Weekly Rundown - August 27, 2023

What a week!

Listen to this post:

Big week for newsletter content!

One full market update, one mini update, and the August monthly issue. And now, my weekly rundown.

I guess somebody's been a busy beaver. “Value,” as the content gurus say. I’ll go easy on the content this week, just the usual market update.

Take your time getting to the August monthly issue. Read it when you can!

Start with the updates. You should have those in your inbox. If you missed them, here are the links:

In those updates, I talked about prices, metrics, a reality about sentiment that nobody seems to talk about, and a chance to apply the quadrant altcoin strategy.

(As always, a disclaimer about the quadrant strategy and chart: it’s only for when you put new money into the market. Given this is a volatile, speculative market, do you put new money into BTC or alts? Don’t use it for rebalancing, timing, trading, or projecting any expectations).

Mark, how long will we suffer through Act 2 of the market cycle?

We don’t know.

On average, Act 2 lasts 300 days. We’re only 160 days into it. Patience!

I realize when you came into crypto, your mind conjured up images of wealth and prosperity. That will come, in time. Cryptocurrency is a marathon masquerading as a sprint.

Let’s not worry so much about the timing. If you’re on the premium plan, you know what I’m looking for before I can get too excited about the market.

If you’re not on the premium plan, upgrade now.

Once you upgrade, you’ll also get:

  • 👀 Direct contact with me.

  • 📈 Video and written market analyses so you can make better investment choices.

  • 🧐 Exclusive altcoin reports and special content to stay ahead of the competition.

Scroll down for some content you may enjoy.

Big thanks to my trusted exchange partner, BYDFi.

The market’s quiet and prices are low. If you’re not following my plan, you need to dollar cost average into Bitcoin and get a good allocation to the altcoins I’ve recommended.

And, if you’re buying, it’s important to do so with a licensed and reputable exchange. That’s why I recommend using BYDFi.

In addition to the new super airdrop, when you complete KYC and deposit any amount using your credit card, you'll be airdropped $100 for trading on perpetual contracts.

Bottom line: in this article, Blockworks gives you a few potential reasons that USDC, the transparent, audited, tightly-regulated stablecoin, continues to lose market share to USDT, the opaque, unaudited, not-regulated stablecoin.

My take: each of the reasons seem, er, reasonable. I’m inclined to believe criminals and money launderers prefer USDT because it’s beyond the reach of US regulators and normal people, especially in Asia, have no need (or way) to redeem it, so they use whatever everybody else is using (i.e., USDT). The US government can shut down USDC in an instant and Circle has to KYC everybody who mints or redeems. That’s quite a disincentive for core stablecoin users. People in the US sold their USDC for money-market funds and people outside the US sold their USDC for USDT (possibly with Bitcoin as a conduit for the transaction).

Why we care: when you have no evidence for your beliefs, it’s better to look at a range of possibilities than to default to “Tether = BAD” or “Tether FUD = nonsense.”

Bottom line: McKinsey researchers believe tokenization of real-world assets (RWAs) will revive the “blockchain, not Bitcoin” movement, leading people to buy into crypto for fundamental reasons rather than speculation.

My take: I’m all for whatever people need to convince themselves that they should put time, money, and effort into crypto. Tokenization of RWAs is a powerful use of cryptocurrency and Wall Street will hype this as one of its narratives (the other being “it’s safe now”). It’s as good a narrative as any, and better than any message that implies crypto is a safe investment.

Why we care: if you’re looking for narratives for the next bull market, here’s one.

Are you looking to hire Web3 talent?

Connect with Recruit Rockstars for 50% off of their normal fee when you use my Recruit Rockstars referral link (I get a small reward when you do).

Relax and enjoy the ride!

Before you go, I need to let you know that I am looking to finalize my next list of sponsors!

Put your brand in front of over 23,000 active crypto investors by reaching out through the button below here!

Join the conversation

or to participate.