Wow, what a week it’s been! Are you feeling rich AF yet? Even just a little bit?
Bitcoin blasted to $35K. But remember this investing rule: nothing goes up in a straight line. So BTC is taking a little breather.
And whilst it’s doing so someone’s been banking those profits.
This is your weekend crypto update, so take a moment and I’ll fill you in…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on Cathie Wood’s taking profits, SBF testifying, the IRS demanding receipts from Kraken, Polygon’s POL token going live & MultiverseX creating one-click wallets.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on San FranTokyo and Weebox.
Trade on Phemex to participate in the xPT Pre-mining event. Everyone can mint their Phemex Soul Pass (PSP) now and receive Phemex Tokens as airdrop for their trading activity.
🤑 Cathie Wood’s Been Taking Profits
Bitcoin hit a 16-month high. Time to take profits, said Cathie Wood.
Someone’s clearly been taking a peek at the Crypto Fear and Greed Index…Greed, 70. The highest level since November 2021. Cathie smashed that sell button.
Cathie Wood’s Ark Invest has been selling shares in two Bitcoin-related stocks: Coinbase and Grayscale’s Bitcoin Trust (GBTC). Ark has been offloading the shares in chunks.
Ark sold 42,613 Coinbase shares and 100,739 shares of GBTC on Monday. These sales were worth a combined $5.8M.
Then, Ark went for round 2 on Tuesday. Ark sold another $1.7M in Coinbase shares and $1.8M in GBTC shares.
Ark Invest is known for rebalancing regularly. But all those bear market buys paid off.
Lesson: be willing to look like a fool in the short term cos you will be a genius in the long term.
Contrarian investors especially, who bought GBTC shares back in January have been massively rewarded. GBTC has outperformed Bitcoin and is up 216% so far in 2023. Its gains are up there with Nvidia!
Whilst Bitcoin continues into accumulation mode on the USD pair, Bitcoin has reached new all-time highs in Turkey and Nigeria. It’s number go up technology!
Have you taken any profits or are you HODL’ing into the halving? Reply to this email and let me know.
🚔 SBF Testifies
Sam Bankman Fried’s trial is heading towards its final act. But not before the plot twist: SBF himself will testify.
It’s a risky move but it began on Thursday when he spoke in front of the judge without the jury. His answers were vague with plenty of waffle. He’s trying so hard to dodge the truth.
But what SBF did say was that his lawyers were involved in creating policies and setting up a way for customer funds to be deposited into an Alameda bank account. In other words, he’s playing the whole “I thought this was legal” card.
But without the jury, this was just the trial run. SBF is due to testify in front of the jury on Friday. After that, the judge is expected to hand over the case to the jury early next week to deliver the all-important verdict.
Whilst SBF is having his day in court, FTX wallets are moving money. $20M in total. $15M in SOL has been moved around with some funds ending up on centralized exchanges like Binance. $2.5M across multiple tokens has been sent to a Binance address. And a cold storage wallet has also transferred $2.5M in ETH to Coinbase.
🧾 IRS Demands Receipts From Kraken
Operation Chokepoint is still in progress. Kraken has been in a legal fight with the US tax authorities since May 2021.
Spoiler alert: Kraken lost. Now US customers will feel the wrath of the IRS. Kraken must hand over US customer data which includes general KYC information and crypto transaction data.
Customers have been sent a letter by email this week, which of course made its way onto Reddit and
The good news is that Kraken has fought to reduce the number of customers affected and reduce the amount of data the IRS can get their hands on. But the bad news is the IRS will get the following information:
- Date of birth
- Tax ID
- Contact information
- Transaction history for 2016-2020
This will apply to customers who had transactions of more than $20K in a single year between 2016 and 2020. Kraken will share the information with the IRS in early November.
🪙 Polygon’s POL Token Goes Live
MATIC meet POL. The Polygon team has launched the Ethereum contract for its new POL token on the mainnet.
This is a massive milestone for Polygon. The POL token is Polygon’s new ecosystem token and will eventually replace MATIC.
Polygon’s 2.0 plans are well in progress now. POL will be used to power Polygon’s new ecosystem of zk-powered Layer-2 blockchains.
Nothing has happened just yet though with POL. So MATIC holders don’t need to panic.
MATIC is yet to be switched over to POL. So gas fees and staking are still being executed using MATIC. Eventually, MATIC holders will be required to exchange tokens 1:1 for the new POL token.
