EddieJayonCrypto
18 Aug 23
Let's not play games. We found out Elon Musk via SpaceX and Tesla, may have dumped $373M worth of Bitcoin. Here is what is on my mind today.1. For a long time we have seen Elon Musk have a major impact on crypto just by dropping an image. Well, there are rumors swirling that SpaceX may have dumped $...
Let's not play games. We found out Elon Musk via SpaceX and Tesla, may have dumped $373M worth of Bitcoin. Here is what is on my mind today.1. For a long time we have seen Elon Musk have a major impact on crypto just by dropping an image. Well, there are rumors swirling that SpaceX may have dumped $373M worth of Bitcoin based on an article in the Wall Street Journal. There are still a lot of people trying to confirm the story. That said, the rumor has definitely played a role in how the Cryptoverse reacted today. Until this is verified I am going to believe it is a lesson on how hard a rumor can slam the market. 2. Something else that has had an adverse effect on the market is Judge Torres approving an interlocutory appeal by the SEC of the Ripple ruling. Attorney John E. Deaton called this last week. So we should have been ready for the news. I appreciate his level of detail in what he says. Thus far he has been dead on about a lot of things. One thing I keyed in on is the fact that Judge Rakoff did not categorize the various sales. It was the SEC. So, this could be a losing battle for the embattled regulator. 3. Something else that could have helped to rock the market is the fact that the US Federal reserve has charged Farmington State Bank, a former FTX banking partner, Apparently, they had an agreement that the 1-branch bank would stop crypto activities. IT looks like they violated the agreement and found out. 4. It looks like DCG's Genesis has reached a settlement agreement with FTX. They are going to pay FTX $175M to ditch a $4B bill. I am pretty sure there are a lot of people out there that wish they could dump their debt at those rates. 5. I did not know Mastercard had a CBDC partner program. Now I do and I am looking at its two newest partners: Ripple and ConsenSys. The plan for the partnership is to identify innovative crypto projects to work on with central banks. This is a move that I will have to give some serious thought to.