Crypto’s Final Boss Embraces Tokenization

GM friends. 

When crypto’s Final Boss admits that the technology underlying tokenization is revolutionary, you know we’re winning. 

Put on a fresh pot, because this is your mid-week crypto update.  ☕️📰

Here’s what’s in today’s issue:

• David shares his thoughts on the BIS praising tokenization, Coinbase and Ripple getting payment licenses in Singapore, the SEC’s motion to appeal the XRP ruling is denied & Chainlink releases “Data Streams”.
• Rekt Capital has the latest technical analysis for you on the market. 
• Erik has an article on Orb Land and their VIP consultancy NFT platform.
• In case you missed it by Rebecca.

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Bank of International Settlements Praises Tokenization

This past Friday, the US Federal Reserve held their fourth annual New York Fed Conference on Fintech. This year’s topics centered on AI and digital assets. 

One of the speakers, Cecilia Skinglsy, represented the Bank of International Settlements (BIS), and she made some interesting comments with regards to BIS’ views on tokenization. 

Before we get to the comments, first, a quick primer on the BIS. The Bank of International Settlements is the central bank of central banks. And no, that’s not hyperbole. 

BIS is owned by a collection of central banks from around the globe, including the US Federal Reserve, the European Central Bank, and the People’s Bank of China. BIS provides banking services to these member banks and works to create financial stability between them. 

Long story short, BIS is the last entity on planet Earth who wants to see something like bitcoin succeed. In bitcoin land, BIS is the “final boss”. 

OK, back to Skinglsy at last Friday’s conference…

She said BIS believes that asset tokenization via the blockchain could revolutionize the global financial system as we know it, and that several events over the last few years have made BIS realize that ignoring these technologies will be to their peril. 

Skinglsy’s statements mirror those from a BIS economic report published in June, where authors argued that asset tokenization has “great potential” and that there’s an opportunity for central banks to create and maintain a blockchain network that facilitates global token transactions.

With regards to crypto, the authors stated that it’s “a flawed system” in part because it “lacks the anchor of the trust in money provided by the central bank.” 

The irony here is just too much.

1. Crypto assets like bitcoin were created and flourish precisely because of the monetary abuses perpetrated by central banks.
2. BIS praises the technology that enables state-less money, but they just don’t like how the free market chooses to utilize that technology. Well cry harder. 

This Fed conference on digital assets, Ms. Skinglsy’s comments, and BIS’s economic report all show just how far crypto has come these last 14 years. Crypto has materialized from a cypherpunk’s dream into a global movement. And now, even the final boss wants to co-opt it for his benefit. 

Good luck with that. 

Singapore Issues Payment Licenses to Coinbase and Ripple

Singapore’s central bank, the Monetary Authority of Singapore, has this week officially issued payments licenses to both Coinbase and Ripple. 

Singapore’s payments licenses basically function as a central bank seal of approval, signaling to the City-State’s individuals and institutions that licensed entities are regulated, compliant, and approved to offer crypto services.  

With regards to Coinbase, the company has previously declared Singapore as its Asia-Pacific institutional business base. And while international expansion was always the plan, these moves are also part of the company’s “stick” strategy to garner more favorable U.S. regulations.

Coinbase has stated multiple times that they will completely move off-shore if the U.S. crypto regulatory environment gets bad enough. 

With regards to Ripple, the company has stated that Singapore has been its Asia Pacific headquarters for the last six years, and that 90% of its business is done in jurisdictions other than the U.S. 

These latest license issuances are part of Singapore’s move to become a reasonably regulated, crypto-friendly jurisdiction. Multiple other businesses, including Paxos, Crypto[.]com, and Circle, have received payments licenses in Singapore within the past year. 

SEC’s Motion to Appeal XRP Ruling is Denied 

Gary Gensler and the SEC have taken another fat L this week. That’s because their motion to file an appeal on the “XRP is not a security” ruling back in July was denied, as of Tuesday. 

The regulator filed a motion to appeal a US district court’s ruling that Ripple selling XRP to retail investors did not constitute a securities violation. In their motion, the SEC argued that there were “substantial grounds for differences of opinion on the matter”, and thus their motion should be granted. But District Court Judge Analisa Torres disagreed and bounced it. 

The next phase of battle between the SEC and Ripple is set for April 2024, when the two go to trial to determine if Ripple violated securities laws by selling XRP directly to institutions. 

