June 21st, 2021 | Sign Up
Happy Monday. 👆 Hey look at that, our first sponsor! As usual, we only feature products we use and recommend and that hasn’t changed. We’ve got big plans for the future and, as always, we’ll be taking our community along for the ride. Hop in the Discord and share your thoughts!
Price Check 🏷 24 Hour
📉 Bitcoin: $32,219 (-5.8%)
📉 Ethereum: $1,941 (-7.1%)
📉 Dogecoin: $0.22 (-16.1%)
📉 Chainlink: $18.17 (-7.5%)
📉 Polygon: $1.22 (-7.9%)
📉 Aave: $222.53 (-10.9%)
Prices as of 6 AM PST 6/21, data from Coingecko
Markets: Stock futures are set to open higher this morning, potentially signaling a rebound from its worst week since October.
Covid: The International Olympics Committee has agreed to allow domestic spectators to attend the Tokyo Olympics at 50% capacity, and is taking all measures to reduce the risk of infection.
DEFI
Grayscale Eyes DeFi 👁
Last week, Grayscale investments announced that it’s exploring 13 new assets to provide DeFi products to its investors. 👀
Grayscale is the largest crypto asset manager in the world, managing more than $34 billion in client assets. Its bitcoin trust product (GBTC) holds a significant share of those total assets at more than $25 billion.
The new list comes a few months after Grayscale said in February that it was considering launching 23 new products, some of which to Uniswap (UNI), Chainlink (LINK), and Polkadot (DOT) tokens. Since then, Grayscale has launched five new products, including one for Chainlink.
The international asset management company is now considering 31 different cryptocurrencies, and currently has 13 different products tracking various coins.
Asset managers like Grayscale provide a way for your grandpa—who probably isn't comfortable using a web3 wallet—to invest in crypto the old-fashioned way.
NFTs
nFtS aRe dEaD 💀
Another social media avatar-themed NFT project? I’m in!
Following the success of Bored Ape Yacht Club and The Gutter Cat Gang, Wicked Craniums is the latest NFT social-media-avatar project to sell out before you heard about it.
The skull-themed NFT’s all had a starting price of .06 ETH and as of this writing have reached an average price of .32 ETH.
NFT projects are evolving, with new and exciting utility added. Owning a Wicked Cranium will allow access to “The Cradle.”
The Cradle is a social platform that enables members to connect and interact with each other. The portal will allow every Cranium to share an introduction, their social media handles and an image. We want to create a place for the Wicked Cranium community to connect and share dank images.
Other aspects of the project were activated as the craniums were sold:
20% Sold: A Wicked Cranium Merchandise Store will be kicked off
40% Sold: 10 Cranium Sculptures will be mailed to random owners
60% Sold: A Theme Song will be released
80% Sold: Limited collection of trading cards will be dropped
100% Sold: We will bring the Chief Cranium to life through an interactive Augmented Reality mobile app + Wicked Cranium Liquidity Pool
NFT stats this week 📈
Play-to-earn NFT game Axie Infinity reached all-time highs
An estate in Decentraland sold for just under $1 million
Bored Apes top Crypto Punks in trading volume
Wicked Craniums sold out in less than an hour, doing 603 ETH in sales
Digital pickles are up 1500% this week
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CELEBS N’ CRYPTO
Cuban Missile Crisis 💥
You’ve probably heard about Mark Cuban’s recent foray into a DeFi token that crashed from a value of $2 Billion down to zero.
Here Mark tells the fellas on Crypto Twitter that he was in the same boat as them 🛳
The billionaire did not disclose his losses, but said in a letter to Bloomberg “It was enough that I wasn’t happy about it.” Mark then went on to say that he understood the risks, but was being lazy:
But in a larger context it is no different than the risks I take angel investing… In any new industry, there are risks I take on with the goal of not just trying to make money but also to learn. Even though I got rugged on this, it’s really on me for being lazy
Then Mark pivoted, crying for regulation:
If you are looking for a lesson learned, the real question is the regulatory one…
There should be regulation to define what a stablecoin is and what collateralization is acceptable.
What do you think? Should DeFi be defined by the law in an effort to protect people? Or will regulation stunt the growth and potential of the industry?
What Happened 🔬
The incident started when TITAN became overpriced, perhaps due to users purchasing the token in order to farm at 50,000% APY.
Some large TITAN sales were made causing the price to become volatile, making investors nervous, and leading them to follow and also sell their tokens. The massive and simultaneous panic-sales created something known as a bank run.
The IRON stablecoin lost it's peg due to TITAN dropping so rapidly.
An analysis of what happened by Rekt Capital
What to Take Away 📝
New DeFi projects are always a risky investment, and it’s important to understand exactly what you’re investing in before you click the button. It looks like Mark didn't do this. Fortunately, Mark set an example of what not to do, and new DeFi investors can learn from his mistakes. Unfortunately though—incidents like this give DeFi a bad rap, and set us back in the terms of greater adoption. Remember—all DeFi projects aren’t created equal! Always do your own research, and always manage your risk.
Small Bitez 🗞
Sichuan orders state power grid to cut supply for 26 bitcoin mining farms
Banking giant BBVA opens bitcoin trading and custody services in Switzerland
$71B in crypto has reportedly passed through ‘blockchain island’ Malta since 2017
Minneapolis fed president Neel Kashkari calls DOGE a ponzi
NEAR protocol and the Universal Hip Hop Museum (UHHM) to release a collection of non-fungible tokens featuring rappers from the ‘70s to now commemorating Juneteenth
The central bank of Portugal grants licenses to crypto exchanges
CEO of crypto exchange FTX, Sam Bankman-Fried considers the meme cryptocurrency Dogecoin (DOGE) the asset of the year
Russian billionaire Oleg Deripaska urges the bank of Russia to move to Bitcoin
Galaxy Digital is now serving as Goldman Sachs' liquidity provider for Bitcoin futures trades
DATA
The Death Cross ☠️
What is a “death cross”? ⚔️
The death cross is a pattern in technical analysis that indicates a potential major sell off.
The Death Cross takes place when the short-term 50 day moving average crosses below the long-term 200 day moving average. See the picture above ☝️
Moving averages 📉
A ‘moving average’ is the mean of the price of an asset over a specified period of time. Most importantly, moving averages are all lagging indicators.
They are good for showing a trend when the price is above or below them, however the cross itself is lagging information, causing some traders to disregard the death cross pattern.
How worried should I be? 🤔
Not as much as you think. Death crosses haven't historically marked a good time to sell, but actually the opposite.
2014: Death cross appears in April, Bitcoin rises by 100% in the following three months.
late 2014: Death cross appears again, this time it works. The price of Bitcoin slowly falls the rest of the year.
2015: In September, another death cross appears, and price of Bitcoin soars 118% by Thanksgiving.
2018: Death cross in spring, Bitcoin up 51% by summer.
2020: In February of 2020, a death cross appears right before Bitcoin goes on it’s historic run to over $60 thousand.
Looking Forward 🔭
Thankfully, death crosses haven't been a reliable indicator to sell, and the price of Bitcoin has historically rallied after a death cross. If anything, it shows that the long term trend of moving towards a crypto-utopia has been paused, and will take some time to recover.
As always, there are many factors at play influencing the crypto market. The charts only tell one side of the story!
Thanks for reading! 👋
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