We need to read the market correctly.
Why is everyone so fearful? We have some big news for the market. Why are big investors making drastic moves? To say something regarding it, we need to check the institutional report. These reports help us understand some major movements.
We see fear in the market, and this caused a dip.
Especially, Ethereum has been deeply affected too much. But, on the other hand, Solana is under 160, Bitcoin is under 48.000, Cordano is under 1,27.
Many cryptos are down a good amount, so why is this happening well?
“The Fed is expected to speed up the end of bond buying and signal interest rate hikes are coming.” They have a two-day meeting tomorrow and then Wednesday, and then powwow will speak on Wednesday.
Many people are worried that higher-risk assets will be hit hard if we raise interest rates or start raising interest rates very soon. Of course, that’s just something that we always have to think about with cryptocurrencies and other higher-risk assets, but I’m still bullish on the reason.
I’m bullish.
We just got news Germany’s largest savings bank is planning to allow customers to buy and sell and huddle Bitcoin. So this is a bank with 50 million customers and I think what we’ve seen is? We’ve seen so many pieces of news recently they haven’t really started to move up the price yet.
Additionally, Colombia’s largest bank has already said they’re going to offer Bitcoin trading through Gemini, Australia’s largest bank and now Germany’s largest bank, so these couple of different banks would offer it.
I believe it’s about 70 to 80 million banking clients, so this will probably be rolled out next year and these two are already confirmed. They’re working with Gemini. This is kind of a rumor right now, but that would be close to doubling. How many crypto wallets do we have? How many crypto investors there are now?
Many people rely on them, so they kind of have to taper slowly, which is what they’ve been doing, especially because our economy is not in a good but the indexes are down today, so also crypto’s down now. So what are large institutions doing? What are the big-name investors doing?
They’re investing in crypto. They invest a little bit less than they have recently, though. So digital and asset investment products totalled about 88 million dollars worth of inflows this week, but there’s kind of mixed. so you can see some are actually taking a decent amount of money out.
So depending on the provider, they’re actually pulling money out instead of putting it in overall. We did see 51 million going into Bitcoin. We saw 17.2 million coming out of Ethereum, which is interesting multi-asset was about 15 million going in finance saw about 1 million coming out. We saw about 19 million going into Solana and 17.2 million going into Tron, interesting. A little bit is going into Cardano, but generally, a lot of money flows into Bitcoin multi-asset, Solana and Tron.
Let’s talk about Solana because I know many people were fearful last week because of a DDoS or DDoS attack now. I’ll be honest they keep on saying it’s a DDoS attack on Quinn Telegraph but they came out recently and said that it’s not a DDoS attack it’s just that the network is congested.
It’s not halted it’s just slowed down right now for a couple different reasons. They say it’s because of radium bots. It looks like radium bots were trying to pack large transactions into blocks that consumed a lot of computing power measured in BF or BPF compute units. This caused slow relay on the nodes, and then the problem cascaded into the network resulting in long slot confirmations and slot leaders were missing their blocks.
They say that they’re working on backporting this into version 1.8.9, which should be tested and approved for the mainnet real soon but remember this is somewhat early on. It’s still in the mainnet beta phase, so the software isn’t perfect. They’re still working on it. That’s something you have to realize with Solana, but it’s been gaining a lot of favor through investors.
They slowed down a little bit, but you have to realize that a lot is being built on Solana. The number of daily GitHub submissions for Solana reached 90 between November 12th and Monday following by Polkadot 76 and Cardano at 65.
It is being built on a lot right now and we have to remember a lot of institutional investors are trying to get a hold of it now let’s not forget either the Grayscale is going to have their own Solana trust, which will give institutions and large investors more access to Solana.
Solana is definitely one that you want to be looking at. I have many people asking me why I like Solana because it is very centralized and I think of it as just a hedge against anything going wrong with Ethereum. If Ethereum is not the number one blockchain or there is a multi-chain future Solana, I think it will be in that pack of really successful chains now they already have almost a fully working product.