Hi folks! I’ve reorganized this newsletter a bit and added two sections; “NFT” and “Rugs,” both of which are regular occurrences in DeFi.
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MARKET:
If you weren’t living under a rock the last week, you were probably holding your breath as $BTC tested $30,000 and dipped below it for several hours. A rally up to $33k helped put investors at ease for the time being. Many seasoned traders believe this ‘crab market’ (sideways and rangebound) isn’t changing anytime soon, but in my 5 years of crypto experience I’ve never seen so many divergent opinions.
Light, an excellent trader, went on UpOnly and spelled out the most bearish case for crypto and equities I’ve heard in a long time.
Sam Trabucco stated Alameda Capital helped put in the bottom around $30k.
ARK Invest added another $3m to their Greyscale Bitcoin Trust position.
CRYPTO AND DEFI NEWS:
FTX Raises Record $900 Million on $18B valuation. SBF is richer
Elon Musk says SpaceX owns Bitcoin and he owns Ethereum in Jack Dorsey talk
Greyscale Launching Institutional Grade DeFi Fund and Index
China publishes first e-CNY whitepaper, confirming smart contract programmability
BofA Approves Bitcoin Trading for Some Clients
New York Giants’ Saquon Barkley will convert all his endorsement money to bitcoin
Softbank investing $75m in Peter Thiel's Bullish (crypto exchange)
Softbank invests in Revolut ($800m at $33b valuation)!
Mastercard Taps Circle Pay (USDC) for Settlement Pilot
Bank of Korea selects Kakao’s blockchain arm for digital won tests
NFT:
C.R.E.A.M. Finance issues a $3.5m NFT backed loan to PleasrDAO
RUGS:
Thorswap was exploited for ~$5m on 7/15
REGULATORY:
Gensler remarks on cryptoassets being subject to securities laws
SEC Commissioners signal support to dismiss lawsuit against Ripple!
BlockFi Issued Cease and Desist for New Interest Accounts (thread below)
POD ‘O THE WEEK:
Must listen for the current state of ETH staking as a service. The three representatives cover the gamut of custody/trustless, permissioned/permissionless, and centralized/decentralized. My bet is Rocket Pool owning the staking as a service landscape over the next several years due to its decentralized ethos.