MARKETS:
Some positive news as Bitcoin broke through the 20d moving average, then held the 21d MA as support. The price is range bound between 30-41k over the last couple of weeks, also known as ‘chop.’
Since the market wide correction, Bitcoin dominance has gained some ground and outperformed alt tokens. This is a positive sign for crypto markets, typically, as new money flows to Bitcoin first, then alt tokens, then cash, and the cycle repeats during bull markets.
Crypto had net outflows from exchanges as tokens were purchased and moved either to DeFi or to more secure wallets. This is a positive sign for the argument we are still in a bull market.
NEWS:
Coinbase is teaming up with a small 401k company to bring crypto to retirement plans
Tesla to begin accepting Bitcoin again once miner convert to greener energy
Mark Cuban penned a blog about the awesomeness of DeFi - He’s a full fledged DeFi Degen
Mark Cuban was active in the Alchemix Discord after a bug in the alETH contract code allowed depositors to withdraw their debt. They gave away roughly $6m to early alETH debtors.
Cuban suffered the same fate as others who watched the Iron.finance algorithmic stablecoin collapse like the Titanic due to an exploit. Will we see the end of algorithmic stablecoins? No sir! Don’t look now, but Fei Protocol is starting to look like one of the better newcomers after its rocky start.
Paul Tudor Jones allocates 5% of portfolio in Bitcoin:
Microstrategy raising $1b capital ($MSTR shares) to potentially buy more Bitcoin
Saylor says Ethereum is coming for JP Morgan. He’s not just a Bitcoin Maximalist afterall
Swiss Bank, Sygnum, offering DeFi custodial services to clients. They plan on offering yield generating DeFi strategies too.
Bitwise, a crypto index fund manager, raised $70m in Series C, now valued over $0.5b - some huge investors included
Panama crypto bill will attempt to pursue making Bitcoin legal tender, similar to what El Salvador acheived.
REGULATORY:
At the G7, Biden mentioned efforts by countries to crack down on ransomeware that requires cryptocurrency - Many feared the G7 comments would be worse
Federal Reserve Monetary Policy meeting summary
Higher than anticipated inflation
Possible rate hikes later this year…would the party be over for risk on assets?
POD OF THE WEEK:
I’ll be recommending a good podcast on a weekly basis. To get things started, Bankless held a panel of some of the top DeFi fund managers, analysts, and crypto natives. I learned a lot about how these guys think about the future of public blockchains