Welcome back to the Trader Top 9! Lots of FUD spreading as a worldwide regulatory crackdown continues. While much of it is welcome, many are concerned about overreach and may have found their leader in Messari founder, Ryan Selkis, who appears ready to take on the powers that be. Let's dive in!
9. Heading into this past weekend, rumors were swirling that Tether had exposure to the imploding Evergrande situation, a rumor that was dispelled on Monday.
Meanwhile, a bunch of newbs cried "Lehman".
8. The bad headlines continue for Binance, as US regulators, including the CFTC, look into allegations of Binance staff illegally profiting off customers. Alex Kruger is not surprised.
7. Cosmos... so hot right now. While many cryptos have struggled as of late, ATOM is up 2x this month.
6. A week after issues with Solana, the Pyth network published extremely erroneous bitcoin data after issues with the format of two firms' submissions.
5. Two weeks ago, we wrote about the conflict between the SEC and Coinbase. Coinbase has for now stood down.
4. Finally. Robinhood steps up to the plate to swat away the main source of criticism on its crypto offering by announcing plans for wallet support, expected to be available to all by early 2022.
3. Ryan Selkis at Messari has been doing his best William Wallace impression lately. One thing is clear, the crypto industry could use some friends in DC right now.
2. Gary Gensler, chair of the SEC, is slowly solidifying his position as public enemy #1 among the nascent crypto community. In his talk with the WaPo, he referred to "poker chips at the casino" and "wildcat banking," eventually warning that "private forms of money don't last long."
After killing the Coinbase Lend product, he released this video which was widely mocked for suggesting college savers could get an easy 8%.
1. WIth all the regulatory crackdown, many wonder whether this is ultimately negative or positive for bitcoin. But using the Stock to Flow (S2F) model, we could be looking at $100k by year end.