Chainlink Releases “Data Streams” 

On Monday, Chainlink announced the launch of “Data Streams”, a low-latency market data and automated execution system for DeFi protocols. 

According to Chainlink, Data Streams is a “pull-based” oracle solution that makes high-frequency market data continuously available off-chain. Chainlink’s automation system pairs off-chain data with incoming trades on DeFi protocols, in order to automate transaction settlements.

In plain English, Data Streams gives DeFi protocols faster access to external market data, which in turn lowers slippage, reduces fees, increases settlement times, and combates market manipulation. 

Chainlink Data Streams is available now via mainnet early access on Arbitrum. GMX derivatives exchange is already using the technology. 

Data Streams comes after the recent releases of both Chainlink’s Functions and CCIP. Both systems are seen as needed and important advances in facilitating communication between blockchain networks and between blockchains and real world data. 

LINK is up 23% over the past 30 days, in part due to the excitement around these upgrades.

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

• Solana (SOL)
• Chainlink (LINK)
• Bitcoin Cash (BCH)
• Verasity (VRA)
• Dogecoin (DOGE)
• Injective (INJ)

Let’s dive in.

Solana — SOL/USD

Last week we shared this chart on SOL:

And here’s today’s update:

Solana has rallied +27% from Range Low to Range High.

Earlier last week, we touched upon how this range was similar to Chainlink’s in the sense that both ranges are well-established and have offered consistent intra-range trading opportunities for the past several months.

This time has been no different, for both SOL and LINK in fact.

But here’s another thing worth mentioning about SOL and LINK, another quality they both share: despite their impressive rallies, they still reside in their respective ranges.

For Solana, price would need to break beyond and reclaim as support the black $23.89 current Range High resistance.

For the time being, this level continues to act as resistance.

And we have to be cognisant of the fact that fake-outs do tend to occur; this is clear on the Weekly timeframe:

Breaks beyond the Range High resistance can occur, but what frequently fails is the subsequent post-breakout retest of the Range High into new support.

These failed retests have preceded downside into the current Macro Range.

And I suspect that when a successful Weekly retest of the Range High finally occurs — that’ll be a significant technical milestone contributing to a range breakout and new uptrend from there.

So until the Range High is reclaimed is as support, it’s always useful to look to potential downside scenarios.

After all — the more probable event from here is a rejection from the Range High (this has been the case for the past several months and the strategy works until it doesn’t; better to be 5 times right than 1 time wrong. And if you end up being wrong, you can right the wrong on a pullback which would likely actually end up being another yet perhaps more mid-term retest of the same exact level. Small digression).

A downside scenario could include the following:

Solana has been forming Higher Lows throughout 2023, with the most recent low in the series occurring before this +27% move.

A rejection from resistance here would see price drop lower within the range but in to the Higher Low.

Chainlink — LINK/USDT

Over the past few weeks, we have periodically shared updates on LINK starting on August 16th where we assumed price would drop an additiona -17% to the downside to revisit the Range Low support:

On August 23rd LINK has successfully retested the Range Low as support once again:

Here is late September’s update:

And finally — here is today’s update:

Chainlink has rallied +45% from Range Low to Range High, completing its intra-range move.

LINK has also registered the highest Monthly Candle Close in the 17 month period that Chainlink has been inside this Macro Range.

However — until LINK can reclaim the Range High as new support, price will continue to remain within the range.

And for as long as price remains in the range, the Range Low will also always be a possibility — however, time is a factor in this.

And here’s why:

Because LINK has broken its Macro Downtrend recently.

And despite some pulling back, LINK hasn’t retested the Macro Downtrend just yet.

Because time is a factor here, if LINK were to pullback into the Macro Downtrend in January 2024…

The Macro Downtrend would also be confluent support with the Macro Range Low.

So could LINK drop into the Range Low?

I’d say the chances of that would be lesser if LINK successfully retests the Macro Downtrend as support in the coming weeks.

However, if LINK hangs about at these highs, fails to breakout from the Macro Range and doesn’t pullback sufficiently for a retest of the Macro Downtrend and only does so later down the line — then a Range Low revisit could be on the cards.

Time is a factor.

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Orb Land: NFT’s as VIP Consultancy Tickets

If a staunch altcoin and NFT skeptic like Lyn Alden admits that an NFT project ‘might not suck’, I’m paying extra attention.

