Not really. But seriously, we are no longer going to keep refreshing the charts on CoinMarketCap until further notice. I mean, why do we even do that when we are HODLing?
Anyway, in today’s edition:
- All is downhill for crypto prices
Are we going down further?
First of all, as of this morning, the curves seem to be on an upward trend as you can see from the chart above. Good signs of recovery. This was not the case all of last week, everything was going downhill, even the smallest of coins. So we will not be surprised if we even went lower. While the cryptos were falling the previous week, it was not this bad.
- Bitcoin fell 30% hitting $30K,
- Ethereum fell more than 40% to lows of $1,800,
- Even our new fav Cardano hit $1.1 at some point
Why did this happen?
China, as usual. Some regulatory bodies came out to “ban crypto” in China. This is not the first time, nor will it be the last. China has always had a massive hold on crypto trends but that has never stopped the reggae.
As always, keep HODLing, even you who just got in. 😉 Remember, Bitcoin only hit $30K in January. Perspective.
PSA: Beware of Google Drive scams that send you “free” meme coins. Our advice, just don’t click any weird Drive notification from people you don’t know.
Nothing much happened last week. This week we closely monitor the market reaction to Safaricom’s consortium approval to operate in Ethiopia.
Weekly Performance Summary:
Weekly market activity remained stable for a second week in a row with the NSE 20 easing by 0.2% from 1,863.25 to 1,858.87 points.
Interest in Safaricom saw the volumes spike 14.9% from 81.04Mn to Kes. 93.08Mn shares. This further pushed the market value traded 4.2% up to Kes. 3.18Bn from Kes. 3.05Bn in the previous week.
Foreign activity improved 1,310bps from 44.4% to 57.5% with a net outflow of Kes 1,617.45Mn. Safaricom retained a strong foreign activity on both sales and buys. Its foreign buys stood at Kes. 804.66Mn in comparison to Kes. 834.01Mn in the week before. Its foreign sales improved 93.5% to Kes. 2,421.93Mn from Kes. 824.16Mn. EABL and Equity followed on foreign buys at Kes. 103.38Mn and Kes. 92.97Mn respectively.