EddieJayonCrypto
29 Jun 23
I was looking at he events of yesterday and I think a lot of people were listening when they should have been watching. Here is what is on my mind today. 1. Powell speaks and everyone losses their minds. I am trying to understand why people lost it yesterday when Powell was speaking in Barcelona. He...
I was looking at he events of yesterday and I think a lot of people were listening when they should have been watching. Here is what is on my mind today. 1. Powell speaks and everyone losses their minds. I am trying to understand why people lost it yesterday when Powell was speaking in Barcelona. He didn't say anything he did already say during his press conference last week. We already knew we are going to get at least two more rate hikes. We already knew his stance on crypto and we already knew his stance on regulation. While that went on barely anyone paid attention to the massive $347M Bitcoin purchase by MicroStrategy as well as other events. 2. I am expecting the fallout from the failure of Prime Trust to continue for a little bit. That said, I do not expect an meaningful impact when compared to other events this year. Thus far, we know crypto firm Swan was able to pull their assets out in time while Coinbits has been forced to suspend operations. This goes back to my point about digital asset management. What happened to Prime Trust in supposedly losing the keys to the crypto wallets can happen to you, too. You must research how you want to protect your crypto. On that note, take a look a Atomic wallet. They are facing backlash over releasing an update to their security infrastructure without stating how the $100M hack happened. Not a wallet of mine. 3. It has been a while since we have heard from Ledger following their huge debacle over supposed crypto security features. Now Ledger is announcing Tradelink, an institutional investment platform. The network has a list well0known exchanges involved, including Crypto.com, Bitstamp, Wintermute, Coinsquare and more. Again, this is for institutional investment and that is exactly why you should be paying attention. The infrastructure continues to grow. 4. When BlackRock applied for its Bitcoin Spot ETF I did not know they had addressed a very specific problem raised by the regulators and it is all about surveillance sharing with the exchange where it would be listed as well as a US-based exchange. Bloomberg ETF Analyst Eric Balchunas, that US exchange is most likely Coinbase. Well, duh! Because of that new feature ARK Invest went back and amended their application to do the same. A very smart move. 5. KuCoin's days of being a safe haven for people that wanted to onramp fiat to the digital asset world are coming to a close as the exchange is set to introduce new KYC rules. This move was to be expected given the litigious nature of the SEC. One would think they are on the list of exchanges the government agency is targeting. We shall see if this is too little, too late. 6. Japan's SBI Group is about to launch Shiba Inu trading on SBI VC Trade. This is on the heels of SBI Group announcing their integration with XDC announced back on May 31st. This is a huge event for the SHIB Army and yet another feather in the cap of Asia's most popular coin. 7. In a bold move, Coinbase files documents stating the case against the crypto exchange should be tossed because the SEC has no jurisdiction over the cryptos on the platform. Coinbase didn't just arbitrarily make the case. They stated in their filing that the specific coins mention in the case are not investment contracts and are therefore not securities. Coinbase is pressing the SEC's hand and could prove a little more than a problem for the SEC.