Crypto Conquest 8.11.22
Everything you need to know of today’s fast-moving crypto markets
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- Blackrock’s bitcoin trust.
- Did the market trap FOMOers?
- Mailchimp suspends crypto-based services.
- Devs move up the Ethereum Merge timetable.
- Opensea updates stolen NFT policy.
Good morning,
The world’s largest asset manager, Blackrock, with $10T assets under management (AuM), has announced the launch of a private spot Bitcoin trust for US institutional investors.
The move results from increased interest in cost-effectively acquiring crypto-based assets by institutional clients. Although, the action countermands CEO Larry Fink’s former stance on crypto.
The private trust, unavailable to retail investors, benefits from not having to register with US regulators. Moreover, Blackrock partnered with cryptocurrency exchange Coinbase a week ago to allow access to crypto assets via the firm’s institutional platform, Aladdin.
BTC/USDT 1D
After a CPI-induced pump, the market forced Bitcoin (BTC) downwards, creating a bearish pinbar candlestick pattern at the 24k resistance level. The pattern indicates a trend reversal if a bearish candle completes the setup.
The market may be entering a classic scenario that traps eager buyers after the release of positive news. Watch the uptrend support (green) to confirm a break of the trend. BTC completed the daily session down -0.02% to $23,959.
High-resolution chart
DXY/USD
The Dollar Index (DXY), which weighs the dollars versus various currencies, appears to have broken its upward trendline (green). The move away from dollars often indicates investors’ willingness to leave the safety of the reserve currency to enter riskier assets. However, keep an eye out that the DXY doesn’t reenter its upward trend in the coming days.
High-resolution chart
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Cuban faces lawsuit. The entrepreneur and owner of the Dallas Mavericks, Mark Cuban, is facing a class action lawsuit for allegedly promoting the bankrupt Voyager crypto exchange. The case notes Cuban’s representation of Voyager on several occasions and states he and Ehrlich, Voyager’s CEO, worked together to lure investors into a “Ponzi Scheme.”
Mailchimp suspends service. The email/newsletter service provider has suspended the accounts of crypto-based firms, including Messari, Decrypto, Edge, and several others. Mailchimp updated its policies to include a provision that prohibits businesses involved with cryptocurrency from using the service.
70% of institutions eye blockchain payments. According to a Ripple report focusing on global crypto trends, 70% of financial institutions are interested in utilizing blockchain for payments.
News tidbits:
- Indian Law Enforcement accuses WazirX exchange of laundering.
- Polygon announces partnership with Neowiz to launch gaming platform Intella.
- Arthur Hayes notes buy-side pressure in Ethereum futures for The Merge.
At the protocol level ⛓
Move up The Merge. After a successful merge of Goerli Tesnet, Ethereum developers have tentatively scheduled a mainnet merge for September 15th or 16th. So we are one day closer to The Merge!
MakerDAO considers a move. The Founder of MakerDAO noted he is considering moving away from using USDC as collateral after Tornado Sanctions forced Circle to freeze USDC in several wallets. By freezing USDC affected by Tornado Cash sanction, Circle has proven the issues behind centralization and it could hold severe ramifications for the stablecoin’s future in a decentralized ecosystem. MakerDAO currently holds $3.5 billion worth of USDC that would go into buying Ether.
NFT & metaverse update ????
- Opensea has updated its policies to prohibit the listing of previously stolen NFTs. Additionally, NFT owners can now send police reports to the Opensea team to confirm theft. The update has mixed opinions, but some claim it’s a step in the right direction.
- MiCA Law: European Union (EU) to regulate NFTs similar to cryptocurrencies.
- The music NFT platform HitPiece is now live. Co-founder Rory Felton has noted the updated version focuses on ownership rights for artists.
- The governing body of table tennis, World Wide Tennis (WTT), said it’s eyeing a partnership with NFT tech to help expand the game. Table Tennis NFTs, anyone?
My five cents…
Whether the cryptoverse likes it or not, Institutional adoption has arrived.
It was bound to happen. Some developments in the past couple of years have confirmed its arrival:
Blackrock initializing a bitcoin trust is a strong exclamation point.
But many have noted the corrupt methodology of the process, which now allows institutional investors a protected avenue gain exposure to Bitcoin. On the other hand, the spot-bitcoin ETF that would be available to retail investors continues to be rejected by the Securities Exchange Commission (SEC). Once again, the little man loses.
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