bullish
#35 Who cares about The Merge?
SUMMARY
- The current context is messy. Prices of BTC and ETH slumped twice this year (following the Terra and the Celsius/3AC crises) and show no symptoms of long-lasting recovery (yet).
- Trading volume on top NFT marketplace OpenSea down 99% in USD from May peak, and DeFi is going through an identity crisis after the Tornado Cash case (more on this later), the most notable example of the increasing regulatory pressure coming from a dozen angles.
- And all of this within a backdrop of global financial crisis and stagnation. Suppose you’re not heavily invested in crypto, financially or intellectually.
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