In This Issue
- I share my thoughts on the state of the market, Inflation data is in, BUSD is a security, big DeFi news, Polygon news, gaming season coming BLUR comes into focus & the Gamma swap airdrop.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on Ordinal NFTs on Bitcoin.
- Defi Dad has a tutorial for you on how to earn up to 17-20% yield with leveraged stETH/ETH vaults on Notional.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
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What’s On My Mind by Lark
The State of the Market
Well… another week in crypto. At the time of writing Bitcoin had flipped a major area of previous resistance into support around $21,500.
That’s nice, but the big story this last week has been about regulations. Which resulted in crypto decoupling from stocks. Stocks rallied higher, while crypto languished on fears of the SEC actions. Companies outside of crypto are making so much money that they have been doing HUGE stock buybacks. Crypto man…
New address momentum is picking up for Bitcoin, which can often be correlated with new cycle trends starting. There are so many different on-chain charts showing basically the same thing. While we are not likely to turbo-run back to new highs this year, we are moving in the right direction.
But overall markets have been more chill this week as investors are spooked and thus we got our cool-down period following our big run-up. Now we want to see follow-through higher in the coming weeks.
Inflation Data Is In
US inflation numbers are in and they are both good and not awesome. Core inflation fell from 6.5% in December to 6.4% in January. Not a huge drop, and a big slowdown in the velocity of the drop. January saw the monthly inflation rise by 0.5%. This means that in spite of all the rate hikes that inflation is remaining a sticky problem. The initial vibe from markets though is that they just don’t care. So there is that to consider.
BUSD Is A Security?
It seems the SEC is taking the spray-and-pray approach to regulation. Their behavior has been beyond shocking. Charge Kraken for offering unregistered securities in the form of staking and say that Kraken should have registered with the SEC. But there was no path to register with the SEC. Massive fraud at various crypto lenders? SEC is asleep. Library’s utility token? Hit them with the hammer. Shit tons of silicon valley circle jerks and cash grabs… SEC again is blind. Is all of this just a way to try and distract the general public from the SEC’s massive failure with FTX? There is no investor protection going on here. Just mafia-like shakedowns to get fat settlement checks rolling in.
Now the SEC is going after BUSD, the Binance-issued stablecoin. Their reasoning? BUSD is an unregistered security. BUSD is issued by Paxos. Paxos is tightly regulated by the New York Department of Financial Services and received a license from them. I guess the NFDFS missed…
