tl;dr
• Binance is not cutting Litecoin off completely, but Mimblewinble transactions are a no-go• Tron's USDD loses its peg to the US Dollar and is in day 2; looks like, smells like• SEC investigating US crypto exchanges over lackluster insider trading safeguards• Ripple CEO says it will get worse before...
• Binance is not cutting Litecoin off completely, but Mimblewinble transactions are a no-go
• Tron's USDD loses its peg to the US Dollar and is in day 2; looks like, smells like
• SEC investigating US crypto exchanges over lackluster insider trading safeguards
• Ripple CEO says it will get worse before it gets better
• Coinbase cuts 18%, almost 1K staffers saying it is due to recession; I say poor management
The past few days have seen some serious downward movement and it is not necessarily over. Here is what is on my mind today.
1. So, Binance is not cutting Litecoin off completely. They just won't handle any of their Mimblewimble transactions. You have to be mindful that centralized exchanges must be mindful of political backlash should they make the wrong decision where possible illicit transactions are concerned. Like I said, I will worry about Litecoin when decentralized exchanges take similar steps. That is doubtful given the nature of crypto.
2. For a minute I have been saying I would not have anything to do with Tron's team. Just something smells fishy to me. Well, now they are dealing with USDD losing its peg to the US Dollar. This is day 2 of what looks to be the makings of a saga. If you are staking digital assets on the hopes of getting some ridiculous return, you should already know you could be in trouble, especially if you are holding in this project.
3. Just when you thought the SEC would take a step back and review things, they are moving full steam ahead with taking exchanges to task. They are now investigating exchanges saying they do not have insider trading protections. As per, Eleanor Terrett, the SEC has sent letters to exchanges still operating in the US inquiring about insider trading safeguards. The SEC is also investigating certain exchanges regarding TerraForm Labs and Luna Foundation Guard.
4. Brad Garlinghouse, CEO of Ripple, thinks the market will continue to shrink in the near term. That said, he also thinks it will rise again. Uh, yeah. What I want is a shakeout of the less worthy or weaker projects so that the strong can survive. I know that is not ideal, but something like that has to happen. I was speaking with my friend, Nick, last night and we both agree that Bitcoin going below $19K is within reach. We also think that would be a buying season for us, but would not try to catch falling knives. DCA!
5. Coinbase winds up cutting nearly 1K staffers or about 18%. This is following an anonymous petition that was called "really dumb on multiple levels" by their CEO. With millions on their balance sheet, Emilie Choi, COO, says Coinbase will weather this one, too. Their calling out a coming recession is interesting to me. I, frankly, think they mismanaged their growth when they can easily shave that much of their workforce. What else can you say about a company makes a part of a $40M Series B+ round of investors for Zipmex. An exchange Coinbase failed at purchasing back in March. Why not simply say they misjudged their growth in a big way and this is affecting their stock price?