In This Issue

• I share my thoughts on the state of the market, Genesis updates, AI coin insanity, Uniswap drama, Trader Joe news, Acala news, Aptos and Chingari, Supra Oracles airdrop & a Shardeum airdrop guide.
• REKT has a TA report on 6 different altcoins.
• Rebecca breaks down the latest news.

Premium Subscription highlights this week:

• Zcash: Zcash (and possibly some other POW chains) are switching to POS. 
• DeFi Tutorial: Defi Dad has a tutorial for you on how to earn RDNT Looping stablecoins on Radiant on Arbitrum.
• Airdrops: Get your free tokens by reading Jesse’s weekly airdrops and incentivized testnets section.

What’s On My Mind by Lark

The State of the Market

Bitcoin right now is in a weird spot. 

On the daily, we have a golden cross, and not just any golden cross, but a strong one that has come in after a major downtrend. Could it be a fakeout? Or the start of a new market trend? 

The tricky part of this conversation looking at TA is that Bitcoin is also on the verge of putting in a death cross on the weekly. This would be the first time it has ever done this. 

So what should we give more weight to? Well often we would say the weekly, but we must also remember that the simple moving average is a lagging indicator. So, in this case, the daily is more interesting. It fits my bias anyway 😂

So for now I will be maintaining a cautiously bullish bias. The markets have been insane, and lots of money has been changing hands. The last 6 weeks have already made fortunes for some. I hope you have been paying attention. 

This chart here shows the Realize Cap Hodl Waves adjusted for short-term holders only. As you can see the market has reached an inflection point that has typically come right around market bottoms and signaled the start of a new uptrend. 

Over in Ethereum land the ETH testnet has successfully processed the first batch of ETH withdrawals. Meaning we are one step closer to the real thing. 

The big story to watch out for next week is the inflation data report which will come out on the 14th. If inflation keeps falling then it gives market bulls more reason to run. If we get an unexpected spike in inflation… then watch out! 

US equities have reached GREED on the fear and greed index. Not extreme greed, just greed. Take that for what you will. 

Genesis Updates

The Digital Currency Group’s Genesis subsidiary seems to have reached an agreement that will return 80% of funds to customers. Of critical interest here are the 340,000 Gemini Earn customers who are owed around 900 million. Cameron Winklevoss has said that Gemini will throw in an extra 100 million on top of what Genesis is likely to give back. 

Now if you were not directly affected by this story you may be wondering why you should care? Well, this means that one of the last players left to become a forced seller will not be doing that. There were a lot of fears that DCG would need to start dumping huge sums of crypto to bail themselves out of this mess, but a restructuring plan along with selling many of the Genesis branded businesses will fill the gap. This means no forced selling. This means there isn’t really anyone left to sell massive amounts of coins now. Could someone else in crypto still be swimming naked and we just don’t realize it yet? Of course. But for now, that sword of Damocles feels a little further away. 

AI Coin Insanity 

The AI coin sector has seen some truly incredible gains in the last 6 weeks. Many coins are up hundreds of percent, and some more. This is, I believe, solely due to the runaway success of ChatGPT which is the fastest-growing consumer app in history. With over 100 million current users. It is getting to the point where a coin is pumping just because it has AI in the name, doesn’t matter if the token is crap. It will pump all the same. While a lot of these coins are showing strong overbought technicals they have continued to pump. The Graph went up like 100% just yesterday! 

That being said, entering now is a high-risk time considering the recent pumps. That being said I had thought the AI hype train would have ended a bit sooner, but the continued hype around ChatGPT is keeping markets afloat for now. Also, JP Morgan issued a report saying that institutional traders are shifting focus from blockchain to AI. Then we have Google announcing ChatGPT competitor Bard AI… seems like the AI narrative could be getting some more playtime. Although an embarrassing launch for Bard has seen Google shares take a hit this week after Bard incorrectly named a satellite… 

Uniswap Drama Unfolds 

As we have previously covered, Uniswap was voting on expanding to the BNB chain. An idea that would bring more users to the platform. And it seemed that the proposal was going to pass with no drama until A16Z (a big venture capital fund) stepped in and said no. 

But why would A16Z do this? Well, to protect their own pockets. You see, the chosen bridge to allow Uniswap access to BNB chain was Wormhole, backed by Jump Capital. But another option did exist, called Layer Zero. Guess who is a lead investor in Layer Zero? A16Z. 

The long tail effects if this fails to pass are that Uniswap will fail to get an early mover advantage on BNB chain before their license expires thus leaving them at a big disadvantage on one of the most popular chains. Voting will end in a couple of days, so it will be interesting to see if A16Z can be outvoted. 

Now, this may be a controversial opinion, but there is actually nothing wrong with what A16Z is doing, they own the tokens, they have the power. But, this just furthers my thesis that most governance tokens have zero reasons for existence for the average users. The community wanted to expand to the BNB chain, and this is being essentially vetoed by a large VC. The people who actually call the shots. As a small token holder, your voice is basically meaningless. Governance tokens move on hype alone, the fundamentals are pretty weak for regular investors. 

