GM friends,
The R-word is back again.
Recession fears crashed the markets this week. Crypto investors everywhere are scrambling to find yet more fiat scam coins to buy the dip…again.
But before we jump into the news!
The Monthly Crypto Alpha Report was released Yesterday!
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- A macro overlook of the crypto markets to help you navigate the market trends
- The top airdrops of the month for potential quick gains
- The top altcoins to watch, selected based on in-depth analysis
- The best DeFi farms to maximize your passive income
- The most exciting NFT mints for those looking to explore the NFT space
Are you ready to embrace the wealth making opportunities that will arise this month? Then get your hands on the Monthly Crypto Alpha Report with a 7-day free trial today!
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on the US economy’s struggles, crypto’s Q2 earnings results, TON and Telegram expanding & the California DMV adding car titles to Avalanche.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Doodles moving from PFPs to media and entertainment.
Is This The Final Capitulation?
Bitcoin finally broke out…to the downside!
Over $312 million was liquidated from the crypto market within 24 hours as Bitcoin slid to $62K.
Bitcoin’s Bollinger Bands promised volatility and we got it. Just not in the direction we were hoping for. The dump was part of a broader market sell-off due to recession concerns.
This week has seen a string of concerning data points for the US economy:
- poor Q2 earnings results
- more job layoffs announced
- weekly jobless claims up to 249,000
- unemployment rate up to 4.3%
- ISM manufacturing index drops to 46.8
But still, no interest rate cut for the US.
It looks like the interest rate hikes that have already happened are finally impacting the labor market.
So you’d think the market would welcome Fed Chair Jerome Powell’s announcement about a possible September rate cut. Yet, the opposite happened.
Concerns are that the Fed has overdone it with the hikes and left it too late to cut. By the time the cuts filter through into the market, who knows the damage that will have been done?
Typically, the US would be the first market to cut rates, with the rest of the world following its lead. But with GDP growth up, the Fed has stuck with the higher for longer narrative.
Even the UK finally pivoted this week and cut rates from 5.25% to 5%. So the US is quickly becoming the lone wolf.
Let’s hope the US isn’t about to head into a recession…we’re in the middle of a bull market here!
All we can do now is hope unemployment doesn’t spiral and pray for enough money printing to resume the rally. There’s now a 69% probability of a 50-basis point Fed rate cut in September!
Do you think the Fed has everything under control? Reply to this email and let us know.
Crypto’s Q2 Earnings Results
Q2 earnings season for crypto companies has been a mixed bag—record profits, stinking losses and a bullish Bitcoin promise. Here’s the rundown:
Tether’s Record Profits
USDT issuer Tether has announced $5.2 billion in record profits for the first half of 2024. Tether’s total amount of US Treasury Bills also hit a new all-time high of $97.6 billion.
Whilst Tether’s Bitcoin balance dropped in Q2, this appears to be due to Bitcoin’s falling price not because Tether’s been selling, which is reassuring.
MicroStrategy’s $2B Bitcoin Promise
It’s no surprise to hear that MicroStrategy bought another 169 Bitcoins for $11.4 million in July, taking its total holdings to 226,500 BTC.
Let’s skip over the Q2 losses due to Bitcoin’s drop in price and cut straight to the mother of all Bitcoin promises… MicroStrategy plans to raise $2 billion to buy more BTC. That’s insane!
With this in mind, MicroStrategy expects its Bitcoin holdings per share to grow by 4-8% each year for the next 3 years. This is bullish.
Coinbase Beats Expectations
Coinbase’s Q2 revenue beat Wall St’s estimate after coming in at $1.45 billion vs. the expected $1.4 billion.
But the highlight for Coinbase was growing its subscription and services revenue in Q2 by 17%. It’s part of Coinbase’s plan to diversify its revenue streams.
This helped push the stock price up 2% in a matter of minutes.
Miners Miss The Mark
The miners have been hit hard since the halving and it showed in their earnings reports. Especially the big two, Marathon Digital and Riot Platforms.
Marathon’s stock price dumped 8% after the company announced revenue missed the expected $157.9 million and instead came in at $145.1 million.
Riot’s revenue was also down 8.8% compared to Q2 2023.
TON And Telegram Expansion Continues
Telegram just launched a game-changing update—it’s becoming a Web3 super app with these 3 new features:
In-app browser: Its newly launched in-app browser supports decentralized websites called “TON Sites.” This allows its almost 1 billion users to launch a web server to host their own website and make it available on TON.
