Trader Top 9: Stablecoins Under Fire, SBF Richest Under 30, and a New Bull Cycle

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Welcome back to the Trader Top 9! Congress shifts focus to stablecoins, SBF is crowned by Forbes, and Pantera's chief calls a new bull cycle. Let's dive in!

9. Last Thursday night, DeFi protocol Compound suffered an upgrade disaster resulting in $90 million going out to users by mistake. This was only compounded by a boneheaded tweet from founder, Robert Leshner.

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8. While some trading firms like Jump take a decidedly pro-crypto stance, investing in not just trading strategies but also token projects, firms like Citadel which are closer to traditional banking take a decidedly anti-crypto stance. Which approach do you think will be able to attract the top young tech talent?

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7. On Monday, the world was effectively shut down for many people, as Facebook suffered a catastrophic outage across their platforms. Guess what doesn't suffer outages... Bitcoin.

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6. In what was a relief to many, SEC chair Gensler admitted that the SEC has no plans to ban crypto, while giving Congress a little wink.

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5. Stablecoins continue to come under fire in the US, with USDC and USDT both in the crosshairs. And we gained more clarity into Tether's holdings, learning that it has lent $1 billion to Celsius, likely to fund margin loans to levered Bitcoin investors.

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4. The US stock market tries to take a page from crypto's playbook, as 24 hour stock trading seeks SEC approval.

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3. SBF, founder of Alameda Research and FTX, officially becomes the richest person under 30 ever. The future looks bright for this wunderkind.

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2. A new political party for crypto?

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1. On Monday, Gemini co-founder Cameron Winklevoss predicted a breakout for Bitcoin. The asset responded mid-week with a ferocious rally. Could this be the start of the next bull cycle? Pantera's Dan Morehead sure thinks so.

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