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- Weekly Rundown - June 25, 2023
The monthly issue’s out. You probably didn’t read or listen to it yet (I can see the performance metrics). Do that now.
Does anybody still worry about Binance, Coinbase, and the rest of the exchanges? Is that too “last week” for you? Are you getting pumped for the day that Wall Street and wealthy insiders take your crypto?
Watch out for FOMO!
Our recent move from $25k-$30k started with a pump of TUSD and related shenanigans. Sometimes, a little pumpage at the right time can send prices way higher, way faster than you’d expect.
TUSD did a number on the market at our “local bottom” in March, too. Look at this chart—black is Bitcoin’s price, purple is TUSD’s market cap.
What an amazing coincidence. A well-timed, possibly unbacked infusion of imaginary dollar-ish tokens can do wonders for the market.
Read my recent Medium post for more on this latest pump and what it might mean for the market.
Normally, I keep this kind of analysis just for paid subscribers but I feel compelled to flag this for everybody. If you’re on the paid plan, I hope the rest of my analysis and commentary gives you enough value that you don't feel “ripped off” that I'm giving people a small portion of it for free.
Speaking of analysis and commentary: make sure you got my most recent market update!
Scroll down for last week’s poll results, job listings, and some content you may enjoy.
Poll results
In last week’s poll, I asked “Will Bitcoin's price drop to $10,000?”
Sadly, I can’t compare the results before the ETF announcement to results after the ETF announcement.
No matter. 82% of you said “no.”
I can hear Priya in the Park shouting:
OMG YOU’RE ALL SHEEP YOU’RE IGNORING THE MACRO TETHER’S ABOUT TO COLLAPSE CME GAP AT $8K BINANCE WILL FAIL!!!
$10,000 would match the percentage decline we’ve seen in previous bear markets. Make sure you know what you’ll do if we get there.
Look for another poll soon!
Next Crypto “Bank” to Fall: Prime Trust?
BitGo pulled its acquisition of Prime Trust, a crypto-friendly provider of financial services. Some commentators call it a bank, but this non-lawyer isn’t sure that’s technically true in a legal sense. Prime Trust has a few lines of business, including crypto custody.
Usually, a failed business deal isn’t newsworthy. This time, it is.
The State of Nevada ordered Prime Trust to shut down because of “a shortfall in customer funds.” It alleges the company failed to safeguard assets in its custody and can’t meet all client withdrawals.
I hear rumors that Prime Trust lended out people’s tokens, which is a big no-no. As a custodian, it should have 100% of all assets at all times.
What happened? How will the market react if Prime Trust goes down?
This Coindesk video explains more, including backstage info on Congressional action and private conversations.
Not your keys, not your crypto!
The incomparable Sylvain Saurel published six rules in his June 21, 2023 post. Good advice, all of it.
Read the article for the full Monty. In a nutshell:
Don't trust anyone, verify everything for yourself
Never sell your Bitcoin
Only spend your Bitcoin within the circular economy that is developing around the Bitcoin system
Bitcoin is never “dying”
No one can give you any guarantees other than those of the Bitcoin protocol
Constantly seek to increase your knowledge
Note, I would sell your Bitcoin in some circumstances. Otherwise, I agree with all six rules.
Sorry for interrupting your reading, but I need to let you know . . .
. . . I’m 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!
Jobs Corner
Opensea | Director of Brand Partnerships | Link to position
OKX | Data Analyst - Trading Team | Link to position
Illuvium | QA Web Tester | Link to position
Evmos | Software Engineer, Full Stack | Link to position
Chainflip Labs | Senior Full Stack Engineer for Web3 | Link to position
Paxos | Product Manager – Tokenization | Link to position
LayerZero | Business Development Representative - Defi | Link to position
Chiliz | Twitter Specialist | Link to position
These jobs come from the ToolsForCrypto newsletter.
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!
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