Gm friends,
Quick reminder before diving into today’s newsletter:
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Ok, now here’s what’s in today’s issue:
- Rebecca shares her thoughts on September’s sluggish start, Mastercards self-custodial crypto debit card, Swiss Bank launching crypto trading, 21Shares launching wrapped BTC token & EigenLayer’s upgrade and airdrop.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report.
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September’s Sluggish Start
September is a bearish month for financial markets. And it looks like The September Effect is in full swing with Bitcoin down 6% so far.
Right now, the crypto market sentiment is in the toilet, with the Fear and Greed Index showing a score of 22—Extreme Fear.
That means the market sentiment is close to the same levels as when Bitcoin was trading at $16K in November 2022. Only this time, Bitcoin is trading just 23% below its all-time high.
But despite the bearish vibes, the current price action is nothing out of the ordinary. The market also saw September single-digit drops in 2022, 2021, 2020, 2018 and 2017.
But what this does mean is that the spot Bitcoin ETFs in the US are also down this week:
- Monday: market closed
- Tuesday: -$287.8 million
- Wednesday: -$37.2 million
- Thursday: -$211.1 million
The US spot Bitcoin ETFs lost a combined $287.8 million on Tuesday, which is the biggest outflow in 4 months.
Fidelity and Grayscale led the outflows whilst BlackRock’s IBIT ETF remained flat for the second straight day of trading.’
With the market seeing red on Wednesday and Thursday too, it marks 7 consecutive days of outflows. The ETFs have seen over $1 billion of outflows since August 27.
Now not all of this negative price action may be due to The September Effect alone. Financial markets have been rocked recently by weak US manufacturing data, with the ISM showing 47.2%, below the 50% breakeven point.
Not to mention the yield curve has fully reverted back to normal now too. So once again, investors are quick to throw the “R” word into the mix—yep, recession fears are back!
Important dates to watch out for this month in the US:
- Presidential debate: September 10
- Inflation data: September 11
- Interest Rates: September 18
Does the current price action hurt? Absolutely. Could the market go lower? Absolutely. But you’ve come this far, so don’t give up now. Stay the course and you will be rewarded.
How long have you been investing in crypto? Reply to this email and let us know.
Mastercard’s Self-Custodial Crypto Debit Card
You can now pay with crypto at over 100 million merchants throughout Europe.
Mastercard has launched a euro-dominated crypto debit card in partnership with crypto payments infrastructure provider Mercuryo.
The good news is that this debit card supports self-custodial wallets. This news comes after Mastercard announced a pilot crypto debit card with self-custodial wallet MetaMask last month.
On the surface, this sounds great. More options to spend your crypto means more adoption. But the EU has been trying to regulate self-custodial wallets for a while now.
The state wants to know who you are, what you’ve got, where you’ve got it and what you’re doing with it—even in self-custodial wallets.
So this partnership will be music to their ears. The bad news is that you will be identifying yourself every time you use this Mastercard crypto debit card.
It’s self-custody crypto with a layer of KYC over the top through Mastercard. If protecting your identity is one of your top priorities, then be careful!
Swiss Bank Launches Crypto Trading
Zurich Cantonal Bank, Switzerland’s fourth-largest bank, has launched crypto trading to its 1.5 million customers.
The bank has partnered with Crypto Finance AG to allow 24/7 Bitcoin and Ethereum trading from within its online banking platform and mobile app. Crypto holdings will be integrated into the already existing portfolio view for seamless integration.
On the crypto custody side, ZKB will manage the storing of users’ private keys themselves. So there’s no need for crypto wallets.
The service isn’t just for retail customers, but third-party banks can also trade Bitcoin and Ethereum through ZKB. Whilst this is big news for crypto, ZKB is playing both sides having been part of Switzerland’s CBDC pilot project.
21Shares Launches Wrapped Bitcoin Token
ETF issuer 21Shares wants you to benefit from Bitcoin’s liquidity within Ethereum’s DeFi ecosystem. So its parent company 21co has launched the 21BTC token, a version of Bitcoin that works on the Ethereum network.
Wrapped tokens like 21BTC are backed 1-to-1 by Bitcoin, allowing Bitcoin holders to trade in their BTC for the equivalent wrapped token, to do cool stuff outside the Bitcoin network.
The 21BTC token uses Chainlink’s proof of reserves and secure mint technology for additional transparency and security.
This news comes a month after crypto exchange Coinbase teased the upcoming launch of its own wrapped version of Bitcoin on its Base network, cbBTC.
The wrapped Bitcoin token wars are heating up, which goes to show that there is so much demand for Bitcoin, that it’s being used to drive adoption to other blockchains. Let the games begin!
