tl;dr
Canada is freaking people out! Here is what is on my mind.1. Yesterday, I told you about some crazy news that at least parts of Canada is implementing a regulation that caps crypto investment at $30K. A friend of mine started texting me last night after watching my video and was a little ticked at m...
Canada is freaking people out! Here is what is on my mind.
1. Yesterday, I told you about some crazy news that at least parts of Canada is implementing a regulation that caps crypto investment at $30K. A friend of mine started texting me last night after watching my video and was a little ticked at me for talking about. He was telling me I was wrong. Then he realized it started with Ontario and a couple of smaller places that may follow. Then I told him this is a very big deal and is going to spook a lot more people. Cam isn't ticked at me anymore, but he still isn't pleased. We both agree NYS sucks for crypto, but they haven't even gone that far.
2. If you are watching crypto from day to day, you see that just about everything is down and you may be wondering why. You can easily point to what could wind up being the environment for a softer landing. I know you want to correct me and say it is a called a soft landing. You are correct, but I am comparing the US to the EU and others. Our economy is doing far better. The EU is battling almost record inflation, so is Japan and other places. When we got that mixed bag of corporate reporting yesterday we found out the economy may not be as bad as we think. That set the stage for what we are seeing now. You know me. I am all about DCA! Also, look at my videos from a couple of weeks ago. Credit card debt is rising.
3. JPMorgan is pointing out that Coinbase and other exchanges will benefit from the upcoming Ethereum merge set to happen in mid-September. Why? Because they each hold a good amount of Ethereum assets. Revenue from staking is not where I see it since they are unable to take that for another 6 to 12 months. What I do see is the ability to leverage that windfall. Now, what happens when they do is going to be interesting.
4. I am not going to dig into the spat between the CTO of Ripple and Vitalik Buterin. What the guy from Ripple is spewing is just stupid. Instead, let's talk about what could be good news for Ripple. They have partnered with Travelex, a popular bank in Latin America. The partnership introduces fast cross-border money transfers via Ripple's on-demand liquidity (ODL) service. I told you Latin America's adoption of crypto is heating up.
5. A new probe in South Korea has found over $6.5B in illicit transactions involving digital assets. This is not going to bode well for the Cryptoverse over there. The head of the Financial Supervisory Services (FSS) has already stated they are going to go after the perpetrators and sanctions will be involved. Here is something to contemplate. The probe started with traditional banks. One may think the problem is not unique to the crypto space and would also involve traditional financial institutions. This is after we learned that KuCoin, MEXC, Phemex, ZB.com, Bitglobal, CoinW, XT.com, Bitrue, CoinEX, AAX, ZoomEX, BTCEX, BTCC, Poloniex, DigiFinex and Pionex are to be investigated and, most likely, blocked from operating in the country. Registration was necessary starting last year and these exchanges have failed to achieve the goal.
6. The Ethermine Ethereum mining pool, the largest in the world, has decided it will not support Ethereum PoW. This is a very positive announcement and further backs the upcoming merge.