tl;dr
• GAMMA stocks, Google, Amazon, Microsoft, Meta and Apple hammered for missing estimates or bad guidance, but signals further decoupling from Cryptoverse• Binance did indeed wire $500M to be involved in Musk's takeover of Twitter; did FTX miss out?• The world's largest publicly traded Bitcoin miner,...
• GAMMA stocks, Google, Amazon, Microsoft, Meta and Apple hammered for missing estimates or bad guidance, but signals further decoupling from Cryptoverse
• Binance did indeed wire $500M to be involved in Musk's takeover of Twitter; did FTX miss out?
• The world's largest publicly traded Bitcoin miner, Core Scientific, has warned the SEC of a possible bankruptcy
• Visa has filed for patents for a crypto exchange, wallet and other products; should partner crypto exchanges worry?
• Twitter's expanding Tweet Tiles and wants to introduce NFT trading via tweets, but that could all change under new management
• National Bank of Kazakhstan has chosen to integrate its CBDC in the BNB Chain, more competition to come in this space?
The GAMMA stocks all took hit whether they made the marks or not. People did not like what the outlooks are. Here is what is on my mind today.
1. GAMMA stocks, Google, Amazon, Microsoft, Meta and Apple stocks are getting hammered for either missing analysts' estimates or for negative future guidance. From a stock market perspective I would be buying most of them on the big dips. From a Cryptoverse perspective, I am noticing the further decoupling from the NASDAQ tech stocks. This is a good thing since it says people are beginning to see the differences.
2. We know Binance has invested in Musk's Twitter purchase to the tune of $500M, but did FTX get in on the action, too? I am still unsure. Given the notion that Twitter could be headed toward a major crypto push, for now, I would think Binance has the upper hand when it comes to helping the platform achieve any new goals. Twitter announce a couple of things (besides being snatched up by Elon). The first is the ability to trade NFTs via tweets. I am not sure how I feel about that. The other one is the expansion of Tweet Tiles. It started with the NY Times, Wall Street Journal and The Guardian. Magic Eden, Dapper Labs, Rarible, and GuardianLink’s Jump.trade marketplaces have been chosen for the extended pilot. All that said, I would not place all too much stock in either of these two initiatives now that Twitter is under Musk control.
3. Back in July, I told you how Bitcoin miner, Core Scientific, needed to liquidate a bit. Well now we are talking about the largest publicly traded Bitcoin miner has flashed a bankruptcy warning via a filing with the SEC a couple of days ago. Some people have been yapping about how miners are doing well, but this could very much be a sign of more bad times to come in a space that has already seen a lot of capitulation to the point people thought it was over.
4. Given some of the recent announcements, the latest a crypto debit card with partner Blockchain.com, it should be no surprise that Visa could have several more things in the works, such as a wallet, their own crypto exchange and even NFTs. So says filings with the US Patent and Trademark Office. I wonder how their crypto exchange partner, including FTX are going to take the news of impending competition from one of the world's leading credit card companies.
5. I have been telling you to watch for things as we get closer to the FIFA World Cup. Well, here come Frito-Lay with the release of 350K NFTs. The will be given to participants in the Pass the Ball Challenge, a virtual event that will play off of user-generated content. This is a smart marketing campaign as it will draw people in and deepen brand loyalty.
6. The National Bank of Kazakhstan has chosen to integrate its CBDC in the BNB Chain. This is a major move and I would expect competition for CBDC integration to heat up as more countries start moving forward with their CBDCs. The question is what other crypto exchanges are poised for this type of integration?