Crypto Briefing 7/23/22 - The Forecast

Crypto Briefing 7/23/22

Crypto Briefing 7/23/22

Bitcoin continues to consolidate, but with the stock market on the precipice of going on another bear market rally, it is possible we could break through $24,000 to $32,000. Should this happen, we expect our altcoins to see a nice recovery before declining one last time.
While NFT’s are highly speculative and risky asset classes, something that we would like to highlight is the apparent growth Hedera has seen in this space. For example, a few months ago, the total HBAR volume for Hedera Hashgraph NFT’s was in the tens of thousands. Now we have seen this balloon to a volume of around 1 million daily. As more hype is generated for Hedera NFT’s, there is a strong possibility that this could translate into price action.  Something else new coming to Hedera Hashgraph is staking opportunities. The purpose of staking is to secure a DLT network by locking up your coins and earning interest as a reward. Over the next few months, people will have the opportunity to earn yield without taking on counter-party risk. This will likely be a conservative APY between 3% to 8%, but compounded it should add up over time.  If you are looking to take additional risk when it comes to earning yield on HBAR, DEFI platforms like Stader offer an extremely aggressive APY, but you open yourself up to any risks that company may incur. Right now Stader is offering 36% interest on the total amount of HBAR tokens you lock up, with the HBAR rewards coming directly from the HBAR foundation. Once public staking is launched on Hedera, this 36% interest should match that of typical staking rewards.  While there is certainly an allure to earning interest on your coins, we feel strongly that it is best to custody your own crypto and not lend it out to any institution or company. If you decide to leverage these options, just be sure you don’t put in any crypto you can’t afford to lose.