I hope you’ve had a better week than the US. It’s been dealt a blow to its ego and served up a piece of humble pie.
In a shock announcement, the US just got downgraded (again) and went from a credit rating of AAA to uh-oh. Taking the markets down with it.
This is your end-of-the-week crypto round-up with a side of macro madness.
Here’s what’s in today’s issue:
- My portfolio updates.
- Rebecca shares her thoughts on the US report card taking a dive, KPMG saying Bitcoin is good for the environment, Worldcoin being suspended in Kenya, Tether’s big pile of cash & a possible Binance bank run.
- Altcoin Alpha by David.
- Airdrop of the week by Jesse.
- Jesse has a deep dive on Worldcoin.
- Sam has a report for you on what Yuga Labs is up to.
- In case you missed it by Rebecca.
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Lark’s Portfolio
Buys and Sells
I added a little more Bitcooin at $29,200.
I added a little bit to my LINK bag at various price points, the average price was probably around $7.55.
I also removed my AVAX sell order. This is because the AVAX was sitting on Binance and I took it out and put it on my hardware wallet. In general I don’t like to keep large amounts of crypto sitting on any exchange, not Binance, not Kraken, not Bybit. None of them.
Binance remains my to go place for buying and selling altcoins, but the only money that I have on the exchange is small amounts of operational cash. Bybit is where I do most of my trading. Although I have not been doing much of that in recent weeks with the market essentially being dead.
With the removal of the AVAX order I now have no active buy or sell orders in play. My purchases have all been market buys recently.
Farming
I took some time this week to do a few transactions on Linea and zkSync.
I also finally got around to bridging some money over to the Mantle network. On Mantle I did some swaps on the FusionX exchange and the Agni Finance Exchange. By the way, that is not an endorsement of those services. This is just me playing around.
I probably should spend a lot more time airdrop farming. I will probably miss a lot of big ones.
But, I am trying to position myself for some of the more interesting ones that COULD POSSIBLY do some drops.
Open BUY and SELL Orders
(NOTE: You should never blindly follow my moves. I share these for educational purposes, not as signals for you to trade on)
BUY
- N/A
SELL
- N/A
Current Farming/DeFi Positions
- Loaned ETH via Maker’s Summer App to borrow USD.
- Trader JOE: ETH/USDC on Arbitrum
- Syncswap: ETH/USDC on ZKsync
- Horizon: ETH/BUSD on Linea
👉 VIEW LARK’S UPDATED PORTFOLIO 👈
The News Now
📉 The US’s Report Card Takes a Dive
The US just got downgraded from a top score of AAA to AA+ by credit rating agency Fitch. And yes, Microsoft and J&J are still rated AAA. Quick recap…the US government has three big credit agencies: S&P, Moody’s and Fitch. These agencies grade companies and countries on their creditworthiness. The score is supposed to reflect the level of risk involved to an investor. The downgrade indicates a higher risk of default and therefore…