Earlier this month, Polygon 2.0 launched on the Goerli testnet and just last week Polygon proposed a Protocol Council.
The Polygon Protocol Council will push the network towards a decentralized governance future. 13 members have been named including officials from Coinbase and the Ethereum Foundation.
💰 MultiversX Creates One-Click Wallets
MultiversX has made onboarding into Web3 mind-blowingly simple. It’s launched a single sign-on experience which creates a wallet in one click with Google accounts.
Yet it’s self-custody. This takes away the need for seed phrases. And the need to be clued up on the basics of blockchain.
Cos when you think about it, no one really knows how the banking system works. We just tap our card or phone and the payment is made.
This is exactly how crypto will need to feel to reach mass adoption.
The single sign-on has been created using xAlias which recently launched on MultiversX.
xAlias works by adding one extra line of code to allow the dApp to handle everything as if it were a web wallet.
Developers can already experiment with it and the MultiversX team will be sharing more demos and documentation in the coming days.
Existing Projects / Tokens
- Fantom [FTM] launched its Sonic upgrade via testnet on Wednesday. Sonic provides Fantom an updated virtual machine, a more efficient database storage system, and an optimized consensus mechanism. Sonic is expected to help Fantom achieve 2K TPS and improve decentralization due to less storage requirements for new validators.
- Polygon [POL] has launched the smart contract system for its new token — POL — as of October 25th. POL will be the Polygon 2.0 utility token, and it will be used to operate an ecosystem of ZK-based L2 chains. The dev team says POL can be used to validate multiple chains at once, meaning it will be a “hyper-productive” token.
- Solana [SOL]’s BreakPoint Conference will be held from October 30th to November 3rd in Amsterdam. These conferences typically include big announcements, so it’s probably something to keep your eyes on as there might be big news coming about Solana.
Upcoming Projects / Tokens
- Accumulated Finance [ACFI] is a new incentivized liquid staking and DeFi pool protocol that lets users boost yield and earn other rewards. The protocol operates on Ethereum and Arbitrum. The native token — ACFI — hasn’t launched yet, but it’s coming.
- Seneca [SEN] is set to officially launch on November 8th. Seneca is an omnichain isolated lending market on Ethereum. A public sale of the protocol’s native token, SEN, is coming.
- Shuffle [SHFL] is a crypto-based betting exchange that operates similar to Rollbit. Shuffle’s native token — SHFL — is expected to drop at some point before the end of the year.
- Symmio [SYMM] is a developing “automated markets for quotes” (AMFQ) exchange that allows users to trade derivatives on perpetuals, options, FOREX, and other instruments and assets. The protocol is currently available on Binance Smart Chain and Base, and is coming to Ethereum, Avalanche, and others. The native token — SYMM — will be released in a fair launch at some point before the end of the year.
The Ice Open Network (ION) is a revolutionary blockchain initiative designed to address the challenges of centralization and introduce solutions to the data privacy and ownership issues that are pervasive in today’s digital environment.
Building from The Open Network (TON) blockchain, ION introduces an ecosystem of decentralized services aimed at fostering and rewarding participation and authentic content creation.
One of their first products is the ICE Mining Application. Available in the Android and iOS Mobile Stores, the ICE Mining App lets you earn free ICE tokens for simply checking in once every 24 hours. By doing so you’ll mine free ICE tokens until the next 24-hour check-in period.
Invite friends and mine together to boost your mining rewards. For each friend that checks in at the same time as you, you both receive a 25% bonus on your mining earnings rate. The base mining rate starts from 16 ICE per hour and is reduced by half after certain milestones have been reached.
Check out the complete halving schedule HERE. This is just the beginning phase for Ice Open Network with plans to integrate Digital IDs, Social Media, and Storage options into the application as the project progresses.
Get started mining your free ICE tokens and Learn more about the ION Project today!
What Are San FranTokyo and Weebox?
Weebox is a virtual store within the San FranTokyo ecosystem, and the entire project is focused on digital and physical collectibles, with a strong focus on anime, manga, figurines, and Japanese pop culture.
Backed by Animoca Brands, and developed by an experienced team, the project has already launched its Genesis Pass NFTs, and will soon release a PFP collection called Visions.
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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.
If you really want to take advantage of fastest growing asset class EVER, I highly recommend you to check out my new Altcoin course: Mastering Altcoin Investing
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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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