BTC Continues To Outperform Equity Markets

BTC continues to outperform equity markets on the back of 1) DBS leaking it’s soon-to-launch crypto exchange, 2) MicroStrategy founder, Saylor, revealing his PERSONAL whale position in BTC. 

The DBS “accidental” webpage got taken down quickly but the gist of it was:

  • Regulated by MAS (Singapore), open to instos + accredited investors
  • Spot exchange, STO issuance, Custody
  • Coins include BTC, BCH, ETH, ETC, and XRP. (How on earth did ETC make the cut?)
  • Trading hours are limited to 9am to 4pm on weekdays

For existing crypto trading firms, it feels like a bit of a joke, but if this is what it takes to bring in more capital, then so be it. LONG CEX, DEX, CEDEX, SHORT the banks. 

It hurts enough to see the majority of alts losing life but the Harvest exploit is a double whammy to many who were unable to pull out in time. The attacker utilized flash loans to manipulate the price of USDT/USDC in Curve and accumulated Harvest vault shares at a temporary discount. This was repeated 17 times and honestly the attacker just stopped because they got bored. Total damage was ~$24m; a lot of friends lost up to 20% of their staked stablecoins. 

(In case you’re wondering, we pulled out the night before for other FUD reasons.. #cray)

We’re pretty certain the Harvest team has no bad intentions but it’s just a matter of incompetency, which is often an issue for new platforms. Calls for better audits that review composability and economics rather than just basic security. 

Highlighted sh*tcoin of the week is Andre Cronje’s latest creation, Keep3r. This is network for DeFi apps to delegate tasks related to upkeep (eg. pinging oracles, harvesting rewards, triggering liquidations). But as usual, few understand and many are buying blindly. The token price peaked @ ~200x in 2 days and current mkt cap is just above $50m. Reasonable? On day 1, $10m bonded on a network that generated ~$380k in fees; not bad! So my guess is we need to watching revenue trends + # of players in the ecosystem. If you are LONG, I’d be a little wary of future issuance because AC cares little about your moon lambos. 

In Other News:

  • Beware of Ledger phishing emails
  • BTC hashrate dips as Chinese miners cycle out of hydro plants
  • FTX to launch fractional shares trading
  • JPMCoin may be ready for commercial use
 

Thanks for reading BTC Continues To O/PF Equity Markets written by Genesis Block Head Trader Charles Yang. If you find this information useful don’t forget to subscribe to our newsletter and checkout some of our other content below:

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Peter Thiel and Alan Howard

创投名人 Peter Thiel、Alan Howard 参与 BitDAO 2.3亿美元集资

去中心化代币平台 BitDAO,最近成功集资2.3亿美元,云集多名传奇科技投资者与风险创投机构。该轮2.3亿美元的私人代币配售集资,由 PayPal 联合创办人 Peter Thiel、旗下 Founders Fund、Pantera Capital、以及 Dragonfly Capital 牵头进行;他们在 BitDAO 开发初期都已经投资该项目。

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