EddieJayonCrypto
14 Sep 22
• The Producer Price Index numbers are out and are pretty much in line with expectations• Major Metaverse moves point to strong foundations being built for future success• India's crazy high crypto taxes are driving people into the hands of foreign crypto exchanges• KKR leverages Avalanche blockchai...
• The Producer Price Index numbers are out and are pretty much in line with expectations• Major Metaverse moves point to strong foundations being built for future success• India's crazy high crypto taxes are driving people into the hands of foreign crypto exchanges• KKR leverages Avalanche blockchain to offer tokenized private equity fund offering for individual investors• Did you know that the Coinbase Wrapped Staked ETH (cbETH) smart contract has a blacklist function• Officially, Cloudflare will support the Ethereum merge along with the Sepolia and Goerli testnets• Alex Mashinsky, of Celsius infamy, wants to resurrect the failed crypto lender as a custodianWe all know yesterday was not a great day, but did you take advantage of the overselling and market manipulation? Here is what is on my mind today.1. The Producer Price Index numbers are out and they should give the Fed reason to raise the rates by 75 basis points instead of the 100 basis points some, including myself, was still on the table. The numbers were pretty much in line with expectations. The stock market is responding well to the numbers and the Cryptoverse is doing the same. 2. In case you have not been paying attention, there have been big moves in the metaverse. Web3 Games and other metaverse projects have garnered over $750M in investments. The Metaverse standards forum is moving ahead with 4 new projects, including 3D asset interoperability. Puma has even introduced their new space. Following up on their push into the Metaverse, JP Morgan Chase is looking to hire experts in crypto, fintech and Metaverse technologies. The market may be down, but the foundations are being set for tremendous future growth. 3. India's crypto laws are stifling local exchanges while helping foreign crypto exchanges, like Binance. This has a good number of people moving their assets from local exchanges to foreign exchanges to avoid the deep reach into their pockets. This is a clear example of what I mean by governments squeezing too had and forcing people and businesses out of country. 4. KKR leverages Avalanche blockchain to offer tokenized private equity fund. This is huge news and follows what I had said JPMorgan's Onyx Digital Assets is doing BlackRock. The growth fund focuses on healthcare companies in Europe and North America, and is worth about $4B. The move comes from increased interest from individual investors, says Dan Parant, Managing Director and co-head of US Private Wealth. 5. Coinbase's Wrapped Staked ETH (cbETH) smart contract has a blacklist function? Another reason why I only use centralized exchanges pass-thru services. I keep very little of my digital assets on centralized exchanges because of sneaky things like this. They may be forced by regulators to take action or they may have some internal reason to blacklist assets. I don't like their ability to do so. The is just a little too far for my nerves. 6. South Korea has officially issued a warrant for the arrest of Do Kwon. One has to think they gathered enough evidence in their investigation to finally bring charges against him and five others. The warrant says the former head of now defunct Terraform Labs and the five others violated the Capital Markets Act. We knew it was coming because the collapse of Terra caused a chain of events the Cryptoverse has yet to recover from. 7. In a formal announcement, Cloudflare, the gateway to the Internet for a lot of the major Cryptoverse players, says they will support the Ethereum merge along with the Sepolia and Goerli testnets. 8. You remember Alex Mashinsky of Celsius, right? Well, this guy wants to resurrect Celsius, the failed crypto lender, as a custodian. The brass of this guy! I mean, honestly. My real question is who would trust this guy?