Bitcoin ATH & Billion Dollars Flows - The WAGMI Journal #3
What a great day for the crypto space
In today’s issue:
Bitcoin price hit an all-time high above $67,000 and the entire digital asset market is on fire. The excitement amongst market participants can be seen on various social media platforms as people compared Gold’s performance after its first ETF approval with Bitcoin. Unsurprisingly, altcoins also received a boost in their price, with some even outperforming Bitcoin. In other news, Grayscale wants to convert the world’s largest BTC fund (~40 billion AUM) to an ETF and PIMCO is considering entering the crypto market.
Based on one of our reader's suggestions, we plan to add a section tracking top projects (primarily DeFi) governance proposals/activities. Please reach out if you have any other ideas or would like us to recap a segment of the market on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Investing Giant PIMCO Considers Trading Crypto
PIMCO is an investing giant with more than $2 trillion of AUM (yes, that’s a t, not b). Earlier today, the firm’s CIO stated that the firm might begin trading crypto. While this statement is exciting, proponents of digital assets have had the conviction that it’s only a matter of time before traditional financial institutions are coming in. Prop firms and alternative vehicles with smaller AUMs such as VCs started earlier, while it makes perfect sense for a larger entity such as PIMCO to be more deliberate with their move.
⎆Grayscale Files to Convert GBTC Into an ETF
As the world’s largest digital asset manager by AUM, GBTC was one of the first institutional products that allowed accredited investors and large financial firms to purchase Bitcoin with relative ease. Ever since then, there have been many products and vehicles catering towards the aforementioned cohort, causing Grayscale’s premium to drop. In its latest move to grow and to close the discount gap, Grayscale unsurprisingly announced that it has filed Form 19b-4 with the SEC to convert Grayscale® Bitcoin Trust (OTCQX: GBTC), into a Bitcoin Spot ETF.
⎆Senate Call On Facebook to Stop Launch of Diem and Novi
Facebook has always had an extremely rocky situation with its stablecoin project ever since it was first announced years ago — which is not surprising at all given its track record at handling customers’ privacy and its role in exacerbating misinformation, but I digress…
One day after announcing that FB crypto wallet, Novi, is doing a pilot with Paxos’ stablecoin (USDP), five democratic senators (including Banking Committee leadership), sent a letter to Mark Zuckerberg calling for the shutdown of Diem and Novi.
👨🏻💻Decentralized Finance (DeFi)
New Proposal by Alameda Research to BitDAO - BIP-4: Swap BIT for FTT
Victims of $30M Parity Wallet Hack Offer Attacker $60M ‘Bounty’
Wormhole Adds User Interface Support for Terra’s Network
🦮NFT & Metaverse
Stan Lee NFTs Capture the Creator’s Essence in Classic Comic Covers
Facebook Plans to Change Company Name to Focus On Metaverse
NFTs Go Mainstream in London Art Gallery's AI Exhibition
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Republic - $150M Series B
Element Finance - $32M Series A
Manta Network - $5.5M Series A
PsyOptions - $3.5M Seed Round
Sublime Finance - $2.5M Seed Round
Multicoin Capital - $250M 3rd Crypto VC Fund
Stronghold Mining - $127M IPO
Patron.xyz - $90M Gaming Seed Fund
⚖️Regulatory Update
US Lawmakers Push Back on Facebook’s Novi Wallet Launch
Australian Senate Committee Cryptocurrency Regulation Recommendations
UK FCA Goes To YouTube And TikTok To Warn Young Investors About Cryptocurrencies
Powerful Blockchain Lobby Group Urges Washington Not to Overregulate Stablecoins
India’s Newest Crypto ‘Unicorn’ CoinSwitch Kuber in Talks with Government over Regulation
📚Noteworthy Reads
DeFi Breaks $100 Billion
Alabama Tabasco’s Thread on Market Moves
Santiago’s Tweet on Patience and Passive Income
For the first week (and maybe a few after), this newsletter is intended for friends and family as we’re sharpening our value offering and content.
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice.