For the week of September 22 – 28
Let's be honest here, it's been a pretty shit week in the crypto markets. On the one hand that sucks, but on the other there's nothing much we can do about it. Weeks like these we try not to get too caught up in the daily drama of the markets, and just put our heads down and keep building. That's what's gonna matter in the long run anyway.
The two big things to happen in Hege this week were the new Hege BuyBot being released in Hegequarters, and the "Heavy Truths" snapshot dropping on DRiP.
Let's jump in!
In the markets: crypto leverage flushout?
In the tradfi world, not much happened this week. Midweek, US GDP and jobs numbers came in a little bit better than expected, causing the market to slightly pare back expectations of rate cuts. On Friday, PCE inflation came in as expected And looking to the charts, US stock indices remain strong, with no signs of tops being in.
In crypto however, this week was a different story. On Monday morning, bitcoin started selling off heavily, and the rest of the crypto market followed right behind. The sell-off then continued throughout the week, before BTC stabilized around $109k on Friday. Total liquidations reached billions of dollar, as short term traders got wiped out of their positions.
On the weekly timeframe, however, the charts for bitcoin and the big alts still hold above key support levels. Although it is a sign of weakness that BTC is retesting $109k support again so soon, the breakout is still in play, and the price target of $142k remains.
So, what to make of all this? Well, let's consider the situation:
- Crypto aggressively sold off across the board, but larger picture it still looks okay.
- Tradfi markets held up, not showing any particular signs of fear.
These two facts make this dump look like a temporary correction, cause by big market makers flushing out leveraged positions.
If this assessment is correct, crypto markets should turn up again within the next couple of weeks. So let's keep watching.
🏋️♂️ HEAVY TRUTHS 🏋️♂️
On to the Hege news. The first one being the latest Hege snapshot, "Heavy Truths" is now LIVE on DRiP💧
🪂 AIRDROP: For this snapshot, the top 10 (plus a few bonus donors) will receive $HEGE airdrops 😉🦔
💪 “Spines of Steel”
– A 1/1 only available in Store
🧗 ”Fall Guy” (Ultimate)
– Top 5 with 6900+ droplets
🍟 “Comfort’s Cost” (Legendary)
– 1000+ droplets
🫃 "Spare Tire” (Rare)
– 500+ droplets
🎳 “The Forgotten Pin”
– For all
Check out the Hege page on DRiP for more info.
Hege BuyBot, reporting for duty
As planned, on Tuesday the new Hege BuyBot made its entrance into Hegequarters.
This bot is 100% custom made, in-house, just for Hege. This means we can easily add new features that have not been available to us with any of the other bots we've used in the past.
Starting out, custom animations for buys of various sizes are back. The old Easter eggs for $69 and $420 are back too, of course. Plus a new one has been added (hint: it miiight have something to do with a certain popular sports car brand that shall not be named.)
Coming up ahead
First off, we're cooking up a little competition to celebrate the new buy bot. It's not quite ready for serving yet, but expect an announcement towards the end of the week.
Second, we're getting ready to announce the big changes that have been brewing behind the scenes over the past weeks and months even. We've hinted at this in the past already, and now we're finally close to making some actual announcements. Stay tuned!
And lastly of course, don't miss the next Hege Hangouts! Come join us in our Telegram Hegequarters, Friday, October 3, at 15:00 UTC (11 am Eastern Time, 8 am Pacific Time).
Thanks for reading
And with that another week in $HEGE comes to an end. We'll be back next week as usual. Meanwhile let's keep our fingers crossed the markets perk up soon. And as always, thanks for reading and thanks for being a part of the Hege story!
Until next week,
— Team Hege
PS. If you’re not in our Telegram already, get in there! It’s always the best place to hang out and get the latest on what’s going on. Find the link here: https://linktr.ee/hegefund
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