🚀 Slow N' Steady
"When can I mine Dogecoin with my solar-powered car paid for in crypto?" In about two years.
June 2nd, 2021 | Sign Up
Price Check 📉
⬇️ Bitcoin: $36,787 (-0.3%)
⬇️ Ethereum: $2,640 (-0.5%)
🩸 Dogecoin: $0.37576 (+13.7%)
⬇️ SushiSwap: $11.89 (-0.8%)
⬇️ Polygon: $1.81 (-4.5%)
⬇️ Nasdaq: 13,736 (-0.089%)
Prices as of 2 AM EST 6/1, data from Coingecko, Yahoo
Markets: Meme stocks are back, with AMC leading the way and posting new all-time highs in after-hours trading on Tuesday. Crypto continues to move sideways with Dogecoin getting a light bump on the news that Coinbase would allow trading of Doge starting on June 3rd.
Covid: Peru has more than doubled its official death toll from the pandemic, leaving the country with the highest Covid-19 death rate per capita in the world. In Chicago, an update to the travel order now allows people from all states to travel to Chicago with no quarantine.
Slow and Steady Wins the Race
Price isn’t everything, right?
The Good News
According to a weekly report by CoinShares, the past week saw institutional buying of $74 million as investors looked to “buy the dip” after many cryptocurrencies lost more than 50% of their value. The buy up was a reassuring sign for many that this is only a dip, and cryptocurrency is here to stay.
Institutional demand for Ethereum continues to rise amid the bad headlines, with Ethereum-based products now accounting for more than 25% of the assets under management (AUM) of crypto investment products.
More than 63% of institutional buys were injected into Ethereum products. Ethereum now represents 27% of the combined AUM for crypto investment products — an all-time high.
The upcoming Ethereum upgrade (EIP-1559), will attract more investors to the Ethereum network by improving the user experience. Currently, users of ethereum are stuck with fees that are essentially bids, and if that bid isn’t high enough the transaction can either take forever or fail entirely. With the upgrade, the fee users see will be a quoted price that reliably confirms the transaction. And then maybe your uncle will stop calling crypto “sketchy”. Maybe.
Apple Pay Integration
Coinbase announced on Tuesday that users of its debit card, the Coinbase Card, can now pay with their mobile phones using Apple Pay, a significant milestone towards cryptocurrency’s place in mainstream retail commerce.
Coinbase Card lets users draw on their balances of Bitcoin and other cryptocurrencies to make purchases in stores or to draw cash from ATM machines.
CB Adopts a Dogecoin
The doggy coin listing only applies to Coinbase Pro. If you don’t know the difference between regular Coinbase and Coinbase Pro—Coinbase is like a brokerage with a virtual wallet, whereas Coinbase Pro works as an exchange where people buy and sell with each other. Coinbase didn’t say when Dogecoin will be available on regular Coinbase. A separate announcement will be made if and when that support is added, according to the blog post.
CARS N CRYPTO
Mining Crypto With Your Car
Name an electric car that can mine Bitcoin plus Dogecoin AND be paid for in Cardano? We’ll give you a hint, it’s not a Tesla.
Congrats if you guessed the Spiritus, an unreleased three-wheeled car by Canadian light electric vehicle manufacturer Daymak. Every Spiritus vehicle will be a node on the Blockchain and will include Daymak Nebula Miner and Nebula Wallet. If all this wasn’t enough, Daymak plans for the Spiritus to be the fastest three-wheeler on the road, available in 2023
We envision a future where your highway tolls, your parking, and your drive thru order will be paid directly on the fly with crypto. Your online bills and your banking can be handled through the same software platform paid in crypto.
Effective yesterday, Daymak is accepting Spiritus pre-order payments in various cryptocurrencies including Doge, Ethereum, Cardano, and Bitcoin, making it one of the first LEV manufacturers to do so.
Here’s how they’re planning to make your crypto dreams come true:
Nebula Miner – Mine cryptocurrency while you are parked. Whenever the vehicle is parked on top of the Daymak Ondata wireless charging pad or parked and trickle-solar-charging, or plugged-in, the Nebula infrastructure turns Daymak’s Spiritus vehicles into environmentally-friendly crypto miner nodes.
Nebula Wallet – Nebula Miner profits can be collected, stored, and transacted via the Nebula Wallet, which is integrated into the Spiritus interface.
The Ripple Saga Continues
A quick update:
If you weren’t following until now, back in December our favorite “Market Cops,” the SEC, charged Ripple and two executives with conducting a $1.3 billion unregistered securities offering. In other words, the SEC claims that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered security offering to investors in the U.S. and worldwide. Certain high-ranking officials of the SEC have concluded that cryptocurrencies are not securities for purposes of the federal securities laws. The SEC alleges this is not the case with XRP, and that the co-founders did in fact treat it as a security, which must be registered with the SEC
You might think that this paints a pretty dim picture for the future of cryptocurrency, but yesterday, Ripple scored a desperate win in the case. A federal judge denied the SEC access to Ripple’s communication with lawyers.
The SEC claims that Ripple is pleading a “good faith defense,” which would waive Ripple’s attorney-client privilege, allowing the SEC access to any communication that could shed light on whether Ripple really thought it was following the law or not. The judge's decision was based on the fact that the SEC’s claim actually revolves around the SEC’s state of mind, not Ripple’s.
Oh, by the way, Ripple is in the process of going public…..the show goes on.
Small Bitez 📰
JPMorgan strategists led by expert Nikolaos Panigirtzoglou have published a report detailing that the price of bitcoin could still hit $145,000 in the long term, but in the short term, the price of the cryptocurrency may still drop further.
Composable Finance raises $7M for cross-chain and cross-layer DeFi interoperability
Funds locked in Aave soar past $20 billion amid layer-two embrace
Indian crypto exchange WazirX launches country’s first NFT marketplace
Decentralized exchange Uniswap announced a collaboration with esports group Team Secret.
Learn From the Croissant
No juicy exchanges to report from crypto Twitter, so we’re hitting you with some reading material. With the meme coins and dog money taking up most of the headlines, it can be hard to find good projects with real use cases. So here’s a thread on some really cool projects that you can start accumulating while everything has cooled down. Note: we hope this goes without saying, but a croissant’s tweets are not financial advice.
Thanks for reading! 👋
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