🐻Show Must Go On - The WAGMI Journal #59
Even if the money printer stops...?
In today’s issue:
The crypto market is flat with the global market cap sitting at ~$1.9-2 trillion. NEAR led the past 24-h performance alongside EGLD, ATOM, and a few other layer 1 assets. Global markets are focusing on Fed Powell’s remarks in today’s Senate Banking Committee session.
In other news, Bill Miller’s crypto holding is half of his portfolio, Gensler sidesteps questions about ETH status, and crypto firms are gearing up for Washington’s regulatory action.
Credits: Degen Spartan
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Crypto Makes up Half of Bill Miller’s Personal Portfolio
In a recent interview conducted by WealthTrack, billionaire Bill Miller said that more than 50% of his personal portfolio is in crypto assets. It was previously reported that Miller had been rebuying BTC since ~$30,000. He stated, “my reasoning is that there’s a lot more people using it now, there’s a lot more money going into it in the venture capital world, and there are a lot of people who are skeptics who are now at least trying it out".
⎆SEC’s Gensler Sidesteps Question About ETH Status
On a CNBC interview, Gensler avoided answering directly when asked about Ethereum’s status as an asset class. The majority of crypto market participants seem to have thought that ETH is safe from being classified as a security. Previously, other projects that have raised capital publicly such as EOS have received penalties but then continued to operate afterward.
Not a maximalist, but this is an interesting thread.
⎆Crypto Firms Gear Up for New Rules in Washington
Bloomberg reported that activities related to preparing for the upcoming regulatory developments in 2022 are ramping up, including lobbying efforts in Washington. Later this month, the Treasury Department is expected to clarify which crypto firms need to report user information under the new infrastructure bill. At the same time, other agencies will release guidance related to stablecoins and the broader DeFi ecosystem.
👨🏻💻Decentralized Finance (DeFi)
ETH Burn Rate Surges Amid Market Chaos and Record NFT Volume
Andre Cronje Teases Features Of Upcoming Ve(3,3) Project
Polygon Stakes Claim to Fastest Zero-Knowledge Layer 2
Cardano Reaches Goal of Planting 1M Trees
DeFi Project OlympusDAO's OHM Token Falls 27% Amid Crypto Crash
🏛Governance - Active Proposals
Compound - Update cSUSHI cToken Implementation
Elyfi - NAP13: Request for verification of ABToken
ENS - [EP2] Retrospective Airdrop
Gas DAO - Sushi LP Incentives
🦮NFT & Metaverse
Apple Reportedly Wants Nothing to Do With Zuck’s Metaverse
OpenSea Trading Volume Set for Record Month Despite Crypto Market Retreat
Associated Press Launching NFT Marketplace for Its Photographs
Dez Bryant Taps Chainlink for ‘Dynamic’ Sports NFTs
Grand Theft Auto Maker Take-Two Eyes 'Web3 Opportunities' With Zynga Acquisition
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
⚖️Regulatory Update
Government Report Suggests Tightening Regulations on Crypto ATMs
TZERO Settles SEC Charges It Violated Disclosure Rules
NYDIG-Owned Payments Startup Bottlepay Obtains FCA Registration
Thailand Government to Clear Up Crypto Tax Confusion
📚Noteworthy Reads
Zachary Dash’s Thread on 47 Contrarian Crypto Opinions
Moxie’s Read on First Impressions of Web 3
Jason Choi’s Thread on Learning From Mistakes
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.