EddieJayonCrypto
11 Sep 23
From Venezuela seeking to join BRICS to FTX reportedly looking to dump $3.4B in digital assets, there are a lot of macro events headed our way. Here is what is on my mind today.1. With the aid of China, Venezuela becomes the latest country to want to join the BRICS bloc. Venezuela's President Nicola...
From Venezuela seeking to join BRICS to FTX reportedly looking to dump $3.4B in digital assets, there are a lot of macro events headed our way. Here is what is on my mind today.1. With the aid of China, Venezuela becomes the latest country to want to join the BRICS bloc. Venezuela's President Nicolas Maduro has recently signed a Memorandum of Understanding (MoU) to cooperate with China to develop and modernize special economic zones. What that says to me is China continues buying countries around the world and influencing them to join the political bloc. There is a lot of evidence that it will be a long time before the US Dollar is unseated, but there is plenty of evidence that the political aspirations are being realized right now. 2. During the G20 Summit there is a push to develop global regulations for the Cryptoverse. The G20 nations have basically signed off on the recommendations received from the Financial Stability Board (FSB) and the International Monetary Fund (IMF). That says the next steps are to move toward the actual development of regulations. Surprisingly, India has not signed off on an outright ban on crypto. That is a major shift from their previous stance. That said, Coinbase is moving forward with their plans to cease trading operations in India. There is a lot happening on the global stage that will have an impact on the Cryptoverse, What that impact will be has yet to be seen, but we will be keeping watch. 3. Ripple is on a mission to shore up their regulatory standing. Their latest purchase of Fortress Trust gives them not just technology, but also much desired licensing. This includes the ability to act as a custodian for clients' funds since the firm is licensed as a Nevada Trust. This takeover was has been a possibility since Ripple invested in the firm during its seed round. Back on May 18th, I told you about Ripple's purchase of Metaco. That is 2 purchases in less than 4 months. I think may be just the beginning. 4. Polygon is teasing they are going to have some serious news. They are not just hinting that big news is coming, but are outright stating Aishwary Gupta, Ecosystem BD Head - India and FinTech/Payments Head, will be at the stablecoin tech summit happening in Singapore. I am expecting big news on the use of their zkEVM technology in emerging marketings. 5. Let's face reality. Brian Armstrong is not the only person predicting there could be a huge change coming in 2024 at the SEC. He think that is the year we could see a new Chairman ushered in and Gary Gensler ushered out. Given the amount of missteps Gary has taken over the past few years, in my mind, that could be a reality. 6. FTX may be seeking to liquidate about $3.4B in digital assets. It is being reported that paperwork could be filed as soon as this week. This has a lot of people panicking about the impact it would have on the market. Frankly, I think if something like this would happen, the bulk of the assets would happen in over-the-counter (OTC) transactions. The hardest hit would be Solana and FTT during a selloff of this magnitude if it were done on public exchanges. We shall see.