The US election race? Macro uncertainty? Crypto bulls don’t seem to care as we’re hit with an overwhelming amount of +ve news:
- More companies are allocating capital to BTC and making sure the whole world knows
- Paypal to introduce crypto purchases for users + looking to acquire a crypto company
- Huge inflows to stablecoins, Grayscale Trust products, and GLXY shares pumping as a proxy to BTC.
- DCEP trial a “success” (probably because they airdropped free $). CBDC talks are popping up again in various regions.
The FOMO is back; not just for us but probably all OTCs. Idle accounts becoming active + many new faces. But BTC has mirrored the S&P for most of the year and the temporary decoupling scares me. I’d still bet that overall stimulus decisions will play a larger role in the direction of crypto markets. Safe to say corporations push out news to the public knowing it will impact markets, so take caution when chasing green candles.
For those who missed it, last weekend OKEX founder was rumoured to be arrested while the exchange halted all crypto withdrawals. The speculation is that withdrawals were not possible without Xu’s digital signature. To me, this isn’t a matter of whether funds are safe but more of an issue re: common sense from arguably a top 2 exchange. What was the plan if the guy gets hit by a truck? *touchwood*. Internal transfers were still possible on the platform. So many users cleaned out their exposure via P2P txs for RMB @ heavy discounts.
Filecoin mainnet has finally launched! (This gives me hope for ETH 2.0). FIL listed first on Chinese exchanges at >$200 which implied a fully diluted mkt cap of $480b. On other platforms, FIL was trading at a 90% discount which was really strange. It would’ve been great to arb if you had tokens on day 1 but clearly not many people did. There was also a rumor going around that miners were able to deposit TESTNET coins onto exchanges.
So overall, lots of drama and entertainment. Absolutely no reason to be long on FIL here given 1) valuation still at $48b, 2) testnet token overhang (if rumors are true), 3) new proposal shortening vesting for mined FIL.
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