Big Trader Joe News 

Trader Joe has announced that they will be integrating with Layer Zero to pursue an omni-chain strategy. They have already integrated with Arbitrum and will be expanding to BNB chain soon. I already have a big bag of JOE, but could be tempted to add some more after the pump cools down. Right now their total coin supply is at 93% with emissions ending in 11 months. They also have been innovating a lot with their novel liquidity book recently released. The token itself has a strong incentive for being locked up due to its real yield features with all platform revenue being paid to stakers. The only downside is that it seems rewards will be siloed by chain. And of course, the DEX space is pretty damn competitive. But in many ways, I feel like JOE is what Uniswap was supposed to be. The challenge now will be for JOE to really start capturing market share on these new chains. 

Acala News 

Acala, one of the major Polkadot based DeFi apps, has launched their EVM+ upgrade on the mainnet. This brings together the best of Ethereum and Polkadot and makes it easier for devs to deploy on Acala. The Polkadot ecosystem may not be getting a lot of press right now, but a lot of building is still going on. 

Aptos & Chingari 

Never heard of Chingari? Well, you probably will be hearing a lot more about it in the near future. It is the Tik Tok of India and has 160 million users. It also has a crypto token, GARI, with a tiny market cap. They just announced they are partnering with Aptos. Big news for both coins. Remains to be seen if it will provide any real long-term benefits to either of them though price-wise anyway. 

Supra Oracles Airdrop 

Supra will be giving away 5% of its token supply through their learn to earn program. You can learn more HERE.

Shardeum Airdrop Guide 

Shardeum is the latest in the new blockchains coming to market. It is EVM based and uses sharding to scale up to 100k TPS. Backed by some big names like Jane Street. Up to 5% of the supply will go to early testers. 

Step 1: Add the chain to your wallet HERE. 

Step 2: Claim some testnet coins on the Shardeum Website. 

Step 3: Use Shardeum Apps. 

• Shardeum DEX: Do swaps and add liquidity. 
• Spriyo: Buy and sell an NFT
• Create a second wallet address and send coins back and forth to yourself. 

Step 4: Repeat these actions maybe once per week or so.

Usual airdrop disclaimer. You might get nothing. What you get may be worth nothing. Caution is always advised when interacting with DeFi contracts. You will likely want to do all of the above actions multiple times, for example once every week to be eligible. This is not an endorsement to buy any coins or NFTs of the projects listed. 

Market Analysis by Rekt Capital

In today’s newsletter, I will cover 6 Altcoins, specifically:

• Aave (AAVE)
• Cosmos (ATOM)
• Dusk Network (DUSK)
• UniSwap (UNI)
• Polygon (MATIC)
• Near Protocol

Let’s dive in.

Aave — AAVE/USDT

AAVE has broken its Macro Downtrend (green) but to little fanfare at the moment.

The top of the red box, the immediate resistance for AAVE, continues to hold price back.

But as long as AAVE stays within this red box and enjoys price-strength confirmation within it, over time AAVE could finally take-off to the upside.

Orange resistances are outlined as the next available resistances.

But it is the top of the red box that AAVE needs to break to begin its move up.

Could AAVE dip into the green Macro Downtrend for a post-breakout retest?

It’s not out of the question.

But with the Macro Downtrend breached, it is a matter of time before AAVE begins its new uptrend.

Cosmos — ATOM/USDT

ATOM is pressing beyond the top of this Ascending Triangle.

Monthly Close like this and ATOM would likely set itself up for a dip into the top of the pattern to confirm the breakout.

However, this could technically even happen on the Weekly timeframe or even lower timeframes.

Generally, ATOM needs to solidify itself above this Ascending Triangle top and retest the top as support.

At the moment, ATOM is positioning itself well for break out; those two confirmation steps are needed first: Candle Closes above the pattern top followed by retest of the same level as new support.

---

Go Premium to Keep Reading

Subscribe to the Wealth Mastery Premium Investor Report to read the rest of this article AND gain full access to the premium archives.

