy is when there is blood in the streets, even if it’s your own.

(or as Warren Buffett put it more diplomatically: “be greedy when others are fearful.”)

The time of blood/fear is now.

Nothing goes up in a straight line.

Eventually, the NFT market will come roaring back. News of 18-year-olds making millions flipping pictures of monkeys or rocks will make mainstream news.

News stations will start reporting on the price of Bitcoin and ETH.

Crypto Twitter will post bitcoin prices by the thousands as we reach new all-time highs…$68,000…$72,000…$84,000…

Next, your uncle will ask you how to buy bitcoin. You’ll be the superstar at Thanksgiving.

And the Fear and Greed Index will climb above 80.

And that’s when you’ll need to take some profits.

Until then, we take risks when others aren’t willing to.

Because volatility is the price you pay for high returns.

So what should you do?

Likely, nothing.

1/ If you already have your positions, take a breath, stop checking prices, and do something else. As we say in crypto-land, go touch grass 🌿.

We’ll be here tomorrow with everything you need to know.

2/ And if you’ve been waiting to build up a position, now is as good a time as any to pick up some coins.

Don’t waste good opportunities when you get them.

And if you’re already as zen as can be 🧘, enjoy Dan Peña on bitcoin:

🍨 Dessert

Stories to read if you have FOMO

1/ The Failed American Dream (and here’s what it probably means)

2/ Coinbase volumes pick up

3/ New app FriendTech prints money

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