PLUS: Coachella is launching an NFT collection ð March 06, 2024 | [Read Online]( Todayâs edition is brought to you by [Shardeum]( - the autoscaling blockchain. [Scale with them now.]( GM. This is Milk Road. We're like your crypto morning alarm â relentless, a bit annoying, but you'll thank us later. Hereâs what we got for you today: - WTF happened yesterday?? ð§ - Coachella is launching a new NFT collection ðª
[Prices as of 8:00 AM ET. Click here for our Fear & Greed Index]( WTF HAPPENED YESTERDAY?? ð§ What a day, huh? - [BTC]( jumped to $69,000 (a new all-time high)⦠and then crashed to $62,000. - Many [altcoins]( dropped double-digit percentages. Things got bloodier than the âRed Weddingâ scene from Game of Thrones⦠So WTF happened? Bitcoin got hit with a 1-2 punch. 1/ Liquidations Yesterday was cryptoâs biggest âsell-offâ event in over 6 monthsâ¦Â - ~300,000 crypto traders got liquidated. - $1B+ was flushed out from the market.
[Source: @milesdeutscher]( Why this matters: Crypto has a lot of [leverage]( (i.e. people borrowing). When prices fall, those borrowers' collateral gets liquidated (i.e. people are forced to sell). And yesterday, crypto had more liquidations than a college bar at 2 AM. On top of that⦠2/ An OG investor sold 1,000 BTC in 1 hour One Bitcoin investor had a âwelcome to cryptoâ gift ready for new buyers yesterday⦠The gift? Dumping 1,000 BTC (worth $68M) right after it hit an all-time high.Â
[Source: @LukeMikic21]( Thereâs never a dull day in crypto. ð Here are some of the best reactions from yesterdayâs shenanigans:
[Source: @MKUltraMilady](
[Source: @AutismCapital](
[Source: @HodlingCarla](
[Source: @DylanLeClair_](
[Source: @bit_smash](
[Source: @WClementeIII]( Milk Road Take: Everyone knows crypto has cycles. Ups and downs. Itâs one thing to say it⦠itâs another thing to experience it. And some of you mightâve popped your âvolatilityâ cherry for the first time yesterday. But donât worry, thereâs nothing to panic about. This is [normal]( behavior: - Every time BTC hits [an all-time high](, itâs usually followed by a big 10-25% drawdown. - It happened in 2013, 2017, and 2020. If BTC had a relationship status with its all-time high, itâd be âitâs complicated.â This is a trend weâve seen for years, and will probably see again soon. Just keep calm and HODL on. [DISCOVER AUTOSCALING WITH SHARDEUMÂ]( Shardeum. Itâs fast. Itâs scalable. Itâs equitable. And you want to learn more! [Weâve got you covered.]( *Cue Pomp and Circumstance* - Shardeum University: Itâs your gateway to mastering Web3 with free courses. - Hands-On Learning: With a blend of in-person workshops, online workshops, and seminars, we welcome both beginners and advanced learners. - Continuous Growth and Innovation: Our platform is continually evolving, with new materials and interactive experiences to keep you at the forefront of web3. Like what you see? [Complete courses to mint your own NFT certificates]( â and learn something new along the way. BITE-SIZED COOKIES FOR THE ROAD ðª [Liquid staking derivatives here, and restaking protocols there, but are you still stuck on what exactly is crypto staking?]( Check out the Milk Road guide to [Staking](, which includes an explainer and answers to a ton of FAQs. There are no dumb questions. [ETH just hit $3,800 for the first time since the end of 2021](. Why the sudden rally? Ethereumâs next upgrade (Dencun) is scheduled for next week. [Coachella is launching a new NFT collection](. Fans will gain access to VIP areas and exclusive merchandise at this yearâs event via the NFTs. [The total value locked (TVL) in DeFi protocols reached $100B for the first time in ~2 years](. Business is boominâ! [Bitcoin ETFs saw $9.5B in trading volume yesterday - a new all-time high](. Another week, another broken record. [Binance listed $WIF (a popular Solana memecoin) on its trading platform](. The memecoin is up 50% and hit a new all-time high. [MetaMask is teaming up with Revolut to make buying crypto easier](. Users can use Revolut Ramp to make crypto purchases directly into their MetaMask wallets. MILKY MEMES ð¤£
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