Ethereum (ETH): Liquidity Driven Death Spiral

With the US 30Y Bond yield above 3%, cryptocurrencies are now in a bear market similar to 2018. From a fundamental perspective, our outlook is as follows:

1. As interest rates increase, access to cash becomes harder
2. With no ability to raise cash, small tech firms (i.e., tokens on the ETH blockchain) start to fail
3. As a result, demand for Ethereum (ETH-USD) lessens
4. Repeat

High interest rates are very bearish for…