Weekly Newsletter #3

THE END OF CRYPTO?!? Gensler and the SEC ends staking services in the US.

February 10, 2023

Newsletter #3

GM/GN, looks like we spoke too early last week about being in the bull 🐂 market 😂Hopefully everyone's been HODLing through! Grab your Joes ☕️ and milk 🥛, and let’s get to this week's news! 👇

TOPICS OF THE WEEK

US AGAINST THE WORLD.

  • Market Analysis

  • News of the Week

  • Other Headlines

  • 🤑 Funding 🤑

  • Meme of the Week

🩸🩸🩸

Back to 'Fear' Regions soon?

DATA YOU SHOULD CARE ABOUT

After FTX's downfall, everyone's been saying SOLANA IS DEAD. BUT. The stats on-chain definitely disagree. Daily active wallets on Solana are 3x the number since FTX. 

Lido continues to top the TVL of Ethereum, as its staking services are extremely lucrative to many. The token prices have increased dramatically in the past few days after the US SEC banned staking for CEXs.

After Axie Infinity Origins Season 2 went live, the transactions doubled. It seems like Axie is looking to make a comeback after a terrible end to 2022.

NEWS OF THE WEEK

Is this the ‘End of Crypto’?

This week was especially tough for crypto. From Coinbase’s Brian Armstrong announcing a halt on crypto staking to Paxos being investigated by New York regulators. We really didn’t get any breathing room. The US is moving swiftly with crypto regulation, starting with Gary Gensler, who was literally bribed by crypto’s biggest con-man, SBF. Unbelievable. 

Gensler’s proposal essentially eliminated all centralized services from the ability to stake. CT is FURIOUS with Gensler - instead of possibly mandating proof-of-reserves, require staking transparency, and supporting decentralized staking, they went with the easiest route of outright banning it. Speak about laziness and carelessness.

Many on CT also believe that Binance suspending US dollar bank transfers were also a part of the larger effort of the US attempting to tackle cryptocurrencies. Really feels like crypto vs the world now. 

Meanwhile, CT traders believed that it was all in the charts.

According to Cathie Wood and Banking Giants from BNY Mellon, they believe that crypto is here to stay. Wood believes that “high-net-worth individuals should also jump onto the Bitcoin bandwagon” as it protects against “confiscation from countries with troubled economies due to inflation”. 

Despite the fall of FTX, Wood believes that the future of crypto exchanges still presents a promising future for growth. Wood even wrote in a blog post, “Coinbase will become the premier regulatory compliant on-ramp for crypto.” 

On the other hand, did you know that Bitcoin now has a new utility? Yep - NFTs! Bitcoin NFTs are the next BIG thing that are going for CRAZY prices. There isn’t any marketplace for it as it’s only being sold via dms and discord. You can read all about it here ⬇️

OTHER HEADLINES

$FUNDING$

MEME OF THE WEEK

Did you get out in time?

Aand that wraps it up for our newsletter! Hope you enjoyed the news, memes and analysis. See you next week!

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.