RCIF II - Five bullet Friday - Issue # 48

   Crypto markets are dropping steadily. Investor sentiment is at maximum fear. This feels like a lot of irrational fear from investors, which is triggered by the stock market drop.

1. I have been watching the bitcoin market from a time when its price was at $85. Bitcoin is selling at $36,047 whereas its 200-day moving average is at $48,682. Now the price is at 0.74 multiple to the 200-day moving average. Bitcoin suffered 3 drops of 95% and still survived. Whenever this ratio falls below 0.8, is a great time to buy. 

2. I am impressed with the growth of NFT market in the middle of this market bloodbath. DeFi markets were only targeting financial institutions. Now a wide range of creators, musicians, and artists are able to go direct to the customers and make a living from the NFT market. Ethereum is the ledger of record for all NFTs, as the dominant platform.

3. OHM is going through a lot of cascading liquidations. This is constantly pushing the price down. It is now close to its risk-free value of $71. If the price were to dip below $71, the protocol will initiate a buyback of OHM tokens. Fundamentals of OHM are improving steadily. The new version 2 of OHM is a game-changer in the  DeFi market.

4. Today there is a lot of rumors that Turkey has plans to make bitcoin legal tender. Turkey's lira is currently facing enormous inflation as high as 50%. It was also reported that they are in close talks with El Salvador to copy some of their plans. It is only a matter of time before many other countries in South America will start adopting bitcoin as their legal tender.

5. KLIMA has been dropping steadily.  We have been buying KLIMA constantly throughout last week. Price is very misleading because there is no liquidity. If I try to buy large quantities of KLIMA quickly, it will push up the price. A simple $2000 buy order will push the price up by 2%. The fundamentals of KLIMA are phenomenal and getting better every day. I continue to be bullish.

Have a wonderful weekend!

Sam Ikkurty