Binance! CZ! Kraken! Oh My!!!

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Binance! CZ! Kraken! Oh My!!! - - 2024

I look forward to welcoming you inside!

Now, onto today’s crypto insights!

Here’s what’s in today’s issue:

  • David shares his thoughts on Binance pleading guilty, the SEC suing Kraken, Bitcoin holding strong & Argentina electing a pro-Bitcoin president.
  • Rekt Capital has the latest technical analysis for you on the market. 
  • Erik has an article on the top Avalanche subnets.
  • In case you missed it by Rebecca.

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Binance! CZ! Kraken! Oh My!!! - - 2024

Binance to Pay Record Penalties. Jail Time for CZ? 

The U.S. government threw everything in its arsenal at the world’s largest crypto exchange, and the government just won. 

On Tuesday, Binance pleaded guilty in U.S. Federal Court to violating the Bank Secrecy Act. Specifically, Binance failed to implement anti-money laundering requirements over its U.S. users. 

According to federal officials, Binance’s disregard for U.S. laws resulted in the facilitation of transactions with individuals associated with Hamas, ISIS, North Korea, Russia, and other bad actors.

Those are some very provocative claims. 

Per the terms of Binance’s guilty plea, here’s what’s going to happen: 

  • Binance will pay to the U.S. Government $4.3 billion in fines. According to Attorney General Merrick Garland, this is one of the largest penalties ever obtained by the U.S. government from a corporate defendant in a criminal matter. 
  • CEO CZ has resigned. 
  • Binance is barred from doing any future business in the U.S. 
  • For the next five years, Binance must allow U.S. monitors to oversee exchange operations and records. Presumably, one reason is so the U.S. can more easily collect on its $4.3 billion. 

Binance’s guilty plea wraps up a multi-year investigation that spans multiple U.S. agencies, including the DOJ, the Treasury, FinCEN, OFAC, and CFTC. 

And what about CZ? 

On Tuesday, he pled guilty in federal court to essentially the same charges. He posted a $175 million bond and is due back in court on Feb. 23rd for sentencing. 

It’s possible that CZ could receive up to 18 months in federal prison. But given the nature of his negotiated plea, he probably won’t see any time behind bars. 

SEC Sues Kraken

Gary Genlser just can’t let A.G. Garland or Secretary Yellen have the spotlight. That’s why Gary and Company on Monday cut in line with a fresh lawsuit against Kraken, the U.S.’ second-most prominent crypto exchange. 

For the SEC, it’s the same tired dance, but just a different day. 

Binance! CZ! Kraken! Oh My!!! - - 2024

The SEC is accusing Kraken of operating as an unregistered securities exchange, broker, and clearing house. These are the same allegations that the agency brought against Coinbase and Binance. 

The lawsuit further claims that Kraken commingled customer and corporate funds together into one account. But there’s no accusation of fraud, market manipulation, or any missing customer funds. The agency is asking the court to bar Kraken from operating as an unregistered exchange and impose a fine. 

Kraken has issued a statement in response, which is recommended reading. It’s clear that Kraken wholeheartedly disagrees with the SEC’s claims and will be battling this out in court. 

Bitcoin Doesn’t Flinch 

Let’s take a step back and think about bitcoin’s price action in the midst of all this government aggression. 

If the events above had happened three years ago, bitcoin and the broader crypto market would have cratered 10%, 20%, or 30%. It would have been bloody. 

But that hasn’t happened this week. Instead, bitcoin is maintaining the price range it’s had for the last seven days. Why? I think there’s two reasons. 

Binance! CZ! Kraken! Oh My!!! - - 2024
  1. The market is realizing that crypto won’t be stopped. Yes, governments can give certain exchanges a hard time, but ultimately it’s nothing more than rearranging chairs for a table that will be set. The ETF moves by institutions, growing global adoption, and hardcore holder base are some of the reasons why the market is holding firm in the face of adversity. 
  2. The market is becoming habituated to government enforcement actions. The boy can only cry wolf so many times before the villagers stop responding. And to me, it’s starting to feel like the market is beginning to tune out the government. 

Pro-Bitcoiner Javier Milei Wins Argentine Presidential Election

Javier Milei will be Argentina’s next president. 

News broke Sunday that Milei won 55% of the country’s vote in an election run-off against center-left opponent Sergio Massa.

Milei’s winning vote percentage was the highest in the country since the 70s. 

Binance! CZ! Kraken! Oh My!!! - - 2024

Milei’s victory could be a big deal for bitcoin. So let’s discuss. 

