The Trader Top 9: Bank Custody for Bitcoin and More Milestones for DeFi

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Welcome back to the Trader Top 9! It’s been another quiet week in bitcoin although with some strong regulatory news and the potential beginning of a small move. Let’s dive in!

9. First, while much of the time Twitter is just a great place for opinions and discussions, sometimes you can actual learn things. This primer thread on bitcoin addresses is a great example.

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8. Now, let’s turn our attention back to the DeFi and “yield farming” craze. In case it wasn’t clear that this was a fast growing space, it took 5 months to grow from $1B to $2B total value locked in DeFi applications, but only 2 weeks to grow from $2B to $3B.

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7. What’s more, all this activity seems to be having some impact on the price of Ethereum, the native token of the blockchain underlying DeFi.

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6. Bitcoin meanwhile, continues to wait to do something…anything, in fact!

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5. Even folks from outside the crypto space are noticing that the setup seems promising.

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4. From a fundamentals standpoint, bitcoin and the crypto industry as a whole got good news when the US Office of the Comptroller of the Currency announced this week that US national banks are allowed to custody crypto.

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3. Still, in the broader markets many people can’t wrench their eyes off of what they perceive of as either distorted asset price inflation…

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2. …or the beginning of a new global liquidity phenomena

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1. That difference of perspective resonates in the context of this threat, which serves as a great reminder to keep track of what part of our understanding is colored by fundamentals vs. expectations

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