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Daily Digest (January 20, 2023)
🔸 Nexo pays $45 million to settle SEC and state charges for failing to register lending product.
🔸 Genesis owes over $3.5B to top 50 creditors.
🔸 Crypto lender Genesis plans bankruptcy exit by May 19.
🔸 Decentraland founders Ordano and Meilich join list of Genesis creditors.
🔸 Fantom releases decentralized funding system called ecosystem vault.
🔸 AI avatars launch on Polygon as CharacterGPT brings NPCs to life.
🔸 BNB Chain deployed the most dApps in 2022, while Ethereum led the pack for NFT transactions.
🔸 Robinhood launches self-custody wallet.
🔸 FTX-linked Moonstone Bank is closing its clients’ cryptocurrency accounts.
🔸 Gemini co-founder threatens lawsuit against DCG, Barry Silbert.
@coach
#CryptoPrimeTime_with_Coach
Blockchain Letter | The Need For Trustless Systems
(by Dan Morehead, CEO of Pantera Capital)
About the FTX fraud
🔺 The collapse of FTX had nothing to do with blockchain technology. It’s not crypto/blockchain that failed. Bitcoin and all the other protocols worked perfectly.
🔺 In most respects this is comparable to Three Arrows Capital, Celsius, BlockFi, and Voyager. Centralized, opaque, un-audited, and/or offshore entities with way too much leverage blowing up.
🔺 This pattern is as old as time. FTX/Alameda was bankrupt earlier than is publicly known. We estimate that the loss would have been much, much smaller had they filed Chapter 11 back then.
🔺 Centralization failure led to the downfall of centralized FTX. Blockchain – and how it enables decentralization – is the solution, not the problem.
🔺 For a decentralized system, a “complete failure of corporate controls and such a complete absence of trustworthy financial information”, as what happened in the case of FTX, would be inherently more difficult to achieve, because in decentralized systems like DeFi, transparency and self-custody are common features, and strictly enforced by transparent, unbiased smart contracts and code.
About Proof-of-Reserves
There’s now talk of high-tech “proof of reserves”, but that only tells you part of the story. Proof of some of the assets on the balance sheet but nothing of the liabilities. The answer is really simple: you hire an auditing firm, you prove that you not only have the assets, but you prove that you don’t have liabilities that exceed your assets.
Regulatory Black Hole
🔺 It’s a really, really weird kink in the U.S. regulatory system where the CFTC has very clear jurisdiction over anything that’s a derivative or a future.
🔺 Obviously, the “S” in SEC is “securities”, so it can only regulate things that are securities. Although the SEC hasn’t said what is and isn’t a security, it is commonly thought that bitcoin is not a security. If it’s not a security then it must be a commodity. So that would leave this really weird black hole in regulation where there isn’t a U.S. agency that is empowered by Congress to regulate spot Bitcoin exchanges.
Defi Is Superior | Code Is Law
🔺 DeFi has never “sinned”. The rules of engagement are coded into the smart contract. The code just executes what both parties agreed to.
🔺 In an incredibly adversarial, open, global environment, DeFi must protect its users with code alone, and for the purposes of trustlessness, nothing is more mechanical, structural, or sound than code.
🔺 There can and must be improvements to CeFi as it pertains to crypto-assets, namely better regulation. Regulated entities are generally safer and where we believe regulation has created structurally safer and net better financial institutions, they should be embraced.
📖 For those who would like to read the whole letter
Follow @coach for more crypto insights 🔎
#Coach_Educates
Trendline
🔅Trend lines are probably the most common form of technical analysis in crypto trading.
🔅They are probably one of the most underutilized ones as well.
🔅If drawn correctly, they can be as accurate as any other method.
🔅Unfortunately, most crypto traders don’t draw them correctly or try to make the line fit the market instead of the other way around.
😇@Coach😎
Recognizable names among Genesis creditors:
• Gemini: $765m
• Mirana (Bybit?): $151m
• Moonalpha (Babel): $150m
• Coincident Cap (Mex/Finex Leaderboarders): $110m
• Decentraland: $55m
• VanEck: $53m
• Abra: $30m
• Cumberland: $18m
• Stellar Foundation: $13m
📍 Follow @Coins for the hottest news in crypto.
See except KAVA, 3 of the coins I pointed out KNC, ENJ and APT are in top gainers on Binance futures . Hope you are enjoying anon ❤️ 🚀
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Key Themes in 2023
(by Binance Research)
Although the trials of 2022 have led many to express skepticism on the future of crypto and its ability to uphold ideals of decentralization, security, and transparency, Binance remains cautiously optimistic looking into 2023:
🔸 Macroeconomics matter
The macro environment is key in driving returns of risk assets. Central bank policies, global growth data, and recession risks will set the stage for whether macro factors serve as a tailwind or headwind for crypto in 2023. As crypto matures and more institutional players enter the space, correlation between traditional and crypto markets could increase.
🔸 Real-world assets as an alternative source of growth
Certain DeFi and NFT projects may look outside of the crypto ecosystem to find additional growth opportunities given muted crypto activity. Integration with real-world assets could be in the form of assets tokenization or the acceptance of real-world assets as collateral.
🔸 Liquid staking narrative gains steam
As we get closer to the date that staked ETH can be withdrawn, there will be greater awareness, understanding, and willingness to participate in staking. Liquid staking protocols as a whole may benefit from this narrative although market share shifts are also likely.
🔸 Utility is key for NFTs
To drive the next phase of adoption and move beyond profile picture NFTs, we look forward to more innovation on the front of soulbound tokens, integrations with blockchain games, partnerships with web2 companies, and other real world use cases.
🔸 Improvement in gameplays
Given the spotlight on quality of games, we expect more focus by developers to improve the gameplays of the next generation of blockchain games. Teams that are able to successfully create quality AAA games will have a higher chance of attracting gamers.
🔸 Greater regulatory clarity
In the last year and a half, we’ve seen substantial progress in creating greater regulatory certainty for the cryptocurrency space. Regulators are, understandably, going to be much more skeptical, and regaining public trust will be challenging for crypto. However, more regulatory clarity will prove beneficial for the blockchain space in the long run.
📖 For those who would like to read the whole report
Follow @coach for more crypto insights 🔎
#Coach_Educates
Hopefully, this 👇🏼 will be a school material one day…
Should the blockchain/crypto basics be learnt at school?
🤝 Yes
👀 No
https://twitter.com/CryptoCoinCoach/status/1616029197402619904
JUST IN: 🇺🇸 US FED officials expect inflation to drop to 3.5% in 2023.
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https://twitter.com/Mdextech/status/1616700975485714433
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Google: 12000
Microsoft: 10000
Amazon: 18000
Meta: 11000
Twitter: 4000
Salesforce: 8000
200,000+ laid off in tech since the beginning of 2022. And for no reason other than "everyone else is doing it".
What do you think is the real reason?
😱 Over hiring during Covid
👎 Incompetency and companies should take full responsibility
👍 Demand genuinely came down
🔥 Natural Balancing
❤️ Other reasons
📍 Follow @Coins for the hottest news in crypto.
┌🟢 #BTC Liquidated Short - $50K at $21342.70
└Funding Rate: 0.01%
🔅 Mastering the art of identifying key indicators such as Regulars Divergence, Hidden Divergence, and Exaggerated Divergence can give you the edge you need to succeed in the crypto market.
🔅Regulars Divergence is a sign of a potential trend reversal, Hidden Divergence suggests a continuation of a trend, and Exaggerated Divergence can indicate a possible trend reversal or continuation.
🔅Stay ahead of the game and keep an eye out for these key indicators!
@Coach
BTC 💰 : The current consolidation runs in a horizontal channel where the lower time frame market BIAS is sideways.
The bulls should close above the channel resistance with a good volume though the previous swing high of the major wave too coincides with it.
In case BTC close below the channel support we can expect the drop toward the broken descending support which wasn't retested yet.
🥳@Coach
In 2022, Ethereum moved a step closer to creating a global decentralized financial system (the Merge, its most notable upgrade).
Still, the year was also marked with some issues – from concerns around censorship to record high hacks on $ETH infrastructure.
https://twitter.com/CryptoCoinCoach/status/1616404519184744450
BTC 💰 : The current consolidation runs in a horizontal channel where the lower time frame market BIAS is sideways.
The bulls should close above the channel resistance with a good volume though the previous swing high of the major wave too coincides with it.
In case BTC close below the channel support we can expect the drop toward the broken descending support which wasn't retested yet.
🥳@Coach
Daily Digest (January 19, 2023)
🔸 FTT token price soars after FTX CEO floats exchange restart.
🔸 Stargate integrates with Metis in first blockchain expansion since launch.
🔸 1inch Network enters the hardware wallet business.
🔸 New billion-dollar Abu Dhabi fund will look far and wide for web3 deals.
🔸 National Australia Bank creates stablecoin called AUDN.
🔸 zkSync integrating Espresso Systems technology to enable private transactions.
🔸 OKX publishes proof-of-reserves report showing $7.5b in ‘clean assets’.
🔸 L'Oréal’s NYX makeup brand to launch DAO, Ethereum NFTs to ‘redefine beauty’.
🔸 Compass sued over allegedly failing to return customer bitcoin miners.
🔸 Raydium exploiter moves $2.7M to Tornado Cash.
@coach
#CryptoPrimeTime_with_Coach
FTX CEO John J. Ray III Says He's Considering Restarting Crypto Exchange: WSJ
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┌🟢 #BTC Liquidated Short - $50.2K at $20844.50
└Funding Rate: 0.01%
Support and resistance zones
🔅The concepts of trading level support and resistance important price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction.
🔅Market psychology plays a major role as traders and investors remember the past and react to changing conditions to anticipate future market movement.
🔅Shifting zones of resistance and support can be revealed by understanding the sentiment and emotion of individual market actors and how that aggregates up to the market.
😇@Coach😎
National Australia Bank launches stablecoin fully backed by Australian dollars.
📍 Follow @Coins for the hottest news in crypto.
Daily Digest (January 18, 2023)
🔸 ConsenSys lays off 11% of workforce.
🔸 Semafor explores options to buy out Sam Bankman-Fried’s interest.
🔸 Coinbase says to halt operations in Japan.
🔸 Crypto conglomerate DCG suspends dividends amid distress at Genesis unit.
🔸 NFT sales volume rebounded significantly in December.
🔸 MakerDAO voting to limit DAI exposure to Gemini amid insolvency fears.
🔸 Cathie Wood-backed 21shares offers first staking index ETP.
🔸 NBA all-star Baron Davis joins Tim Draper's new web3 deals platform as venture partner.
🔸 Polkadot enhances cross-chain abilities between its blockchains.
🔸 FTX debtors identify $5.5 billion of liquid assets in ’Herculean effort’.
🔸 Bitget leads drive for crypto exchange security with $300m protection fund.
@coach
#CryptoPrimeTime_with_Coach