🧘‍♂️Major Ethereum Update

Market Meditations | March 10, 2021

Ethereum, Regulations and New Crypto Products

Dear Meditators

The show must go on ? That was our motto this morning, when many crypto accounts, including Koroush AK, were suspended ❌

We are delighted to talk: Ethereum, Regulations and New Crypto Products with you today. Because whatever comes our way, we will continue to Build Wealth. Every. Single. Day. ✅

Read, enjoy and share with your network. Let’s all grow richer together.


MARKET BRIEFING

  • Crypto. At press time, Bitcoin sits comfortably north of $56k, reflecting the continued and persistent institutional demand to buy the dips. Ethereum has surpassed the $1,800 level which, subject to daily close, confirms a bullish bias. Our $ETH strategy is explained in today’s YouTube video. In other news, a decentralized exchange has launched Dogecoin swaps. 

  • Legacy. U.S. Core Inflation (CPI) missed estimates today, by rising less than analysts expected. This suggests that inflation is at hand (at least for the time being). In equities, Tesla is slowly but surely climbing back and is up roughly 3% along with the rest of the tech sector, which is showing signs of recovery. GameStop has also climbed for a 6th day, more than doubling in a week.


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STOCK MARKET NEWS & ANALYSIS 

JPMorgan Filings Reveal New ‘Basket’ Crypto Product

Another day, a new means for institutional investors to gain exposure to cryptocurrencies. A bundle of regulatory filings with the SEC indicate that banking giant JPMorgan is giving investor clients a new way to gain exposure to crypto in the form of public-company stocks involved with digital assets ?

The ‘basket’ of companies include names well-known in the crypto space, such as MicroStrategy, Square and Paypal ? (a payments company that is building support for crypto into its app and earlier this week announced its acquisition of crypto security firm Curv). The news comes after JPMorgan distributed an educational deck to clients, to help them understand the basics of cryptocurrencies and its role as a ‘portfolio diversifier’. 

? This is different from your typical product because the exposure is not directly tied to any particular cryptocurrency. 

News of this product is perhaps another sign of demand among Wall Street clientele for any kind or exposure to crypto, even indirect ✅ Further, it goes to show that companies with a big stake in crypto are believed to have a high growth trajectory ? A digital asset executive for Goldman Sachs, in a recent podcast, spoke to the degree of investor interest and the increasing interest from private banks and wealth management. Not a class of investor that has been very active in the space before.


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GAME

Twitter CEO Jack Dorsey is selling his first ever tweet as an NFT. What is the current highest bid? 

  1. $1.5 million

  2. $2.5 million 

  3. $3.5 million

Scroll down for the answer ?


CRYPTO REGULATION

Crypto: Commodity or Security?

According to this article from Coindesk, U.S. Congress is currently trying to clarify digital asset regulation. More specifically, Reps. Patrick McHenry (R-N.C.) and Stephen Lynch (D-Mass.) introduced legislation, the “Eliminate Barriers to Innovation Act of 2021” to clarify whether a particular token is a security or commodity.

It’s no mystery that crypto regulation is murky. For traders and investors alike, a lack of appropriate regulation leads to confusion across the board. A proposal to increase clarity supports the crypto community in two primary ways

✅First, clear regulation legitimizes crypto as an asset class. ?Would you have ever imagined a few years ago that the U.S. government would be willing to work with cryptocurrency industry experts to write well-informed legislation? The fact that the discussion is being had reinforces the fact that crypto has gone mainstream and will continue to be adopted overtime. This is bullish for investors in the space ?

✅Second, clear regulation encourages market participation ?. Just like Bitcoin and Ethereum futures allowed institutional investors to get involved in crypto in familiar ways, bills such as the one proposed provide more clarity ?for the average retail investor to dedicate a percentage of their wealth to the asset class as part of a well diversified portfolio. For traders and investors, this means in the context of the macroeconomic environment, we are still early ?


ANSWER 

2. $2.5 million

Bidding on the tweet has sat at $2.5 million since March 6. The bid is from Sina Estavi, the CEO of Tron’s oracle network, Bridge ?

Dorsey announced today that the bidding will end on March 21st and that he will accept the winning bid, convert the proceeds to Bitcoin and send to charity GiveDirectly ?

The level of demand for Dorsey’s tweet is reflective of the acceleration and adoption of NFTs. This is positive for the industry, as it continues to mature. And of course that which is positive for NFTs is indirectly positive for Ethereum (where the majority of NFTs are exchanged) ✅

It also goes to show the acceleration in the pace of crypto charity donations. GiveDirectly has received more than $20 million worth of crypto donations so far. With the amount of wealth being generated in crypto markets, crypto philanthropy could go a long way ?


MARKET MEDITATION 

Major Ethereum Update: EIP-1559


PODCAST

Overcoming Adversity with David De Vriesere

David De Vriesere (@DVriesere) is a social entrepreneur currently involved in 5 charities. He also works to educate people on the power of Bitcoin and blockchain technology.


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