EigenLayer Upgrade And Airdrop
Ethereum restaking protocol EigenLayer just got a major upgrade which will see 3 important changes:
- better performance of its restaking smart contracts (EigenPods)
- more restaking options for users
- improvements to the user interface
But that’s not all. EigenLayer has also announced details of its second-season stakeholder airdrop. 86 million EIGEN tokens will be distributed to:
- stakers
- node operators
- partners
- community members
Users can claim the free tokens from September 17, based on user activity between March 15 and August 15. Community members must link their wallet address to their social media handle by September 11 through Eigen’s official verification site.
This airdrop makes up around 5% of its fully diluted supply of 1.67 billion tokens.
Existing Projects / Token
- Arbitrum [ARB] launches the Stylus Upgrade, a major enhancement to the Arbitrum Nitro tech stack, which powers Arbitrum One, Arbitrum Nova, and Arbitrum Orbit chains. Previously limited to Solidity, developers can now use WebAssembly (WASM) languages like Rust, C, and C++. This enhances efficiency and performance while maintaining compatibility with existing Solidity contracts.
- Avalanche [AVAX] introduces Avalanche9000, the biggest development to the project since the launch of its mainnet. The new feature makes it easier and more economical for developers to create and launch their own L1 blockchain.
- Aave [AAVE] introduces the Sky Aave Force, a new DeFi initiative in partnership with Sky (formerly MakerDAO). The Sky Aave Force will introduce USDS and Savings USDS (sUSDS) tokens on Aave V3, enhancing liquidity and user participation. Its goal is to drive mass adoption and close the gap between DeFi and TradFi.
- Cardano [ADA] launches the much-awaited Chang hard fork. This milestone is a step towards decentralized governance, marking the beginning of the Voltaire era. In a nutshell, this empowers the Cardano community to have a direct say in the future direction of the blockchain.
- Eigenlayer announces Eigen Season 2 Airdrop in preparation to unlock, distributing 86 million EIGEN tokens. This event rewards stakers, node operators, ecosystem partners, and community members who contributed to the network between March 15 and August 15, 2024. Token claims will open on or before September 17,
New Projects / Tokens
- Injective [INJ] introduces the first-ever tokenized index for the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). The BUIDL Fund provides institutional investors with access to yields on assets like U.S. Treasuries. The new Injective index allows anyone to gain 24/7 exposure to tokenized assets such as U.S. Treasuries with leverage.
- zkVerify, by Horizen Labs, launches its incentivized testnet. This project is a modular and cost-effective zK-proof verification layer. Phase 1 of the testnet focuses on developers and aims to expand the platform’s features and ecosystem.
Gud Chain Staking Airdrop
Gudchain is seeking to merge gameFi with the vast mobile gaming market, aiming to mainstream blockchain gaming through innovative wallet technology and an expansive approach beyond typical player vs. player setups. Gud games blend with traditional titles while managing tokens via the Gud app, offering players a gradual and flexible entry into blockchain gaming to foster a healthy and growing ecosystem.
To get things started the project is bootstrapping liquidity by running a staking campaign where users can Earn Gud Seeds for participation. The amount of Gud Seeds earned will determine you’re allocation of GUD Tokens upon TGE. Sign up for the Airdrop by Connecting your Ethereum Wallet, Twitter, and Telegram accounts to mint your Gud ID. Be patient as the website often loses connection to your wallet when attempting to create your Gud ID. If this happens to you, just reconnect your wallet and try again until all steps are completed.
Once you have your Gud ID completed you’ll be able to start staking assets to earn Gud Seeds. Tokens that are currently available for staking are ETH, USDC, USDT, DAI, sDAI, USDz, sUSDz, stETH, wbETH, or mETH. Choose any of the following tokens you have on Ethereum and choose to Stake them using the Stake Tab on Gud Chain.
There is no lock-up period and no loss of Seed points when withdrawing your assets from the program. To remove assets from Gud Chain at any time. Simply go to the My Seeds Page, scroll down to your Supplied Assets, and click Withdraw.
Gud currently has less than $5 Million staked on the platform, making it a high potential Airdrop to farm with minimum effort required. As you can see, after just a few minutes of staking less than $5 in tokens on Ethereum. You’ll be instantly ranked in the top 7000 wallets. Considering staking drops on Ethereum like Eigenlayer and Swell have upwards of a million or more addresses farming the protocol. Gud Chain is a great under-the-radar opportunity to potentially grab an Amazingly Gud Airdrop before the year is over. Learn more about the Gud Project in the About Section and by Following the Gud Projects Socials.
What Is CryptoKitties?
While CryptoPunks, which launched in June 2017, set the standards for 10K PFP drops, another important NFT project launched that same year was CryptoKitties, which appeared that November and launched an experimental, NFT-centered game.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “What Are CryptoKitties Egg NFTs?
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 that you 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.
You can find a full disclosure of all my crypto & venture investments here.
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.
