In This Issue
- I share my thoughts on the state of the market, FTX contagion not done, decentralized exchanges, EU banning privacy coins, money is still here & an SEI airdrop.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on Ethereum Layer 3’s.
- Defi Dad has a tutorial for you on how to earn ~9% APY with MEV rewards in liquid staked ETH.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
For any crypto related questions please comment on the website.
For any support related issues please visit wealthmastery.io and click the bouncing blue circle in the bottom right corner.
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Buy, trade, and hold 600+ cryptocurrencies on Binance
What’s On My Mind by Lark
The State of the Market
What a crazy week…. If you are still here and reading this then congratulations, because you just survived one of the rarest events we can imagine in this market.
One thing that I have found rather noteworthy in this madness is that while Bitcoin put in a new low for 2022, Ethereum did not. In fact ETH has shown a lot of strength versus BTC in this crash.
Still though crypto has been shattered in many ways this week. Events like a major exchange melting down have a way of shattering markets and the ripple effects can be significant.
Huge outflows of Bitcoin from exchanges have happened over the last week. Unsurprising considering the mayhem of FTX, which caused widespread fear. In the long run though, this is good. You should be holding your Bitcoin in your hardware wallet. Exchanges are marketplaces, not banks.
Also, don’t forget that while things look pretty grim now that the risk reward ratio for Bitcoin and Ethereum just keep getting better. Buying at all time highs is always risky. Buying after a massacre. Usually a lot less risky, even if it doesn’t feel like it.
FTX Contagion Not Done
This week has seen a flurry of paranoia about possible contagion from FTX.
Nexo has come under intense scrutiny, after they used their “risk management” to get 200 million of customer funds out of FTX days before the collapse. The real question though is why were funds there anyway? Nexo is supposed to be a lender, not a hedge fund!
There were also fears that Crypto.com and Gate.io could be facing insolvency issues. We should all be paranoid about centralized services right now. While it seems like Crypto.com is working hard to show they are doing ok with AMAs from the CEO, and topping up their stablecoin reserves. At this time it seems like crypto.com has survived the bank run successfully, which is what any exchange should be able to do. Although, I do fully understand the deep skepticism towards all exchanges right now.
There are also questions as to whether the crypto.com transfer of about a billion bucks worth of ETH to Gate.io was used to make Gate’s numbers look better to pass an audit. Although crypto.com said it was just a mistake? Also it has been revealed that gate.io was hacked for 230 million back in 2018 which it never revealed. So much is hidden in crypto. Such a big chasm of trust.
Anyway here is what we know for certain about FTX contagion.
Genesis Trading has run into solvency…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