Mini-app store: Telegram’s mini-app store was announced last month and was promised to go live before the end of July. And Telegram delivered on its promise. An “Apps” tab has been added allowing users to search the library of mini apps.
Gift STARS to friends: Telegram’s in-app currency STARS allows you to buy digital goods in mini apps. Now, you can buy STARS as gifts for anyone in your contacts list.
With TON blockchain underpinning everything that Telegram is building, this shows the power of a partnership when it’s done right. Telegram is quickly becoming one of the most crypto-friendly messaging platforms.
California’s DMV Adds Car Titles To Avalanche
California’s Department of Motor Vehicles (DMV) has added vehicle title transfers to the blockchain to fight fraud and streamline its admin processes.
It’s been a project in the works since 2022 when California’s DMV partnered with Tezos to complete a proof-of-concept.
In January 2023, it was announced that the California DMV was building a private Tezos testnet. Then eventually, the plan would be to roll out digital wallets to hold NFT-based car titles.
Cut to 2024 and the mission remains the same, but the blockchain of choice has changed. Having moved from Tezos to Avalanche, the DMV has finally digitized its 42 million car titles on the blockchain.
The car titles will soon be available on the DMV’s mobile app allowing users to track and manage everything digitally in minutes, without having to wait in line for hours in person.
It’s a use case I was a fan of when it was first announced so it’s good to see it finally come to life—this is the way forward.
Existing Projects / Tokens
- Avalanche [AVAX] was chosen by the California Department of Motor Vehicles to be the registry for the State’s 42M car titles.
- Injective [INJ] launched Altaris on mainnet this week. Injective calls Altaris “the most powerful chain upgrade to date.”
- Instadapp [INST] has an active governance proposal to launch Fluid on the Base L2. Fluid is Instadapp’s premier DeFi protocol, and Instadapp is a middleware platform that manages multiple DeFi protocols.
- Jito [JTO] just launched their SOL restaking product. Developers say it’s decentralized, secure, and stable. Jito Network is a Solana-based protocol that develops staking and MEV products.
- Jupiter Exchange’s [JUP] Supply Reduction Proposal is live for voting now. If passed, JUP’s total supply will be reduced 30%, from 10B to 7B tokens. This also includes a 30% reduction in tokens previously allocated to the development team.
- Maverick Protocol [MAV] just launched on Scroll. Maverick is an AMM backed by Pantera Capital, and Scroll is an Ethereum L2.
New Projects / Tokens
- DINERO had its native token migration from BTRFLY to DINERO on July 23rd. And the protocol launched pxETH this week. pxETH is part of a dual-token LST model that, according to developers, provides the highest ETH staking yields available in DeFi.
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Telegram EggDrop Game
Today, we continue our rounds in The Open Network ecosystem with the newest game by Gomble Games called Egg Drop. This will be the third project launched by Gomble Games, but the first to include an airdrop farming product on TON. Unlike some other games on Telegram. You can play Egg Drop on your PC or MAC devices.
Egg Drop is a pretty simple game that doesn’t require you to check in several times a day to maintain your account. Instead, you’ll be given a pool of energy that will slowly refill once drained. All you have to do is tap the big button in the middle and eggs will drop into the bowl. Any eggs that touch each other will be taken once you hit the “get” button. You can choose to use double the energy to earn twice the rewards or just stick to using one energy per turn. The choice is yours on how you wish to play. If you don’t like the egg combo you received, slide the boxing glove to punch the screen and rearrange your eggs for better points. In the top right of the screen, you’ll see a Quest tab. Use this to interact with different missions available on Egg Drop and earn snails.
After you’ve collected a few eggs you’ll be taken to the Egg Bingo page where you can drop these eggs into the available slots. Fill all the slots and you’ll get a massive points boost to help you increase your G Token Airdrop. You can also access the shop from the Drop page to spend your snails and acquire bonuses. This and other useful tools are available to make your time spent on Egg Drop go even further. Have fun and try to grab as many points as you can before the official token releases in the coming months.
Doodles: From PFPs to Media and Entertainment
Doodles is an OG PFP collection dating back to October 2021. Considered a higher tier NFT project, it has kept the original PFPs at its core while changing course to become a media and entertainment firm.
This pivot means some long-anticipated developments are happening now or in the near-future, including the releases of an animated film, a soundtrack EP, a Super Pass NFT related to the incoming Doodles TV media platform, and additionally, a component of the ecosystem called Doodles Stoodio is migrating to the Base Layer-2 blockchain.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Doodles: From PFPs to Media and Entertainment”
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