MARKETS:
This week was all about regulatory action from the SEC and onerous tax reporting requirements within the new Infrastructure Bill. Oregon Senator Ron Wyden (D) has introduced an amendment to the bill that will improve the language around cryptocurrency taxation.
NFT mania took center stage as well, as speculators threw insane amounts of ETH at CryptoPunks, Parallel, and now EtherRocks. This seems to really be getting out of hand, but NFTs are center stage whether we like it or not.
Bitcoin has had difficulty breaking out of the persistent range of $30-42k, and continues to crab. Some good on chain data suggests more and more BTC holders, which means we are likely in a long accumulation zone.
NEWS:
Happy 6th Birthday Ethereum!
The Ethereum London hard fork is today, and will include EIP-1559, which burns 30% of every transaction fee. Keep an eye on this website and watch ETH burn!
Another LatAm country introducing BTC as legal tender:
REGULATORY:
Ominous message from Gary Gensler, the Chairman of the SEC, specifically calling out crypto exchanges and lending platforms and calling on resources of the SEC to ‘protect investors.’
The CFTC response is pretty funny
Binance to Wind Down Derivatives Trading In Europe
RUGS:
$20m gone from Popsicle Finance
NFTS:
POD ‘O THE WEEK:
Arthur Cheung was extremely successful making early investments in DeFi. He now manages a multi hundred million dollar fund and shares wisdom