EddieJayonCrypto
11 Aug 22
• Initial jobless claims are up 14K to 262K; continuing claims are up 8K to 1.42M; Core PPI up 0.2% (YOY up 7.6%); overall, inflation is dropping• The successful launch of the merge on Ethereum testnet Goerli has Ethereum rising to highs• The SEC is gunning for Coinbase over their staking program; a...
• Initial jobless claims are up 14K to 262K; continuing claims are up 8K to 1.42M; Core PPI up 0.2% (YOY up 7.6%); overall, inflation is dropping• The successful launch of the merge on Ethereum testnet Goerli has Ethereum rising to highs• The SEC is gunning for Coinbase over their staking program; are they a ripe acquisition target?• SEC and CFTC are going to make hedge funds with over $500M AuM report crypto exposure• BitFinex (Tether sister company) is under investigation by the US Department of Justice• Time to get back to basics and do your own researchThere is a lot going on and it is all being led by Ethereum. Here is what is on my mind today.1. The Ethereum merge I proving to be the catalyst everyone thought it would be. The merge upgrade went live on the Goerli testnet This is only little over a month after things went well on the Sepolia testnet on July 6th. Last night, just before 10PM, Ethereum touched $1900 and revisited a of 7:50 AM EST. This has sent other altcoins higher too. Amazingly, Polygon has barely moved. Yes it has gone up, but it has not busted through the $1 mark yet. 2. Coinbase is under direct fire from the SEC yet again. This time it is over their crypto staking program. I know Coinbase has cash on hand and is the largest crypto exchange in the US, but with so many attacks on the platform, is it actually in a ripe spot for acquisition? 3. In another big move, the SEC and the CFTC will demand hedge funds report their exposure to cryptocurrencies following the collapse of Terra. I actually think this is a good move even though it will only affect hedge funds with $500M assets under management (AuM). I think the number should be $250M. 4. If you are a user of BitFinex, you might want to rethink where you have your digital assets stored. Why? Because they are under investigation by the US Department of Justice. In case you did not know, BitFinex is owned by iFinex which also owns Tether. I am not sure if this will have an effect on the stablecoin, but I know this is not good news either. 5. Let get back to basics. Do your own research. If you are watching crypto influencers, then you should know they may be being compensated by the very projects they are speaking about. Keep in mind some projects are good and some projects are bad. Do your own research so you make well-educated decisions on what you will or won't invest in. Even Intuit's Mailchimp is cracking down on crypto newsletters. #DYOR