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.
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?
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.
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.
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.
4. The US stock market tries to take a page from crypto's playbook, as 24 hour stock trading seeks SEC approval.
3. SBF, founder of Alameda Research and FTX, officially becomes the richest person under 30 ever. The future looks bright for this wunderkind.
2. A new political party for crypto?
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.