Argentina is Caught in an Inflationary Death Spiral 

Argentina is South America’s second-largest economy and third-largest by population. In the early 20th century, Argentina was one of the world’s wealthiest countries. But those days are long gone. 

For several reasons, Argentina is currently caught in the grip of an inflationary death spiral, which in October hit 143%.

Accompanying this is the poverty rate, where 2 out of 5 Argentinians are living below the poverty line. And the country is the International Monetary Fund’s (IMF) largest debtor with $31 billion in outstanding loans.

Long story short, Argentina’s economy is in real trouble. 

An Anarcho-Capitalist to the Rescue 

Desperate times call for desperate measures. 

And that’s why Argentina just elected a self-described anarcho-capitalist as president.

If conventional thinking is what led the country into its current calamity, then perhaps a flamboyant libertarian is the remedy. At least that’s how the Argentine citizens see it.

Binance! CZ! Kraken! Oh My!!! - - 2024

Milei promised to shake up the government and economy by abolishing the Argentine Central Bank, “dollarizing” the economy, and massively cutting expenditures. With regards to central banking, Milei says it’s a “scam”. 

Milei hasn’t called for any specific bitcoin policies, but when asked, he always expresses favorable views. In a TV interview, Milei said that “bitcoin represent[s] the return of money to its original creator, the private sector”. 

Implications for Bitcoin 

The bitcoin community sees Milei’s victory as a very positive development. But there are a spectrum of opinions as to how big a deal is his victory.

There’s a broad consensus that Milei won’t hinder bitcoin adoption in the country, whether it comes from its citizens, businesses, or the banking sector. Moreover, it’s thought that Milei’s victory in and of itself might naturally propel adoption, given his statements, plans for the central bank, and the current rate of inflation.

But any wishes beyond what’s mentioned above might just be that . . . wishes. Milei has never signaled that he’d pull an El Salvador and make bitcoin legal tender. And as CoinDesk’s Noelle Acheson points out, the odds of Argentina doing such are low, given the IMF’s position on bitcoin, and Argentina’s dependence on the IMF. 

But Milei is a wild man. And his country is in unprecedented times. So really anything could happen from here.  

Keep your eyes on Argentina, because things could get very interesting. 


Binance! CZ! Kraken! Oh My!!! - - 2024

Let’s dive into today’s Altcoin Watchlist.

In today’s edition of the Newsletter, the following cryptocurrencies will be analysed & discussed:

  • Ocean Protocol (OCEAN)
  • Theta Token (THETA)
  • VeChain (VET)
  • Woo Network (WOO)
  • Avalanche (AVAX)
  • SushiSwap (SUSHI)
  • Virtua (TVK)
  • BinanceCoin (BNB)

Let’s dive in.

Ocean Protocol — OCEAN/USDT

OCEAN has been an Altcoin we’ve been covering for weeks now.

It started with downside wicking below the Channel:

Chart 1

And then OCEAN rallied +78% since then:

Chart 2

And here’s today’s analysis:

Chart 3

OCEAN is right at the red resistance area.

Of course, Monthly Close above it would set OCEAN up for further upside into the black $0.63 level above.

However, in the event of a Monthly Close below here, there would be reason to expect lower prices, even if a dip into the green region and/or the re-affirming of the Macro Retest of the diagonal trendline resistance (purple).

And if the retest of purple is particularly volatile, downside wicking into the $0.32 could also occur.

Nonetheless, Monthly Close above the green region would be bullish as it would set OCEAN up for a confirmed breakout, especially if a retest of the diagonal occurs in December.

Theta Token — THETA/USDT

Chart 4

THETA is currently in the process of Weekly retest of the top of this macro market structure.

Monthly Close is just around the corner as well so a Monthly Close above the Channel Top would position price for a breakout.

However, it’s worth considering downside options in the event that THETA fails to breakout.

Essentially, if the Channel Top continues to act as resistance, then THETA could drop into the green region below and even as low as the Channel Bottom; this sort of downside movement within the pattern would be intra-pattern consolidation.

CLICK HERE to go Premium and read the rest of this week’s Market Analysis – Premium subs can read Rekt capital’s full report.


Binance! CZ! Kraken! Oh My!!! - - 2024

Top Avalanche Subnets

Avalanche has a strange list of recent bedfellows.

What other blockchain ecosystem can claim it welcomes partners ranging from investment banks to first-person shooter games?

