Crypto: 1 – SEC: 2
Did you see the market pump? Or did you blink and miss it?
Cos the pumps can go as quickly as they come. And that’s exactly what happened this week.
After Grayscale’s court victory against the SEC, Garry Gensler had his panties in a twist and unleashed his revenge on the market.
Here’s your weekend edition of the crypto news, the newsletter that gives you the juicy scoop.
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on 7 spot Bitcoin ETFs being delayed, secret sealed Binance documents, X gets a crypto licence, Shibariums’s bridge is back up and running & Polygon launches ZK-powered toolkit.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on the OG crypto artist, Josie Bellini.
Trade on Phemex to participate in the xPT Pre-mining event. Mint your Phemex Soul Pass (PSP) today and when you start trading receive an airdrop of Phemex tokens based on your trading activity.
❌ 7 Spot Bitcoin ETFs Delayed
The week was starting out great. An important week for Bitcoin too.
After Grayscale’s win in court, the market pumped.
Bloomberg analysts declared a 75% chance of a spot Bitcoin ETF approval.
But then Mr. Gary Gensler at the SEC had to ruin the celebrations. Down we go again.
The SEC has delayed a decision on 7 spot Bitcoin ETFs from BlackRock, WisdomTree, Fidelity, VanEck, Invesco, Bitwise and Valkyrie.
It took just two days to fully retrace the pump after the Grayscale news.
This latest ETF delay pushes out a decision for another 45 days. With the final deadlines coming in early 2024 before the Bitcoin halving.
It may seem like it’s one step forward and three back but remember this. Galaxy Digital CEO Mike Novogratz revealed just a couple of weeks ago that a spot Bitcoin ETF will be arriving within 4-6 months, according to insiders at BlackRock and Fidelity.
Which puts the ETA at the final deadline.
Looks like we still have some waiting around to do. And even if not before the halving, a spot Bitcoin ETF is inevitable.
So, what to do in the meantime?
Stack sats. These cheap prices won’t last forever.
In an interesting move by Forbes, they appear to agree. A Forbes article was published this week and the headline reads “Time To Start ‘Dollar Cost Averaging’ into Bitcoin.” The tide is turning!
Do you think a spot Bitcoin ETF will eventually get approved? Reply to this email and let me know.
🔐 SEC’s Secret Sealed Binance Documents
In another sucker punch to crypto, the SEC has filed a secret motion against Binance.
What this means is that the SEC wants the court’s approval to submit information against Binance that would be kept private and out of public record.
Ouch! Binance can’t catch a break.
Now why would the SEC want to do this? Say hello to John Reed Stark. He’s the former chief of the SEC’s Office of Internet Enforcement. And he’s weighed in on the situation.
He’s said it’s a rare move by the SEC and could have happened for these 2 reasons:
- The ongoing investigation by the Department of Justice (DOJ). By keeping any documents secret and sealed, the SEC won’t disturb the work the DOJ is doing.
- To protect a witness’ identity. If Binance opposes the secret seal request, it’s more likely to be this scenario. Cos I’m sure Binance would rather the whole world knows who’s trying to take them down.
It’s getting hot and heavy, locked, and loaded in here as the battle between crypto and the US wages on. Never a dull moment in crypto.
👀 X Gets Crypto Licence
Crypto payments are coming soon to Twitter…I mean, X…some habits are hard to break.
Elon Musk has had a total of 7 US states approve some sort of money or currency licence.
The latest to hop on board is Rhode Island, approving a licence to trade, transfer, and store crypto on the social media platform. It joins Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire which had already approved the rollout of financial services on X.
We already know Elon’s grand plans are to turn X into an everything app to potentially rival China’s WeChat.
Well, he’s one step closer now as the licences keep rolling in.
Whilst it’s rumoured Elon will launch fiat payments first, he has reportedly instructed developers to build the feature so it’s crypto-compatible.
Whatever X turns into in the future is still unknown, but this is a bullish move for crypto.
😅 Shibarium’s Bridge Back Up And Running
It’s a hard life being a dog. Especially if your name is SHIB.
Shiba Inu’s long-awaited Shibarium bridge has finally been declared fully functional. But it’s been a rough few weeks for the team.
Here’s a quick recap…Shibarium’s mainnet launched on August 16 and within 24 hours $1.7M was locked in the cross-chain bridge.
Scalability issues and a massive transaction surge saw the network go into fail-safe mode and was temporarily suspended by the team.
After no transactions for 24 hours, the network was rebooted, and with a little help from Polygon co-founder Sandeep Nailwal, the mainnet and bridge eventually made their way back online.
Given that Shibarium is a Polygon fork, this makes sense. To fix the issues, the SHIB team had to fork Polygon once again.
Now that the bridge is back up and running, users can use SHIB, BONE, and others on Shibarium to swap, lend, borrow, and stake tokens.
Since Shibarium Take 2 went live this past week, Shibarium wallets have surpassed 600K and transactions have crossed 700K.
All is good in memecoin land, it seems.
