EddieJayonCrypto
25 Sep 23
I think this week is going to see continued sideways movement unless we get a macro event that moves the needle. Here is what is on my mind today.1. Cathie Woods Ark Innovation ETF is moving away from Tesla and embracing Palantir. That actually says a lot about how they are looking at the future of ...
I think this week is going to see continued sideways movement unless we get a macro event that moves the needle. Here is what is on my mind today.1. Cathie Woods Ark Innovation ETF is moving away from Tesla and embracing Palantir. That actually says a lot about how they are looking at the future of innovation and it seems to be AI and crypto. Don't get me wrong. Tesla is doing well with all of the charging contracts they have signed. Frankly, I think so much so that there could be a Ma Bell level breakup in its future. That said, the move toward AI and crypto is not surprising at all. I wonder who else could benefit. 2. Mixin Network's cloud service provider was hacked and it cost the platform $200M. When you think about securing your funds, don't just look at the company you are doing business with. You should also be looking at who they do business with. In a lot of cases, this is where the deepest vulnerabilities lie. A couple of weeks ago Retool got hack and it cost Fortress big time! 3. Upbit resumes services following a crushing security breach. They centralize platform identified $3.4B in counterfeit APT tokens. The tokens, dubbed “ClaimAPTGift.com”, were able to hit the platform due to Upbit's failure to check to check the type of arguments used that would have shown them to be fraudulent transactions. Crypto trading group Definalist said the transactions were dupes. 4. Everyone is wondering why Vitalik Buterin has been moving large chunks of Ethereum to Coinbase. Truth be told, he has so much coin that it may shock people, but on the other hand, is it really our business? I don't think his moves mean anything against crypto at all and are for personal reasons. Mind you, I do expect people to react in a negative way and drive the ETH price down. 5. It is being reported that bankruptcies are on the rise and this could mean dark times ahead. A report by Apollo Research points out that we have only seen this level of filings two times in recent years. Once was during the pandemic crisis and 12 years before that it was during the Great Recession. I think people can easily point to impacts stemming from both greedflation and inflation. 6. Coinbase is on the move. In case you have been asleep for the past year you missed them achieving licensing in in countries like Ireland, the Netherlands and Italy. Spain is not added to the list of places where COIN is trying to expand to. This is a very big deal. Coinbase continues to make regulatory inroads around the world as we continue to watch Binance faulter. I think there may be a changing of the guard coming.