EddieJayonCrypto
1 May 22
• After generating $561M in the Otherside land auction, ApeCoin has dropped over 40%• The Swiss National Bank isn't getting involved with Bitcoin right now, but it hasn't closed the door either• Cuba is rolling out its regulations on digital currencies and will be issuing licenses• MetaMask & MoonPa...
• After generating $561M in the Otherside land auction, ApeCoin has dropped over 40%• The Swiss National Bank isn't getting involved with Bitcoin right now, but it hasn't closed the door either• Cuba is rolling out its regulations on digital currencies and will be issuing licenses• MetaMask & MoonPay team up to create a new fiat onramp for the popular browser-based wallet• The United States Labor Department has concerns about cryptocurrencies and has taken issue with Fidelity's Bitcoin offerings for 401K investors• In case you haven't noticed, TVL (total value locked) has dropped $200MThe weekend is always a good time to ponder what has happened and see how that may help you see what could be coming. Here is what is on my mind.1. After generating $561M in the Otherside land auction, ApeCoin has dropped over 40%. After being as high as $26 just 3 days ago, ApeCoin is now worth only $15.81, as of this writing. The auction brought down Etherscan and caused gas fees to skyrocket into the thousands. I do not own any ApeCoin nor do I own any NFTs from Yuga Labs. That is not to say I don't like them. I'm just not buying into the crazy prices. I do want to point out the auction was a boon to OpenSea which saw over $190M in transactions on their platform. 2. The Swiss National Bank is against getting involved with Bitcoin right now, but it has not closed the door either. According to the Chairman of the SNB, Thomas Jordan, they are prepared to make purchases should that outlook change. I like how they are not making a move, but saying they are prepared should things change. Quite an interesting way to say they are keeping a finger on the pulse of shareholders to see if making such a move is something they're interested in. Think about it. They had to address a topic that is on a lot of minds around the world. 3. Cuba is rolling out its regulations on digital currencies. I had been waiting for this news. The Central Bank of Cuba (BCC) has stated they will start issuing licenses for digital assets service providers. I am interested to see what the details are in their licensing parameters. After all, Cuba is not known for being the most honest place to do business. 4. MetaMask and MoonPay teamed up to create a new fiat onramp for users of the popular browser-based wallet. Users must upgrade to the latest version of MetaMask, but the option to more easily onramp fiat is definitely going to be a draw. I am very interested in the speed at which I would be able to put money to work without having to deal with a CEX (or centralized exchange). 5. The United States Labor Department has concerns about cryptocurrencies and has taken issue with Fidelity's Bitcoin offerings for 401K investors. Uh, is it because you can lose money? If so, you can lose money in your 401K if the stock market doesn't do well. As I have said previously, there are simply too many US departments chiming on what should and should not happen in the digital asset space. This makes things confusing and that actually hurts the market. 6. Of course, the total value locked is down. Given the backdoor exploit that hit DeFi Kingdoms one would expect TVL to drop like a rock as trust in the project has plummeted.