Weekly Rundown - June 18, 2023

Ex-changes

Author

Mark Helfman
June 18, 2023

Listen to this post:

Well, well, well.

Bloomberg is publishing old Tether FUD, your favorite YouTuber says the market is about to collapse, Twitter traders are telling you to stay out of the market, France is joining the US in calling Binance a criminal enterprise, US regulators seem hell-bent on destroying natively-crypto entities . . .

. . . and Blackrock, the world's largest asset manager, applied for a spot Bitcoin ETF.

Is this the start of the shift from VC / Silicon Valley to legacy finance? From natively-crypto entities to traditional, “regulated” firms?

If you want to know my thoughts about Wall Street's entry into cryptocurrency, read my book, Bitcoin or Bust: Wall Street’s Entry Into Cryptocurrency.

I published it in 2019, anticipating the shift that unfolded in the years since. It’s a little dated and some of the specific examples are no longer relevant, but the themes, expectations, and conflicts remain the same.

Premium subscribers get it for free when they upgrade.

Some people claim Blackrock’s laying the groundwork to buy your crypto for pennies on the dollar once we get the “capitulation candle”—that inevitable final crash that takes Ethereum down to $400 and Bitcoin to $10,000. Those prices would match the bottom prices of previous cycles in percentage terms (90% and 85% respectively).

I guess some people can’t believe that November 2022 could have marked the end of the mildest bear market in crypto history.

Are they right?

I don't know and I don't worry about it. Just take the market as it comes! Make sure you got my Buy/Sell/HODL alert from this week.

Also, here is my most recent market update, so you know what I'm looking at now.

Bitcoin and Altcoin Market Update - June 13, 2023

$24k magic in the air yet?

cryptoiseasy.beehiiv.com/p/bitcoin-altcoin-market-update-june-13-2023

If you've been following my market updates over the past few months, you know that everything is pretty much going to plan. Let’s hope that continues.

Scroll down for a poll and some content you may enjoy.

Will Bitcoin's price drop to $10,000?

Login or Subscribe to participate in polls.

You worry about Binance, KuCoin, Abra, Coinbase, and pretty much every crypto exchange.

For the record, I have no problem using Coinbase, KuCoin, Gemini, and other exchanges. I used to say you can trust any exchange that has a high trust score on CoinGecko, but they whiffed on FTX. So did everybody else.

Because I am a US citizen, I can't use Binance and, out of caution, won’t do anything on Binance Smart Chain—but even with my concerns about exchanges in general and Binance specifically, I think it's fine, with one caution:

Treat it like you treat a bathroom.

Go in, do only what you need to do, stay only as long as you need to stay, and get out as soon as you can with everything you went in with.

When you put money on an exchange, it's no longer yours. The exchange can do whatever they want with it. You should not expect that you will ever get that cryptocurrency back.

As long as you keep that in mind, use any exchange you want. Some will give you bonuses or free crypto for your first deposit. Take the bonus and remove your free crypto as soon as it hits your account.

Also use DEXs, too! Once you factor in trading fees, transfer fees, withdrawal fees, and the hassle of KYC and moving crypto in/out, DEXs are sometimes cheaper and easier than centralized exchanges.

I’ve found Uniswap generally has the best liquidity, DODO DEX generally gets you the best prices, and Demex generally has the lowest fees and best rewards for liquidity providers. CoinGecko has its own list of DEXs.

I'm happy to consult about this. You can email me [email protected] or schedule a time with me on Superpeer or Tealfeed.

Sorry for interrupting your reading, but I need to let you know that I am looking to finalize my next list of sponsors!

Put your brand in front of over 20,000+ active crypto investors by reaching out through the button below!

Tether depegged and freaked everybody out. Are you scared? Did the FUD get you down?

Tether loses its peg all the time. Its price goes up or down 0.2% quite often. You might find its price as high as $1.01 and as low as $.99 a few times each year.

Watch my short video about what you should worry about more than any Tether depeg. This video is relevant until Tether presents a valid audit.

In last week’s rundown, I told you US regulators approved Promethean Capital and OTC Markets to custody and trade crypto for their customers.

Twitter sleuths checked into Promethean after one of its co-CEOs testified before Congress. They seemed less than impressed.

The company says it’s “building Wall Street 2.0” and disputes some of these accusations in its written testimony.

Make of that what you will.

Jobs Corner

These jobs come from the ToolsForCrypto newsletter.

ToolsForCrypto’s Newsletter | Substack

Get updates on the newest crypto and web3 tools! Signup for daily updates on the latest projects and tools. Click to read ToolsForCrypto’s Newsletter, a Substack publication with thousands of readers.

toolsforcrypto.substack.com/?utm_source=substack&utm_campaign=publication_embed&utm_medium=web

If you’d like to post a vacancy here (for free), email [email protected]. And, if you’re looking to hire, 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!

Reply

or to participate.