EddieJayonCrypto
13 Sep 22
• CPI numbers are coming• Starbuck Odyssey loyalty program to launch on Polygon• SEC Enforcement Director Gurbir Grewal sends ominous message to the Cryptoverse in the US• Just before the merge CME Group launches ETH options• Fidelity to launch a Bitcoin exchange so client can directly buy and sell ...
• CPI numbers are coming• Starbuck Odyssey loyalty program to launch on Polygon• SEC Enforcement Director Gurbir Grewal sends ominous message to the Cryptoverse in the US• Just before the merge CME Group launches ETH options• Fidelity to launch a Bitcoin exchange so client can directly buy and sell Bitcoin• Brother of ex-manager at Coinbase pleads guilty to profiting from insider information to the tune of about $1.5M• News just broke that Goldman Sachs is about to go through lays because of a lack of deals and headwinds• Steptoe, an international law firm, says law enforcement loves USDT and USDC because they can freeze assetsThere are some major market movers happening today starting with August CPI numbers. Here is what is on my mind today.1. CPI numbers are not out yet, but I think things could be good as futures numbers are in the green. 2. I keep telling you that Polygon is the gift that keeps on giving. Well, today proved to be a good day. Starbuck's is launching an NFT-based loyalty program using Polygon's blockchain technology called Starbucks Odyssey. This is a very big deal since it showcases not just the power of Polygon, but really highlights the use case for NFTs. This Is very much in line with what is saying about NFTs. They believe that sector of the Cryptoverse is going to transform revenue models. Starbucks has clearly had this move in the works for some time. They were just smart enough to give their new CEO a shared feather in the cap. 3. I am trying to understand how SEC Enforcement Director Gurbir Grewal thinks they have been giving crypto a pass. He has come out swinging stating more actions are to come. All this does is reinforce my idea that the current regime at the SEC is incapable of pragmatic action beginning with transparent regulation. They seem to be acutely focused on stunting the market. Truthfully, I think of this as a national security problem. The more they squeeze Cryptoverse companies, the more they are going to force them out of the country. That may be a good thing for their gnat-sized thinking, but that does not bode well for the United States. 4. The CME Group has launched a Ether (ETH) options after clearing the regulatory hurdle. Note how they were able to achieve this just before the merge! I will leave that there. 5. Big moves from a big player! Fidelity wants to offer their clients the ability to directly buy and sell Bitcoin. I told you where they were going a long time ago when they started offering access to Bitcoin via their 401K vehicle. Well, now they are taking steps to become an outright exchange. My next question is how long will it be before they dive into other coins once this is completed. 6. Everyone knows I am not a fan of Coinbase. I think its practices are sloppy and have no real respect for people. Just look at how they handled their layoffs. Rescinding offers to people they just made offers to. Everyone knows you quit your current job once you get the new offer. I digress. A brother of an ex-Coinbase manager pleads guilty to pulling profits from insider information. Nikhil Wahi and his brother made about $1.5M. 7. Wall Street is expecting major layoffs, starting with Goldman Sachs. The truth is GS has a yearly process to cull their herd. However, this is different. This is a true layoff situation and other financial institutions are going to follow suit. 8. I came across a very interesting article put out by Steptoe that spoke about why certain stablecoins are valuable to law enforcement. Most people would skip over this article because they think it won't impact the market. Well, investigators love Tether because of its ability to "freeze" assets. USDC can do the same thing.