Crypto Thrives as a Global Payments System and an Escape Pod

Mar 3, 2022 • 8 Min Read

Key Takeaways

  • We continue to focus on the key narratives surrounding bitcoin and assess recent adoption trends driven by Russia’s invasion of Ukraine.
  • We review on-chain data (realized cap, STH SOPR, and wallet addresses) to determine whether there is a sustained level of organic demand supporting the recent uptick in bitcoin’s price.
  • Recent price action gives us some confidence that there will be buyers that step up in the $34k-$35k area should we witness another bout of downward pressure on BTC price.
  • Bottom Line: With global momentum building for 3 out of 4 of our potential catalysts for 2022, we think it is irresponsible to have 0% allocation to bitcoin at this juncture. It is wise to maintain any existing long positions in BTC and ETH and look to add on dips as ongoing geopolitical conflict and macro uncertainty could result in continued volatility. We will continue to monitor demand-side metrics for signs of a more sustained bull market run.

Headwinds Turn into Tailwinds

Bitcoin and the broader crypto industry took center stage this week as violence escalated in Ukraine. In the wake of a turbulent week for digital asset prices, the global crypto market experienced a significant bounce following sanctions issued against Russia last Thursday afternoon. Stro...

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