Reading time 3m25s
GM degenz âď¸
So BTC made a new low yesterday, temporarily falling as low as $15,478 when its previous low was $15,591.
Everything rests on the edge of a knife.
Even Michael Saylor is losing sleep.
If Genesis tanks, it will take the markets with it; if Genesis survives, we could see some sort of relief rally in the short term.
But whatever happens, I choose to view this not as a bear market, but more like a:
Today's Agenda:
- Will Genesis Survive? đ¤
- Homes 2008, BTC 2022 âď¸
- Binance Takes BTC Lead đĽ
- Coinbase Confirms GBTC đ
- CoinMarketCapâs New Tool đ˘
Genesis Saga Continues
If you want all the details, read yesterdayâs letter, but for now let's have a quick recap of events so far:
Itâs now Nov 22, and still no cash flow.
But not all hope is lost - some still believe the DCG founder and CEO Barry Silbert could raise the money.
But if he isnât able to..
The future may look like:
They could be paying someone $1,300 per hour to oversee their bankruptcy by early next month đ
But I shouldnât laugh because the consequences will not be funny.
A bit of help has come from Cathie Woodâs Ark, who bought 176,945 GBTC shares yesterday.
GBTC (Grayscale Bitcoin Trust) is also owned by the same company that owns Genesis, DCG.
Institutional confidence in Coinbase and GBTC could translate into strength behind the fundraising efforts of DCG.
Time will tell.
As of now, Genesis is still denying âimminent plansâ to file for bankruptcy.
âAnyone who bought a house during the housing crisis is now better off. Anyone who buys Bitcoin during the Exchange crisis will be better off.â
Real estate bottomed out in 2008 not because the houses were built worse.
Rather, the housing crisis was caused by over-leveraged banks and bad loans.
Sound familiar?
Crypto and Bitcoin are crashing in 2022 not because there is something wrong with blockchain technology.
Rather, the crypto contagion is caused by over-leveraged âbanksâ and bad loans.
So how did people who bought homes in 2008 make out so far?
Draw your own conclusions đ
Which top American bank registered a crypto wallet trademark this week?
Tap your answer below to see if youâre right!
Was Solana a Grift?
Theyâve suffered a 95% retracement.
(So far) đ
In FTXâs bankruptcy filing, it was revealed that many of their âassetsâ were held in illiquid Solana-ecosystem tokens.
Itâs not entirely clear yet just how deep the rabbit hole goes, but it looks bad.
Speculators are running wild with it.
But Dylan isnât just jumping on the bandwagon now - heâs been beating this drum for months.
Again, itâs not looking good đ
Web3 Pipeline đ˘
Binance Takes Lead for Most BTC Held - itâs a sort of flippening, since this title has been held by Coinbase for many years running. However, donât forget, we still donât know Binanceâs liabilities (how much crypto they owe/belongs to their users). Thatâs the # that matters.
Coinbase Confirms they Hold 635k BTC for Grayscale - while the worldâs largest Bitcoin fund still didnât prove it via on-chain verification, the uncertainty around their holdings is disappearing as most of their assets at least appear to exist, which is better than some can say.
CoinMarketCap Releases New Exchange Reserve Dashboard Feature - announced on Twitter by CZ this morning (CMC is owned by Binance), the new feature displays each participating exchangeâs total asset holdings alongside daily volume.
NFT Marketplace X2Y2 Decides to Enforce Creator Royalties - this controversy kind of got swept under the rug in light of recent events, but itâs an important issue for the world of NFTs, and it shows that the top marketplaces are willing to listen to their users.
Harry Potter NFTs - theyâll be phygital, meaning they come with an NFT and a physical item (luxury jewelry in this case). Once a global phenomenon for an entire generation, it will be interesting to see how the Harry Potter NFT collection fairs.
NFT drops of the day đ
đ§ Golden Reserve | 129 (ADA)
Nov 23 - working to improve the understanding of the Crypto/NFT & Gold market and highlight the value of gold to individuals, investors, and the world.
đ NOTE: drops not promoted/endorsed
â
DYOR and practice safe minting!
India plans to drop their CBDC in Dec.
Donât forget about this important fight.
âThe big game is tomorrow..â
âSecurity suggests tofu dogsâ đ
Thatâs all for today frens!
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.