In Case You Missed It by Rebecca

Crypto market news

The Super Bowl has banned crypto companies from advertising at this year’s event. Source

Ark Invest maintains its $1M Bitcoin price prediction for 2030, in its newly launched 2023 Big Ideas report. Source

82% of millionaires have asked for financial advice about cryptocurrencies in 2022, according to a study by deVere Group. Source

Nostr-based decentralized Twitter alternative Damus has gone live on the Apple app store. Source

Nostr has been banned from the Chinese app store because of its censorship-resistant nature. Source

Maxiport is predicting Bitcoin could reach $45K by Christmas and the bull market could be triggered by the March 2024 halving cycle. Source

Steve Aoki and Seth Green plan to create a short, animated film where NFT holders can help shape the script scene-by-scene. Source

Amazon Web Services (AWS) is looking to hire Web3 staff to increase its roster of clients. Source

Charlie Munger has called on the US to join China in banning crypto. Source

Ray Dalio says Bitcoin is not the answer in a new CNBC interview, however, describes what money should be and it sounds just like Bitcoin. Source

Finnish company Membrane Finance has released a fully reserved stablecoin backed by the euro called “EUROe.” Source

London is the world’s biggest crypto hub with over 800 crypto-based companies and over 2,000 people working in crypto jobs. Source

UK bank, Nationwide, has banned card payments to Binance “until further notice.” Source

Natwest bank is stopping customers from investing in crypto due to the risk of fraud. Source

Coins and Projects

Bitcoin’s Lightning Network has reached a new all-time high of bitcoin locked in payment channels, with over 5,490 BTC. Source

620,000 new Bitcoin wallets holding 0.1 BTC have been created since the recent rally on 13 January. Source

Pick n Pay, the grocery retailer, is now accepting Bitcoin in 1,628 stores across South Africa. Source

Lido Finance has unveiled its plans for v2 which will include stETH withdrawals and staking router architecture. Source

ImmutableX is to launch an all-in-one passport system in April, for gaming studios to onboard gamers into Web3. Source

StarkWare has announced plans to open-source its zero-knowledge technology, Starknet Prover. Source

StarkWare is partnering with Chainlink to integrate oracle services and data feeds into its testnet. Source

Ethereum’s circulating supply has reached an all-time low since the Merge of around 120.5M ETH. Source

Optimism has proposed a mainnet upgrade called Bedrock due in March, to boost performance and functionality. Source

MetaMask has updated its security and privacy settings for users including an easy way to change the RPC provider. Source

Uniswap’s latest community vote will see V3 launch on the Boba network. Source

Binance has announced it will pause all deposits and withdrawals in USD from bank accounts starting February 8. Source

BNB Chain has introduced a whitepaper for a new storage-based Web3 network called Greenfield and is working with Amazon Web Services on a testnet. Source

Binance has signed a Memorandum of Understanding (MoU) with Georgia, to bring educational and community blockchain initiatives to the country. Source

Solana DeFi protocol Everlend Finance is shutting down and urging users to withdraw funds from the platform. Source

Trader Joe has partnered with LayerZero to convert its JOE token into an omni-chain fungible token (OFT) allowing users to move JOE across multiple chains. Source

Alchemix Finance has approved a proposal for a buyback for its ALCX token. Source

Axie Infinity users can now take out loans against in-game assets through a partnership between the Ronin Network and MetaLand. Source

Metis has integrated with fiat-to-crypto gateway Banxa, to make adoption easier. Source

OpeaSea has launched a set of new features for minting NFTs including multi-stage minting phases, allowlist support, and rich narrative components. Source

Stargate’s recent vote was successful to re-issue a new STG token and airdrop it to all STG holders. Source

Macro news

Janet Yellen says the US can’t have a recession with the lowest unemployment rate in 50 years. Source

The Bank for International Settlements (BIS) is developing a tool to monitor stablecoin reserves. Source

The UK’s Treasury has published a consultation paper for its upcoming crypto regulation, featuring stablecoins, NFTs, and ICOs. Source

The Bank of England and Treasury has unveiled its consultation paper for its CBDC which outlines a proposed £10-20K limit on account balances. Source

India’s largest retail chain, Reliance Retail, has started accepting payments in the country’s CBDC. Source

China has given away over $26.5M worth of its CBDC to try and increase adoption after low uptake. Source

Russia’s Sberbank plans to launch open trials of its Ethereum DeFi platform by May 2023. Source

The Australian Treasury has introduced a classification for crypto assets in a consultation paper, calling Bitcoin a “new type of currency.” Source

The IMF is working with India on a paper in consultation that will focus on “aspects of the monetary policy and the policy approach to crypto assets.” Source

The Central Bank of Sri Lanka has rejected Tim Draper’s proposal to bring Bitcoin to the country stating it won’t fix its economic crisis. Source

Follow Rebecca on Twitter and Instagram.

Start your Wealth Mastery Premium Subscription today!

Click Here To Go Premium

Final Notes

Click on my latest YouTube video below where I talk about how Bitcoin was mentioned in 424 company SEC filings and what this could mean!

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.

If you really want to take advantage of fastest growing asset class EVER, I highly recommend you join us in the Premium Investor Report.

You’ll immediately get access to:

• Deep dive Altcoin report & The Trending Coin Report
• Technical Analysis on the crypto large caps and overall market
• Token sales, Airdrops and DeFi Tutorials
• Updates on the NFT Ecosystem and new mints
• My Investment Portfolio Updates

See you next time!

Lark and the Wealth Mastery Team

Legal Disclaimer

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.

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