Three Trillion Dollars - The WAGMI Journal #16
And we're not even halfway to gold's market cap.
In today’s issue:
The crypto market is up with the global crypto market cap reaching above $3 trillion. Solana’s Breakpoint conference day 1 is starting and I’m quite jealous that I can’t be there — perhaps this conference is the reason why we broke $3 trillion but let’s not jinx it. In other news, Paradigm’s Matt Huang joins Stripe’s board of directors, JPMorgan doubles down on its price prediction, and the infrastructure bill with crypto tax provision passed.
Starting today, our daily issue will be sent out before 9 am EST.
We’re continually improving our content — based on our readers’ suggestions, we are working to add:
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Paradigm’s Matt Huang Joins Stripe’s Board of Directors
One of the world’s most highly valued venture-backed private companies, Stripe, recently announced that Paradigm’s Matt Huang has joined its board of directors. As the internet’s backbone for payment, Stripe realizes the importance of digital assets and intends to leverage Matt’s expertise -as the founder of one of the largest and most prominent crypto-focused investment firms in the world- to guide Stripe’s crypto strategy.
⎆JPMorgan Doubles Down On Its BTC Price Prediction
In a note written to clients, JPM renewed its previous BTC price prediction, stating that BTC can reach ~$146,000 but warning that its extreme volatility can also send the price lower to ~$35,000. Led by Nikolaos Panigirtzoglou, JPM analysts stated that the re-emergence of inflation concerns helped BTC; "Bitcoin's allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation."
⎆House Sends Infrastructure Bill With Crypto Tax Provision
The infrastructure bill with crypto tax provision recently passed and crypto industry players aren’t happy about it. The primary concern is exactly the same as a few months ago, regarding a tax reporting requirement that will expand the definition of a broker, which might be too broad and encompass entities like miners/other parties that don’t facilitate transactions.
Another concern is regarding the IRS provision 6050I which requires recipients to verify the sender’s personal information, record their SSN, state the nature of the transaction [and other information], AND then report the transaction to the government within 15 days.
Crypto industry participants have raised concerns that violations of 6050I, which will be nearly impossible for most crypto projects to comply with, are a felony.
👨🏻💻Decentralized Finance (DeFi)
Total Value Locked in Defi Reaches $250 Billion
DeFi Lender bZx Suffers Hack for Reported $55M
Manta Network Crowdloan is Live
BIFROST Launches New Biport Multichain DeFi Wallet
🏛Governance - Active Proposals
Uniswap - Add 1 Basis Point Fee Tier
Compound - End cCOMP Borrow Rewards
Babylon Finance - BIP-3: The Prophets Arrival
🦮NFT & Metaverse
'Final Fantasy' Creator Square Enix Is Getting Serious About NFTs, Crypto Games
Calling all NFT Haters: Put Your Money Where Your Tweet is and Short That CryptoPunk
Monster Strike Publisher Mixi Taps Flow for NFTs and Games
K-Pop Label Behind BTS Partners With Upbit in NFT Push
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Solids Labs - $15M Unknown Round
Crabada - $600K Seed Round
Tempus - $4M Seed Round
Core Loop - $12M Seed Round
⚖️Regulatory Update
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
Acting CoC HSU: More Crypto Regulation Is Needed
House Sends Infrastructure Bill With Crypto Tax Provision to US President
ECB’s Panetta Says Digital Euro Should Expand Overall Payment Solutions
Swedish Authorities Mull Crypto Restrictions To Meet Paris Agreement Commitments
Kazakhstan Passes Law to Monitor Crypto Services for Money Laundering, Terrorism Financing
Chinese Police Seize $62 Million in Alleged Filecoin Miner Ponzi Scheme
📚Noteworthy Reads
A Blog on The Case for DAO Treasury Diversification
Su Zhu’s Thread on Life and Career
Coinbase’s Blog on Threshold Digital Signatures
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. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.