A Terrifying Glimpse Inside the Mind of the Crypto Market
The crickets are chirping. The last of the stage lights is flickering. And nobody knows how far down in the abyss we may go.
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If I could personify the altcoin market today, I’d describe it as a washed-up fifty-year-old stripper getting thrown quarters for tips while dancing through the buffet day shift. It’s like the Las Vegas casino floor at 5:30 am, long after the late-night partiers have called it a night, and only the degenerates remain playing in a zombified stupor.
No…The crypto market doesn’t look or feel healthy at all. It’s like season 10 of a reality show that should have ended in season 4. Heroes during the throughs of the bull market, like SBF, Alex Mashinsky, and Do Kwon, now await their sentences. But conviction won’t bring back the billions that have been lost.
The crypto market is bad. The NFT market is even worse. At its height, a speculator paid $2.7 million worth of ETH for a Bored Ape Yacht Club. Today they are selling for $35K worth of ETH, and the floor keeps dropping. Liquidations are queued up on lending platforms, seemingly waiting their turn to be auctioned off.
If…
Nothing quite captures the feeling of our sunken crypto portfolios like Tiffany’s 1988 ballad chart-topping single, Could‘ve Been:
… The flowers you gave me
Are just about to die
When I think about
What could’ve been
It makes me want to cry
The sweet words you whispered
Didn’t mean a thing
I guess our song is over
As we begin to sing… Could’ve been so beautiful
Could’ve been so right
Could’ve been my lover
Every day of my life
Could’ve been so beautiful
Could’ve been so right
I’ll never hold what could’ve been
On a cold and lonely night
So, here we are. We are looking at charts of tokens selling for pennies or fractions of pennies that, in some cases, used to trade for hundreds of dollars. We are all ice sculptors who see the work we spent hours creating melted into a water bowl.
