The Big Recap

Welcome to another shaky week for the crypto markets. Ever since the first big sell off the market has been in a very unstable position. Does that mean we are entering into a new multi year bear market? I highly doubt it. Reality is that the market hasn’t given us a blow off top yet, we just keep getting rounded tops. Could there be more pain ahead? Of course. It is not always necessary to try and do a lot in the market. Some people feel a constant need to be doing something. You can actually just chill though. Don’t rush into making overly emotional decisions. Trying to trade the chop can just result in you getting chopped up. Wait for a new trend to define itself. Down market times tend to be good times to start averaging into positions. You don’t need to blow all of your cash reserves at once. Just little nibbles here and there to add to existing positions or maybe to enter that “hot” coin you have had your eye on for a while but didn’t want to ape into at all time highs. In a weird way I kind of love and welcome these kinds of days in the market. It resets the greed, and allows savvy investors to add into positions for the long haul. At the end of the day building a portfolio that can survive adverse market conditions is key to your long term potential for success. 

• Have cash on hand, preferably earning yield. Always make sure you have enough on hand to take care of you and your family if shit really hits the fan. We can’t control the markets, but we can control our portfolios.
• Diversify out of crypto (stocks – not crypto stocks, metals, and property).
• Manage risk in your portfolio. Don’t go all in on high risk coins like dog memes. Keep them a small fraction of your portfolio.
• Create passive income vehicles. Staking, farming, rental income, dividends, sales from a product. Whatever it is, make it happen for you! This makes it so much easier to ride out volatility when you know there is more money coming soon.
• Rebalance outsized positions and move from high risk to low risk. IE your dog coin moons then sell some for BTC and USDC. 

Ascendex has been hacked for 80 million dollars. Hardly a week goes by without some kind of exploit either in defi or with centralized exchanges. Ascendex in case you are not familiar is a centralized exchange. Always remember that an exchange is a market place, not a bank. Yes, some exchanges like Coinbase and Binance have much better security and deep pockets to cover hot wallet exploits, but still you should always maintain best practices. If you have not yet invested in a hardware wallet then it should be something on your to buy list. There are many companies offering many options of hardware wallets, my go to is and has been Ledger. These devices offer optimal security, and can be used with popular apps like Metamask. If you have any more than a few thousand dollars worth of crypto then it is worthwhile spending $100 and getting yourself one. 

In other hacking news, Vulcan Forged, an upcoming play to earn game, was hacked for 140 million from their semi custodial service called My Forge. There are so many layers of risk in crypto, and there is no way to protect from all of them. 

• When possible use insurance. Nexus Mutual is the biggest provider. They do not protect against everything. 
• When possible keep assets in your hardware wallet. 
• Understand that many activities like staking, farming, liquidity provision or Vulcan’s My Forge are not covered by insurance and that any money put in may result in a complete loss of funds. Scale your risk accordingly. I take plenty of risks in this market, but rarely do I risk more than a single digit percentage of my portfolio. 

Defi updates 

• Yields for farmers on Sushi via Arbitrum remain attractive. Particularly SPELL/WETH and stablecoin WETH pairs. 
• Premia, an options platform, is offering some very attractive rates when using the platform via Arbitrum. 
• Uniswap may soon be deployed on Polygon. 
• Sushiswap has been hit by big drama once again with the CTO and multiple devs jumping ship. Although it seems that the team from Abracadabra Money may take over. 
• Hashflow has released their public pools. HERE

Top Trending Coins This Week by Rebecca

Here are my key takeaways from the trends this week. It’s been another week of accumulation, hacks and partnerships galore!

1 – Railgun tops the list. Rumours this week are that they are very close to deploying their technology on both the Solana and Polkadot blockchain’s. Their developers have also been talking about a mobile app, a DEX and NFT functionality coming soon.

2 – Gala Games announced a partnership with popular TV show, The Walking Dead, which will see a blockchain based multiplayer game coming soon to the platform. This week also brought the “Into the Galaverse” live event, and this has everyone talking on socials.

3 – Binance Coin and the Binance Smart Chain continue to onboard lots of new projects. They have implemented their burning scheme and it’s having an impact, with one BNB token being burned every minute.

4 – Solana have reacted to issues they have had on the platform this week, by partnering with various projects in the ecosystem to launch a pilot Bounty Program. This is to reward users and developers for finding issues and helping to improve the blockchain.

5 – Polygon have been working on rolling out an implementation of EIP 1559 to introduce burning of its native Matic tokens and better fee visibility. This has now been released to the Mumbai testnet. Matic will soon become deflationary! 

6 – Avalanche have been busy again this week, firstly being selected to work with Mastercard and their ecosystem of partners, to accelerate blockchain technology development, and they also just listed on FTX.

7 – Vulcan Forged is a Polygon-based blockchain game studio that runs a DEX and NFT marketplace to complement their play-to-earn titles. Unfortunately, they are trending for the wrong reasons – they were hacked, losing $140 million. 

8 – Bitcoin has been in the news a lot this week, especially after 90% of its total ever supply has been mined. That hasn’t been enough to stop the downtrend in price action though. 

9 – Ethereum is gathering interest given its recent drop below the $4k level, due in part to the $138 million in liquidations that have occurred over the past few days.

10 – Smooth Love Potion is an ERC-20 token on the Axie Infinity platform. The price of the token has dropped 91% since July and Axie players are voicing their concerns.

11 – Olympus is a community-owned decentralized financial reserve through its protected treasury. They have expanded their Olympus Pro protocol on Arbitrum enabling holders of Everipedia, QMX and TreasureDAO to provide liquidity in return for rewards.  

12 – Fantom has had another busy news week. They have been added to the OKE exchange staking service, made available for purchase on the Webull platform, and have had a lot of social media coverage off the back of the Coinbase Wallets integration announcement. 

13 – Axie Infinity announced in their latest Dev update that there are going to be significant improvements to gameplay across the platform. They have also launched their native Ronin mobile wallet and getting their RON token ready for mass launch.

14 – Shiba Inu are going to be developing a multiplayer collectable card game with Playside Studios that is expected to be released across multiple platforms. You can also use SHIB with BitPay and pay at merchants via their Mastercard debit card.

15 – Elrond announced that they’ll be listing RIDE token on their Maiar DEX this coming week. They have also been busy integrating with Ledger, so not only can you now store EGLD on your Ledger hardware wallet, but you can also use EGLD with the Ledger Live app.

 

Final Notes

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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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.