Orb Land is not your average monkey picture project but instead more like a tradable VIP ticket. Let’s dive in.

TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Orb Land: NFT’s as VIP Consultancy Tickets“

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Crypto Market News

• Sam Bankman-Fried’s trial has started, making it crypto’s biggest trial to date. Source
• Alex Mashinsky’s jury trial has been scheduled for September 2024 by a New York court. Source
• Microsoft is planning to launch a crypto wallet according to leaked documents. Source
• The US Securities and Exchange Commission (SEC) has delayed decisions on spot Ethereum ETFs from ARK 21Shares and VanEck. Source
• The US SEC has pushed out a decision on the Ark 21Shares spot Bitcoin ETF to January 10, 2024—the final deadline. Source
• The US SEC has also delayed decisions on spot Bitcoin ETFs from BlackRock, Invesco, Bitwise and Valkyrie. Source
• Coinbase’s “Stand with Crypto” campaign has expanded to branded coffee cans to “wake up” regulators. Source
• Coinbase has received regulatory approval from Bermuda to allow eligible non-US retail customers to trade futures. Source
• Coinbase has obtained its payment license in Singapore after receiving regulatory approval from the country’s central bank. Source
• Crypto[.]com has partnered with PayPal to become the preferred exchange for PayPal’s PYUSD stablecoin. Source
• Kraken is reportedly planning to offer trading services for US stocks and ETFs. Source
• Argentinian oil company, Tecpetrol, will start mining crypto by converting excess gas to energy. Source
• PayPal has applied for an NFT marketplace patent for on-chain and off-chain trading. Source
• India is planning on launching a global crypto crime detection database by 2024 so law enforcement can better track illicit crypto activities. Source

Coins and Projects

• Matrixport has said publicly listed Bitcoin miners could outperform Bitcoin in 2024 with a return of 572% vs. Bitcoin’s 167% if the price went to $70K. Source
• Bitcoin lending company Ledn is rolling out an Ethereum yield product after increased user demand. Source
• ZeroSync has launched a system based on ZK-proofs for the Bitcoin network. Source
• Tether’s treasury has received two lump sums of $50M from Bitfinex. Source
• Vitalik Buterin is considering implementing Ethereum staking charges to reduce centralization. Source
• Ethereum Futures ETFs have gone live from ProShares and VanEck. Source
• Grayscale has filed for approval from the US Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust to a spot Ethereum ETF. Source
• Ethereum developers appear to have successfully launched its Holesky testnet after a failed first attempt on September 15. Source
• UBS Asset Management has launched a tokenized money market fund on Ethereum in a live pilot test. Source
• Friend[.]tech has seen a surge with revenue topping new highs of 10,663 ETH and its total-value locked (TVL) has grown to new highs of over 30,000 ETH. Source
• Friend[.]tech users have been targeted by SIM swaps which has seen hackers grab over 42 ETH from wallets. Source
• Optimism has launched a testnet for its fault-proof system to allow for more decentralization. Source
• Ethereum Layer-2 Starkware has delayed its first token unlock to April 2024 from the previously scheduled date of November 29, 2023. Source
• The Buenos Aires government has chosen Matter Labs zk Era to roll out a new decentralized digital identity protocol. Source
• Google Cloud has become a Polygon validator and will use the same infrastructure that powers YouTube and Gmail to secure the blockchain network. Source
• Binance has fully exited Russia after selling to a newly launched crypto business called CommEX. Source
• Binance will shut down BUSD lending from October 25 as part of a phased termination due for completion by February 2024. Source
• DRAM, a dirham-based stablecoin, has launched on Uniswap and PancakeSwap as the United Arab Emirates (UAE) expands its crypto exposure. Source
• Solana has become the preferred altcoin among institutions after 27 weeks of inflows. Source
• Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has now launched on Coinbase’s Base network. Source
• Chainlink has unveiled Data Streams to reduce latency and has launched early access on Arbitrum. Source
• Ripple has pulled out of the Fortress Trust acquisition deal after 20 days but will remain as an investor in its parent company. Source

Macro News

• Eurozone inflation has fallen from 5.2% in August to 4.3% in September and is at the lowest level since October 2021. Source
• Oil prices have risen to $95 and are now at the highest levels in over a year. Source
• The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have completed a joint CBDC test project. Source
• The International Monetary Fund (IMF) has published a working paper proposing a country-level assessment matrix for crypto risks. Source

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Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.

If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.

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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.