In This Issue
- I share my thoughts on the state of the market, commodities, the FED, Cramer capitulating, pain blinding you, Ethereum, yield collapses & more crypto lenders fail.
- Sam has a report for you on NEAR Protocol NFTs.
Premium members also get the following:
- My latest portfolio updates
- Rekt Capital has the latest technical analysis for you on the market.
- Rebecca has all of the latest news for you.
- Upcoming NFT drops
- Defi Dad has a tutorial for you on how to earn up to 25% APR with stablecoins on StellaSwap.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca breaks down this week’s trending coins.
- Jesse has a deep dive for you on DASH.
And much more!
What’s On My Mind by Lark
The State of the Market
$20,000 has become the new battle front.
BTC has fallen under and then reclaimed 20K a dozen times in the last week or two. Volumes are still pretty weak though, which is not a big shock considering the stalemate at 20k.
Half of the market thinks we are going to nuke down to 10k. The other half is waiting for some signs of recovery before committing more funds.
Although on chain data does show that there is a lot of stacking going on by both mega whales and small retail buyers. So that is encouraging. Regardless of the next moves basically every metric is telling us that accumulating Bitcoin in this range is a bargain long term.
Altcoins of course remain high risk. There are opportunities. But, altcoins are not going to do anything super significant until Bitcoin does. It is our bellwether.
That being said right now altcoins are providing some great trading opportunities. While Bitcoin may move up 2 or 3%, and altcoins might do 20 or 30% in a similar time frame.
Commodity prices are still falling which is good news. Oil is down like 16% in the last 30 days. Corn, soy, and wheat are all down over 25%, and most interesting back to pre-Ukraine war levels.
Falling food and energy prices “should” bring in much needed price relief for consumers. This is a good thing for regular people and for markets.
Many in the market were waiting for the FED minutes to be released today, and many were dreading the event. However the markets seemed to have not cared much as it basically confirmed everything we already knew.
The FED is raising rates more aggressively. The FED is deliberately crashing the markets and trying to slow the economy. None of this is new news.
There is always the chance we get some kind of wild card statement from the FED meetings, but not this time.
Famous stock commentator Jim Cramer was for a brief time “into” crypto. Back when Ethereum was 3K he was shilling it saying it was an easy money maker. Those were good times.
Anyway, he is now saying that crypto has no value. Basically a capitulation. This kind of sentiment coming from mainstream media sources is the kind of sentiment we want to see.
The tourists are leaving.
Pain Blinds You
It has been a few weeks since we had serious trauma in the market.
Those days are the ones that make you want to puke and the world seems like it is ending. But, now, a few weeks later that pain will be numbed.
If this is your first bear cycle then understand that all of this gets easier as time goes on. And, the more experienced you become in the markets, the less you see times like these as solely events filled with pain, but also events full of opportunity.
The #2 crypto is one step closer to the merge after the launch of the Sepolia testnet. There now remains just one more testnet to go before pushing out this key upgrade to the mainnet.
Currently it seems as though September will be when this happens. This will be the most significant upgrade in Ethereum’s history and I am going to be watching for a potential rally in the lead up to the event. Although prevailing bearish conditions may lessen this effect. Still worth watching out for though!
Major lending protocols, now on average offering lower yields than just holding your money in the bank or in treasuries – but with 100X the risk!
For example current rates on Aave for lending out your dollars are 1.5% for USDT and 0.5% for USDC.To earn that you need to risk that those stablecoins are solvent, that Aave doesn’t get hacked, and that you don’t get your wallet hacked.
Yes, there are outliers and protocols with extra incentives in their tokens like Spool, a protocol we have covered here before, that offers around 6% for stablecoins with MOST of the yield coming from giving you their tokens.
Defi Dad also has a great tutorial for you on how to earn 25%, thanks to token incentives, via Stellaswap on Moonbeam!
Aggregators like Yield Yak do offer some yields around 5 to 6% on stablecoins which is not bad. BUT, then you add one more layer of risk.
Although in general the rates do get better away from Ethereum with chains like Avalanche having a lot more options for farmers. Benqi for example has some pretty good rates on stablecoins and even Bitcoin. But in general any yields higher than this start to run into high risk territory.
For example, there are loads of triple digit farms out there like Orca’s whirlpools. These are juicy opportunities, but savvy farmers must also be VERY aware of the potential for HUGE impermanent loss in such pools.
Yields will go higher in the next bull run, but right now the risk rewards is MUCH LESS attractive than it was before and I am not biting.
I am actually just considering making some fixed term deposits with my bank. 3.75% is actually pretty decent… sign of the times, lol!
More Crypto Lenders Fail
Late last week Voyager froze withdrawals for customers… this was AFTER, a half billion dollar bail out from FTX. Guess it wasn’t enough because they just declared bankruptcy!
This week a company called Vauld, also locked withdrawals for customers. Rumor is Nexo is looking to buy it.
I was lucky to get my funds off of Celsius, I am deeply sorry for those who could not. And I am sorry that I was not more outspoken and clear in my concerns over Celsius here, on Twitter, and on Youtube. I am really hoping that Simon Dixon’s recovery plan comes through!
