EddieJayonCrypto
7 Mar 23
• FOMC Chairman Powell's testimony on The Hill leaves the market uncertain as he is known for not bringing clarity to his statements• Alameda goes after Grayscale for the $9B locked in Bitcoin Trust shares, but Grayscale claims the lawsuit is misguided; the situation is complicated and may lead to a...
• FOMC Chairman Powell's testimony on The Hill leaves the market uncertain as he is known for not bringing clarity to his statements• Alameda goes after Grayscale for the $9B locked in Bitcoin Trust shares, but Grayscale claims the lawsuit is misguided; the situation is complicated and may lead to a larger problem for Grayscale• The judge overseeing the Voyager bankruptcy expresses doubts about the SEC's objection to the Binance deal and gives them a day to come up with a better reason• Dapper Labs removes ACH withdrawals from the platform citing Silvergate's debacle and Circle's removal of the functionality. BCB Group and Kraken Bank may fill the void left by Silvergate• Bybit offers a new crypto debit card with Mastercard to soften the blow of temporarily halting US Dollar bank transfersWe are feeling the reach of a couple of macro events, namely Silvergate and FTX. Here is what is on my mind today.1. Well, FOMC Chairman Powell goes to The Hill today and tomorrow and it will be interesting to see what comes out of it. He is not necessarily known for bringing clarity in my humble opinion. He often starts out making you feel one way, but then by the time he is done speaking you feel the complete opposite. Then, you wait a little while and think it through and you bounce back to thinking opposite again. I think that is how most of the market reacts unless there is a very clear reading of his. Words. So, the next couple of days will be interesting. 2. Just when you thought things were quiet, Alameda goes after Grayscale for the $9B locked in Bitcoin Trust shares. Grayscale says the lawsuit is 'misguided', but I've got questions. I honestly think Grayscale doesn't want to kick up the cash because it could become a major problem for them. I need more details to make a sound call on this one. That said, I think the situation is beyond messy and will end in an even larger mess. 3. Even the judge overseeing the Voyager bankruptcy is beginning to think the SEC has shaky legs to stand on with their objection to the Binance deal. Judge Michael Wiles has given the SEC a day to come up with a better reason for objecting to the deal. They are due to have something in to the judge today. I am very interested in what they come back with. 4. As if Dapper Labs doesn't have enough problems, they have removed ACH withdrawals from the platform. "Why?", you may ask. Well, the company is citing Circle, its payments partner, has removed the functionality. This is another touch from the Silvergate debacle. Now you know why I am so interested in how fast BCB Group can get their banking solution online an start filling the void, and how much longer we have to wait for Kraken Bank. If Kraken can make a bank work, that is going to be a gamechanger for the overall organization. I say this because they may be open to everyone and not just Kraken transactions. 5. Mastercard notches another win with a new crypto debit card with Bybit. As you know, I reported Bybit had to temporarily halt US Dollar bank transfers, but offering this convenience could soften the blow for their customers until they can identify an alternative banking partner.