The technology that makes this possible is called subnets. Let’s review a few bustling Avalanche subnets.

TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Top Avalanche Subnets


Binance! CZ! Kraken! Oh My!!! - - 2024

Crypto Market News

  • Binance CEO CZ will step down from the exchange after it pleaded guilty to violating anti-money laundering requirements and accepted a $4.3B fine. Source
  • Kraken has been accused of operating an unregistered platform and improperly mixing customer funds in a new lawsuit filed by the SEC. Source
  • Crypto exchange Bittrex Global is winding down its operations and will stop trading on December 4. Source
  • Germany’s fourth-largest bank, Commerzbank, has been granted a crypto custody license. Source
  • Crypto fund inflows had another positive week with $176M coming into the market led by Bitcoin and Solana. Source
  • The active supply of Bitcoin and Ethereum is at record lows after only 30% of Bitcoin and 39% of Ethereum have moved in the past year. Source
  • Santander Private Banking International has launched Bitcoin and Ethereum trading for clients in Switzerland. Source

Coins and Projects

  • Bitcoin will reach $150,000 by 2025 according to Bernstein due to the halving and spot ETF approvals. Source
  • Bitcoin’s transaction fees have flipped Ethereum’s as the Ordinals hype returns to the market. Source
  • The SEC has delayed a decision over the conversion of the Hashdex Bitcoin Futures ETF to a spot ETF. Source
  • Ark Invest and 21 Shares have filed another amendment to its spot Bitcoin ETF with the SEC to list the ETF on the Cboe exchange under the ticker, ARKB. Source
  • Bitcoin Ordinals project Taproot Wizards has raised $7.5M in seed funding. Source
  • BlackRock has filed an application with the SEC for a spot Ethereum ETF. Source
  • Fidelity has joined BlackRock in the race for a spot Ethereum ETF by filing an application with the SEC. Source
  • Ethereum now allows private accounts after Nocturne v1 has launched on the mainnet. Source
  • Ethereum Layer-2 Blast has seen over $30M in ETH and stablecoins bridged over just hours after the new bridge went live. Source
  • Ethereum Layer-2 Starknet has unveiled a roadmap to decentralizing core components of its network. Source
  • Ethereum Layer-2 Kinto has migrated to the Arbitrum network after launching its testnet on Optimism’s OP stack. Source
  • ConsenSys is on a mission to decentralize the Infura network and has partnered with Microsoft, Tencent and 16 other Web2 giants to do so. Source
  • Circle has invested in Sei to expand the USDC ecosystem. Source
  • Circle has launched a new token standard allowing developers to launch unofficial bridged versions of USDC that are able to become native and official in the future. Source
  • Solana-based stablecoin remittances will be expanding after CFX Labs raised $9.5 million in seed investments for the use case. Source
  • The Avalanche ecosystem will get a $10M boost from Colony Lab, an Avalanche developer and accelerator. Source
  • Former boxing champion Manny Pacquiao’s Foundation will use the Shibarium blockchain for its operations. Source
  • PancakeSwap has launched a gaming marketplace with 2 games called “Pancake Protectors” and “Pancake Mayor.” Source
  • PancakeSwap has proposed launching veCAKE to boost liquidity and enhance governance. Source
  • JP Morgan’s Onyx digital assets team has partnered with WisdomTree, Apollo, Avalanche, Axelar, and LayerZero. Source
  • Reddit’s Moon token has jumped 130% after plans to impose a hard cap on the supply. Source
  • Worldcoin’s price dropped 6% after CEO Sam Altman was ousted from OpenAI. Source

Macro News

  • Pro Bitcoin Javier Milei has won Argentina’s presidential election with over 55% of the votes. Source
  • The IMF has said CBDCs can replace cash but adoption will take time. Source
  • The banks UBS, SBI and DBS have completed the world’s first live cross-chain repo transaction with a natively issued digital bond on a public blockchain. Source
  • Singapore’s Central Bank has started its tokenization pilots alongside JPMorgan, DBS, and BNY Mellon. Source

Binance! CZ! Kraken! Oh My!!! - - 2024

That’s all the crypto insights we have for you today! Last reminder that the Black Friday deal expires in 48 hours. No more extensions.

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Lark


Binance! CZ! Kraken! Oh My!!! - - 2024

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Binance! CZ! Kraken! Oh My!!! - - 2024

Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

You can find a full disclosure of all my crypto & venture investments here.

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By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more! 

Join the Wealth Mastery Investor Report

By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more! 

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