Broad Crypto Market Update 5

Panic on Wall Street. With futures in the US stock market dipping well over 1.5%, it doesn’t take a crystal ball to see where the open will be tomorrow. The charts and financial news coming out is the confirmation we need to comfortably call this a bear market.De-risking is advisable right now. Focus on high conviction plays and yield farming as they are some of the only safe places to park your money in crypto right now. We see that some tokens and coins may be at or near their cycle bottoms as bear markets historically bounce around the lows before resuming a bull trend. We again focus on the 32k-28k support area of BTC as a critical level to be held for the entire crypto market. There are many talks on “the flippening” right now, and whether this comes from ETH or perhaps a dark horse layer 1 is yet to be seen. Some high conviction plays at their current valuations we have are Vagabond, Songbird/SFIN, Sologenic, and blue chip NFTs. We are not yet sold on the Sologenic NFT marketplace in its current form, however with upgrades this could be a viable source of value for savvy traders. Any leveraged positions should be on the short side right now as there is probably 5-9% further downside from the current levels at the time of writing. Again, we urge extreme caution in these market conditions, and it never hurts to have some powder in fiat to deploy when these discounts show up. NFA, and please DYOR.