🛠 Polygon Launches ZK-Powered Toolkit
Polygon 2.0 is one step closer to becoming a reality. Developers can now create their own customizable layer-2 blockchains using a new ZK-powered toolkit.
These custom chains will be connected by a ZK-powered bridge which will form Polygon’s new “Value Layer.”
It comes at a crucial point in time as the Layer-2 ZK competition is ramping up. Matter Labs’ ZK Stack is already live, with Starkware’s ZK developer toolkit coming soon.
Polygon’s zkEVM mainnet beta is also getting its first major upgrade. Dragon Fruit is expected to go live during the week starting September 11.
This will bring the latest version of Solidity to the network.
The Monthly Crypto Alpha Report was released Yesterday!
Today is your final chance to get your hands on the Monthly Crypto Alpha Report with a 7-day free trial!
The entire goal of our Monthly Crypto Alpha Report is to provide you with the necessary insights you need to make the most of the opportunities arising in the crypto space this month.
Here’s what’s inside:
- A macro overlook of the crypto markets to help you navigate the market trends
- The top airdrops of the month for potential quick gains
- The top altcoins to watch, selected based on in-depth analysis
- The best DeFi farms to maximize your passive income
- The most exciting NFT mints for those looking to explore the NFT space
Are you ready to embrace the wealth making opportunities that will arise in this month? Then get your hands on the Monthly Crypto Alpha Report with a 7-day free trial today!
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- Chainlink [LINK] Alpha Incoming!!!
- First, Swift, the global interbank messaging service, has just announced that they’ve successfully used Chainlink to transfer value across multiple public and private blockchains. Wow. If financial institutions in-mass use Swift to move value on-chain, and Chainlink oracles are integral in that process, then that’s bigly for Chainlink.
- Second, Chainlink’s staking services will be upgrading to v0.2 in Q4 of this year. The upgrade will include a bunch of improvements, including a near-doubling of the size of LINK’s staking pool, an unbonding mechanism for unstaking, and a dynamic variable reward rate. Chainlink is a monster that gets us excited, given its hardcore utility and launch of CCIP.
- Hashflow [HFT] price quotes are now live on MetaMask Swaps. Hashflow is a DEX that allows cross-chain trading via a request-for-quote model (not an AMM). Meaning, the price you see is the price you get. So now that Hashflow is used for swapping on MetaMask, users get zero slippage, no front-running, and competitive trading fees.
- Injective [INJ] is hosting a new trading portal built for institutions. It’s called Helix Institutional, and it provides permissioned, on-chain derivative, real world asset, FX, and indice trading for the suits-and-ties. Injective has been murdering it lately. We featured them last week and in June.
- Lybra Finance [LBR]’s V2 launched this past Thursday. V2 brings a bunch of upgrades, including omnichain functionality, an expanded range of LSTs for collateral, flash loans, and a token burn mechanism. Lybra is a stablecoin protocol (eUSD) that’s backed by ETH LSDs. The eUSD mint pool is currently paying 20% APY. We first gave the heads-up of their developing V2 in July.
- PancakeSwap [CAKE] is now live on Linea’s mainnet. And another one! This DEX is now on seven, count it, seven blockchains.
- Radiant Capital [RDNT] is now leveraging the Graph’s [GRT] decentralized network for it’s omnichain money market. According to developers, this will produce faster, more reliable, and more decentralized data for Radiant’s services.
- Vela Exchange [VELA] just announced that they will be deploying on Base. It’s not clear when, but all signs indicate it will happen. Vela Exchange is the newish leveraged (up to 250X) derivatives DEX that launched on Arbitrum in June.
We’ve discussed the Altitude Testnet several times in our weekly Airdrop reports but now might be the last chance to earn a reward.
Altitude is a composable, blue-chip asset bridging solution and one of the first dApps built on LayerZero, a cross-chain communication infrastructure designed to ease the current constraints of omnichain activity. Altitude’s vision is to enable Web3 users access to a seamless, single transaction process and promote cross-chain liquidity from one blockchain to another.
Altitude announced this week that it will be distributing 5% of its ALTD token supply to early participants in a Strategic Airdrop of the protocol. If you haven’t already participated in the testnet you can still share a portion of the reward from the completion of transactions on the Altitude Mainnet.
Use the Altitude Bridge, Participate in Altitude Pools or Yield Farm, and Stake LP tokens to participate in a future drop once the token is released on Mainnet.
Because Altitude operates using Layer Zero technology, participating could also make you eligible for a future Layer Zero Airdrop.
Altitude is available for use on the Avalanche, Polygon, Ethereum, Arbitrum, Optimism, Fantom, and BNB Networks.
NFT Art: Who Is Josie Bellini?
Josie Bellini is an OG crypto artist and project founder who occupies a unique position, overlapping between the worlds of art and design, finance, and technology.
Josie has created unique works of art in both physical and NFT formats, utilizing AR and AI along the way, and also established the CyberBrokers project, which contains a core NFT collection, expansion NFTs, and is focused on developing a gamified Web3 platform and brand.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “NFT Art: Who Is Josie Bellini?”
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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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See you next time!
Lark and the Wealth Mastery Team
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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.
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