Anyway, that being said, I feel like far too many have been slow to react to the risk and to act! The UST collapse made me extra paranoid which is why I took my funds off of Celsius solely due to their stETH exposure.
I had no idea the cefi lender scene would get this bad, this quick. I am shocked, but that is crypto. He who panics first panics best. I have been raising the alarm to get funds off of these lenders for weeks now. I really hope that you listened.
If you still have funds in a centralized lender that allows withdrawals then seriously consider why? Half a dozen lenders just halted withdrawals. You can leave now and come back later if you really want. But is the interest really worth the risk now?
Sure, maybe top lenders like Nexo and Blockfi will be just fine… but if they aren’t is that a risk you can afford? And if you are in any lender that is not Nexo and Blockfi (the top two still standing at the time of writing), then you are 100% playing with fire!
NEAR Protocol NFTs by Sam
NEAR Protocol is a proof-of-stake blockchain that operates as a smart contract platform. It’s fast and cheap, but key to a network’s success is having developers building, and plenty of activity.
The NEAR Protocol NFT community has been creating some of that action, and is worth taking a look around. There’s plenty of value and potential to be found in the early days of a creative space while it’s still taking shape, and NEAR has some talented artists and builders at work.
Currency and Wallets
The native token of NEAR Protocol is NEAR, and it’s been trading recently at around $3.30, down significantly (like the whole of crypto) from an all-time high of over $20.
Where altcoins are heading short-term is difficult to predict with any certainty, but NEAR can be expected to make gains again when the crypto markets eventually pick up. At current prices, it’s a decent time to buy in cheaply and explore an alternative NFT space.
When it comes to wallets, NEAR Wallet and Sender Wallet are easy to set up, and work for NFTs. Both are non-custodial, Sender Wallet is a browser extension (similar to MetaMask), while NEAR Wallet operates in-browser (as in, to access the wallet you open a web page, rather than opening an extension in the browser bar).
Of the two, NEAR Wallet is the standard, and will be compatible with every marketplace and tool, while connectivity for Sender Wallet is currently not always available.
NEAR Protocol NFT Marketplaces
Connect up a NEAR Wallet or Sender Wallet containing some NEAR, and you can immediately start buying here. In some ways it’s similar to OpenSea, but Paras also operates like a curated community hub for artists and collectors.
Featured artists can introduce their collections in detail, there’s a Paras Comic section, which publishes NFT comics, and there’s also a utility token, PARA, that can be staked and will be used for governance. Overall, it’s an original format that is creating its own approach.
This is an ambitious, well-constructed platform that connects with the NEAR Wallet, and has an easily-navigated marketplace. Mintbase has been developed with builders and creators in mind, facilitating smart contract deployment and allowing sellers to create their own stores.
Again, you’ll need a NEAR Wallet to connect to this marketplace, and having hooked yourself up, you can then click on the Market tab and start exploring. Be aware though, Apollo42 is a new marketplace, and still feels like a work in progress within a developing ecosystem.
Useful Resources for NEAR Protocol NFTs
Satori is an NFT toolkit for creators and brands that makes it easy to mint and manage NFT collections. No coding is required, and a Shopify plug-in is being developed, which will allow for sales to be processed in USD.
To keep on top of NFT news and development, NEAR NFT Club is a good place to check in, and for the wider NEAR ecosystem, including not only NFTs, Awesome NEAR and NEAR Daily are useful starting points.
Collections and Projects
Image credits: Antisocial Ape Club
It’s an unwritten NFT law that every blockchain must have several simian-themed collections, of which one will become established as chief monkey, and on NEAR the leader of the troop is Antisocial Ape Club.
Image credits: Mara
Mara NFT is the work of a French street artist, Mara, this project looks cool and crosses over with real life art, of both the indoor and outdoor varieties. There are GEN0 and GEN1 collections on NEAR (of which GEN0 are scarcer and more expensive), but it looks like the upcoming GEN2 will launch on Solana, adding utility across chains.
Image credits: Secret Skellies Society
The Secret Skellies Society collection has its own token, called UTO, and created the Utopia Launchpad. The SSS ecosystem contains two main collections, Skellies and Grimms, and a collection of properties, Skullingham Estates.
The Skellies and Grimms collections originally each contained 777 items, but there are now fewer, due to a deflationary mechanism whereby NFTs have been bought back and burned.
Image credits: NEARNauts
Another project with its own launchpad, NEARNauts is a collection of 7,777 NFTs that look very clean, and are now a firmly established part of NEAR’s NFT ecosystem. Alongside the original NFTs are the AstroPups companions, which were airdropped to NEARNauts holders in February, and–following in the footsteps of Bored Ape Yacht Club–mutant spinoffs are in the pipeline.
Image credits: Mr. Brown
An eccentric, original project by an artist named Lomakin, the Mr Brown collection stands out visually (although the style is not for everyone), doesn’t make any overblown claims about utility, and seems to be purely about design and collectability.
Image credits: Tinker Union
If you’re looking for NFTs related to a team of motivated builders who are working hard in the NEAR space (within which there is a lot of opportunity to grow and develop), then Tinker Union may be of interest.This project has built the Enleap Launchpad and is working on the Meteor Wallet. The Tinker Union ecosystem also has its own token, GEAR, which can be earned by staking its NFTs.
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.
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Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing 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.