🙇♂️This Week's Most Exciting Crypto News
gm degens 🙋♂️
Probably the last thing you want is hearing from me on a Saturday. Intentions are good though. For all of those you who might’ve missed my newsletter sent out daily, because you had something urgent to do or you said you will go back to it but you never did, I will be listing here the most exciting crypto news that happened over the week, so at least you have a general idea on what happened.
On Monday, we covered the topic of Instagram supporting NFTs as well as reasons why crypto market is going down.
Back in March 2022, Mark came out with an announcement saying that they are working on bringing NFTs to Instagram in near term. Zucki (Mark Zuckerberg but he is my pal so I can call him however I want) even mentioned that they might support users to mint NFTs within Instagram!!
We argued that some of the reasons on the crypto market crash we have seen lately are related to:
Interest Rate hikes
Less interest from Institutional investors
Here you can read the entire newsletter if you want to know more.
On Tuesday, we talked about Luna Terra and their stablecoin $UST as well as about Azuki NFT project.
A lot has changed since we reported on both cases. Currently $UST is sitting at 19 cents while Luna Terra is almost worthless now. The issue with $UST is that it is not backed by any specific asset (algorithmic stablecoin) which is different compared to other stablecoins. Its price is maintained by creating and destroying supply through a swap with Luna token. $UST is the third largest stablecoin by market cap, right after $USDC and $USDT.
Zagabond (founder of Azuki NFT project)wrote an article about his experience where he admitted that he was a founder of three other previous projects which failed. Those projects were CryptoPhunks, Tendies and Cryptozunks. All those projects were abandoned from the founding team. Twitter went crazy on this. Although at that time, floor price went down by almost 50% (down to 8ETH), it has recovered pretty good since that day. Currently it is sitting at 14ETH flor price. Although lot of people blamed him for doing a rugpull on past projects, just this week they have gotten well over $6 million in royalties. Not bad at all.
Here is the link if you want to read the entire newsletter.
On Wednesday, we covered the possibility of Terra Luna and $UST recovery as well as argued on why Coinbase sucks.
Obviously a lot has changed from when we wrote this newsletter (3 days ago, which in crypto space it feels like two months, everything can happen within 3 days!). $UST is the third largest stablecoin by market cap, right after $USDC and $USDT. Selling pressure on Terra LUNA was mainly because there were 46 million tokens issued from LFG, trying to maintain the UST’s peg to dollars. It eventually came down to a point where LFG did run out of reserves and price did plummet.
Coinbase had 10-Q Earnings Announcement this weeks. Besides the point where they have been suffering to meet the expected profits, one thing which caught everyone’s attention was a disclosure related to assets of holders that they keep their crypto on Coinbase exchange. Of course no one was happy, and lot of people decided to reconsider this and eventually move their crypto assets out of exchanges.
Moreover, because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.
Here is the link if you want to read the entire newsletter.
Thursday’s newsletter covered mostly crypto markets and how more than $600 billion got erased this week from crypto market as sell-off continued. People lost shit ton of money. BTC went as low as $26.6k (the lowest since December 2020) while ETH went as low as $1.7k ( the lowest since July 2021).
We also posted a quote to live by (no idea who is the author of it)
Invest with your beer money, not your milk money.
Here is the link if you want to read the entire newsletter.
On Friday’s newsletter we covered Madonna’s NFT project and Twitter deal was temporary put on hold.
Apparently, the 63 years old Queen of Pop did a collaboration with Beeple (for those who don’t know Beeple, he is well known in NFT space with his $69 million NFT sale) where they launched an NFT project. It is series of 3 video type NFTs, which sale generated approximately 309ETH ($630k). The good thing about this project is that Madonna and Beeple are donating all proceeds from primary and secondary sales to three nonprofit organizations that support mothers across the globe.
News came out from Elon himself on Twitter. He said “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”.
On the 10-Q Regulatory filing from Twitter earlier this month, it was stated that:
For example, there are a number of false or spam accounts in existence on our platform. We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter.
Seems like the deal is contingent on the confirmation that there are less than 5% bots that are part of monetized Daily Active Users.
Here is the link if you want to read the entire newsletter.