🚀 More Pain
But you're used to it by now right?
June 9th, 2021 | Sign Up
Happy Hump Day. If you still haven’t gotten the vaccine and live in Washington State, “Joints for Jabs” is the latest vaccine incentive program to be rolled out in the evergreen state. Tbh we like “Poke and Toke” better.
Price Check 📉
⬆️ Bitcoin: $35,379 (+6.6%)
⬆️ Ethereum: $2,578 (1.8+%)
⬆️ Dogecoin: $0.33 (+0.7%)
⬆️ SushiSwap: $10.20 (-1.1%)
⬆️ Polygon: $1.47 (+2.2%)
🚀 Solana: $43.51 (+18.1%)
Prices as of 6 AM PST 6/9, data from Coingecko
World: El Salvador has become the first country to approve Bitcoin as legal tender, allowing its citizens to pay taxes in Bitcoin and obligating local businesses to accept it as well.
Covid: Coronavirus hospitalizations are rising rapidly in areas with low vaccination rates, while overall cases continue to decline.
PAIN
How Much More Pain?
More pain in the crypto markets ensued on Tuesday, fueled by more scary words from the Chief of the IRS. Bitcoin and Ethereum are down roughly 8% and 9% on the week.
The IRS asked for $32 million in its budget for “crypto-related enforcement operations” as well as $41 million to go after non-reporting or underreporting taxpayers.
Shots were also fired at the DeFi industry.
Commissioner Dan M. Berkovitz of the Commodity Futures Trading Commission (CFTC) figured it would be a good time to give his two cents on DeFi, saying that he thinks they should be illegal:
Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea, but I also do not see how they are legal under the CEA
Although, some pointed out that his definition of DeFi seems to have come from a quick Google search, and that the commission should be educated on DeFi before making up their minds.
Jacob FranΞk @panekkkk
@CFTCberkovitz I'm not sure which supporters of DeFi you spoke with, but the core value proposition is absolutely *not* to cut out intermediaries simply to offer investors more control over investments. Further, you seem confused about what DeFi actually is and how it operates. https://t.co/LyKnHBBJEnChainlink god had some words as well:
The spotlight is on what regulators will do next in regard to DeFi. The world is watching.
NFTs
It All Started With an NFT
Justin Mart @jmart_199
At a house party in Miami and @disclosure is playing live. Why? Because the organizers own his NFTs and they're tight now. NFTs are real 🚀“nFtS aRe dEaD”
NFTs have been pretty much declared dead by the media at this point, and while sales have dropped off with the rest of the market (not quite what we would call a ‘bubble pop’), there are still many exciting things happening in the NFT world that signal a bright future.
Crypto media company Delphi Digital teamed up with world-famous electronic duo Disclosure to throw a house party, and it was all from the relationship they built after their ticket-bearing NFT purchase. Read the whole story in the thread below:
DEFI
FAANG’s Other “A” Flirts With DeFi
It looks like Amazon is following its FAANG cousin’s lead, now on the hunt for a crypto expert of their own. The e-commerce giant posted a job opening for a Blockchain Head of Product who “ideally” has experience in DeFi. Tell us who you think should lead Amazon into the weird world of DeFi on Twitter—we’re making a list of nominees.
Their ideal candidate will have:
“Experience delivering products or innovations in the blockchain space, and in particular DeFi or Traditional Financial Services”
In March, Amazon added support for Ethereum to its blockchain service Amazon Managed Blockchain (AMB), which allows users to join public networks or set up and manage scalable private networks.
Recent events suggest Amazon could possibly be cooking up a suite of products that will be compatible with decentralized applications in the DeFi ecosystem. AWS is the world’s largest company in the cloud space, with Google as its closest competitor.
What Does This Mean?
As of right now, nobody truly knows, we can just speculate. How our current ecosystems will mesh with DeFi is still very much up in the air, but the fact that Amazon, Ethereum, and DeFi are being mentioned in the same sentence (by Amazon btw) could mean a shift has begun.
Small Bitez 📰
Mexico lawmakers propose Bitcoin legislation joining neighboring latin countries
BlockFi set to be valued at $5 billion in latest funding round
Goldman Sachs makes a bet on DeFi Infrastructure firm Blockdaemon
Web traffic for cryptocurrency exchanges hit all-time high in May
White House advisor Tim Wu holds at least $1 million in Bitcoin, making up an estimated 25-43% of his net worth
REGULATION
WEF to the Rescue?
Amid all the scary talk directed at crypto, the World Economic Forum aims to soothe the government’s worries with a white paper.
The document is meant to act as a guide to inform policymakers about the growing and complicated world of DeFi.
The goals of the white paper are, to shine light on what issues DeFi can address, as well as educate in the areas on which regulators may need to catch up.
“What is clear is that DeFi represents a distinct and potentially significant development, both within the landscape of blockchain and of financial services more generally,” it said.
Now that Bay is fully doxxed on Tik Tok (follow us on the Tok) — we’re thinking of starting a live stream called “TA Tuesdays” where we go over charts and have various TA experts come on as guests. Bug Bay in Discord or via Twitter DMs if that’s something you’d want to see!
Thanks for reading! 👋
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