Weekly Rundown - November 26, 2023

Actually, it's "Benance"

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Did you catch my November monthly issue, The Choice You Will Eventually Face With Cryptocurrency?

If not, do it now.

As mentioned in that post, my plan says not to buy.

If you’re in the trade from February, you have your take-profit and stop-loss prices. Nothing to do until one of those prices comes. Make sure you got the trade alert from earlier this month.

(If you didn’t get that alert, don’t know what that means, and didn’t take the trade from February, ignore this. Don’t even read it.)

Otherwise, you should have a strong allocation to crypto. You’re setting aside money for the next opportunity.

What do you do with that money while you wait?

I gave some ideas in my most recent market update, along with analysis and commentary about the crypto market. Make sure you read it or watch the video!

With certain investments like T-bills and money market funds (or whatever’s similar in your country), your government will pay you to buy crypto in the future at lower prices (or prices roughly the same as today’s). Take the free money! 

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

Poll results

In last week’s poll, I asked “What Will Happen When the US Approves Its Spot Bitcoin ETFs in January?”

Exactly 50% of responders said “local top,” a temporary drop in prices before going higher.

Of the other options, three got about the same amount of votes: “cycle top” (down only), "up only" (price goes up and never comes back), and “trick question” (US won't approve the spot ETFs).

Almost nobody said nothing will happen. Everybody thinks something will happen.

What do I think?

Approval would be the epitome of the “sell the news” part of the old adage, “buy the rumor, sell the news.” In other words, the obvious outcome would be a drop.

Almost too obvious.

I’ll bet it’s a non-issue and market dynamics will matter more than the ETF approvals. Let’s see what the market’s doing in the days and weeks before the approval or disapproval deadline.

US Treasury Secretary Janet Yellen can’t even pronounce Binance correctly. She said “beh-NANCE.”

And you still think the US government is going to crush crypto? Check out this funny tweet with a remix of the “Benance” episode.

Bottom line: US law enforcement didn’t crush Binance. This suggests a preference for compliance, not destruction.

My take: seems like US investigators think Binance is more useful alive than dead. Access to its books may yield a treasure trove of evidence about all sorts of illicit money flows and criminal activity.

As far as new eras go, it’s confirmation that the US government doesn’t want to kill crypto. It wants crypto to play by its rules. Unfortunately for the US government those rules make no sense, and every step to enforce those rules pushes money, innovation, and initiative to other countries. It's a game the US can't win with the strategy it’s taking.

Why you should care: one more reason you should not fear the US government.

Back to Binance, if you’re wondering my thoughts, watch this video.

Double the videos!

Bottom line: ERC-6551, a new token standard, lets NFTs do smart contracts. With this technology, NFTs can change, evolve, and combine in potentially limitless ways without losing their unique attributes and ownership.

My take: poor NFTs. Everybody thinks they’re JPEGs but they’re actually just an entry on the blockchain. You can make an NFT for anything. It’s simply a way to verify ownership. You can’t program NFTs or make them “do” anything (that’s what the platforms/games/etc are for).

With this new standard, creators can program NFTs. This may make a new way to patent and license computer programs, DeFi applications, and any process that people can reduce to a line of code.

Why you should care: if this standard takes off, it will bring more capital into cryptocurrency and maybe create an “NFT mania 2.0.”

A triple-video rundown!

Watch Heidi from Crypto Tips for her take on the motivations and justifications of US regulators about not just Binance but also Kraken (who got sued again after settling a different matter earlier this year).

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Relax and enjoy the ride!

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