ACE’S TAKE:
POTUS has chosen a side, and it’s not ours. He’s decided that crypto is a bunch of tax evaders that align with MAGA Republicans. This doesn’t win him friends on his side either.
Two thoughts:
1) This is excellent advertising for crypto
2) This is a lose-lose message because he is pushing away pro-crypto Ds (18-45 voters) that would vote for him by claiming they're aligned with MAGA, and also giving the Rs control of the pro-crypto narrative
MARKET:
The crypto market rally hit a brick wall when the Ethereum Foundation moved $30m of $ETH to a centralized exchange in order to sell (cover expenses). This meme has marked the top in previous cycles, so the market immediately dumped.
On top of the EF signal, the US government still has 10,000 $BTC it intends on selling this year. Any on-chain movement leads to a strong market selling event, which occurred on May 10. The range between $26,500 an $30,500 is on the brink of breaking down.
NEWS:
$ETH getting attention from Goldman Sachs:
Bitcoin went through a chain fork as congestion picked up due to ordinals and BRC-20 transactions:
Disheartening data shows US share of blockchain developers has shrunk significantly:
Harsh sentence for Coinbase insider trading:
Stripe adds support for crypto:
Citi makes very bullish prediction for tokenized assets:
If at first you don’t succeed…
Tether is profiting from high interest rates:
Arthur Hayes would whoop Su Zhu’s ass IRL:
Major crypto market makers step back operations due to regulatory uncertainty:
NFTs:
Pudgy Penguins raise $9m:
Elon Musk tweets out a Milday meme and sends the NFT market wild:
REGULATORY:
US Chamber of Commerce now accusing SEC of acting unlawfully towards crypto:
US Gov’t going after FTX for billions in taxes:
RUGS:
Another DEI exploit:
Awful - Team member dumps massive $WSB token allocation:
POD O’ THE WEEK:
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None of this is financial advice